MEASURING SUSTAINABLE ECONOMIC DEVELOPMENT IN NIGERIA: A CONCEPTUAL APPROACH
Abstract
Sustainable economic development is the desire of all nations of the world but how to attain a sustainable economicdevelopment remains a challenge to many nations. Measuring sustainable economic development is a permanent theoretical and empirical argument in the economicsliterature. Measuring and managing Nigeria’s sustainable development is key to achieving the 2030Development Agenda. The multiple challenges to development in Nigeria necessitate the use of a holistic approach that integrates economic, social and environmental development. As stated under the economic objectives of Nigeria, the State shall harness the resources of the nation and promote national prosperity, and an efficient, a dynamic and self-reliant economy; control the national economy in such manner as to secure themaximum welfare, freedom and happiness of every citizen on the basis of social justice and equality of status and opportunity; manage and operate the major sectors of the economy; and protect the right of every citizen toengage in economic activities. A new way of economic life that will empower Nigerians to meet their needs and still be able to conserve the earth and its resources for present and future generations is needed. The controversy in interpreting sustainable economic development has allowed alternative methods formeasuring sustainable economic development. In general, this paper reviews the neoclassical approach in measuring economic sustainability and introducesWorld Bankconcept for measuring sustainable economic development based on Adjustment net savings concept. The study concluded that to measure overall sustainable economic development in Nigeria, Adjusted Net Savings is the best measurement because it measures total wealth of a nation.
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