Innovation-Driven Economic Development Model: A Way to Enable Competitiveness in Nigeria

Abstract

Purpose

The objective of this chapter is to explain how an innovation-driven economic development model can help to mitigate corruption and facilitate competitiveness in Nigeria.

Methodology/approach

With the use of descriptive narratives, Nigeria was examined in comparison with other countries such as South Korea. The chapter argues that Nigeria has not experienced development as much as South Korea because of her primary dependence on crude oil for economic sustenance.

Findings

Evidence from the statistics showed that innovation-driven economies are more competitive and less corrupt compared to natural resource-driven economies such as Nigeria. Nigeria has performed poorly in terms of competitiveness, transparency, and governance owing to her dependence on natural resources as a major means for economic sustenance.

Originality/value

Helps to explain why an innovation-driven economic development model is the solution to mitigating corruption and facilitating competitiveness in Nigeria.

Citation

Oluwatobi, S.O. (2015), "Innovation-Driven Economic Development Model: A Way to Enable Competitiveness in Nigeria", Beyond the UN Global Compact: Institutions and Regulations (Advances in Sustainability and Environmental Justice, Vol. 17), Emerald Group Publishing Limited, Leeds, pp. 197-218. https://doi.org/10.1108/S2051-503020150000017017