Strategic Management and Economic Transformational Approach: Public Policy Formulation, a Strategy towards Achieving Nigeria's Vision 2020

Abstract

Introduction: The concept of development of a nation in the 21^st century cannot be over emphasized since economic transformation, economic growth and sustainable development has become a global phenomenon (Gyllafasson 2001). The rising force of various economic blocs such as the G-8, G-20, D-8, B.R.I.C. S and M.I.NT.S nations have given the world a new direction on what these industrial nations seek to achieve towards ensuring the new world order (Howard 2003, Kadiri 2012).

Objective: To examine the economic transformational policies which are responsible for ensuring that the Federal Republic of Nigeria becomes a part of the top 20 economies in the world thereby, improving its gross domestic product (GDP) from $510.9 billion to $900 billion by the year 2020.

Methodology: A convenience sampling was conducted to choose the states; convenience sampling method was used to distribute 600 questionnaires to various respondents within 12 states in Nigeria using two states from each geo-political zone. Only 453 questionnaires were retrieved. SEM AMOS was used to analyse the results.

Results: The findings of the study illustrate that there is a significant relationship between Economic Transformation, Public Policy Implementation, Public Management, Transformational Leadership, and Infrastructural Development and Nigeria's Vision 2020, but there is no significant relationship between Good Governance and Nigeria's Vision 2020.

Conclusion: Good Governance reflects the ideals of democratic values, rule of law and the free will to vote and be voted for. Nigerians haven't enjoyed the dividends of good governance from independence till date, therefore it is recommended that for vision 2020 to become a reality, good governance must reflect in the Nigerian society and the people should feel the impact as enshrine in the constitution of the country (Jolaoso 2012). Furthermore, it is also recommended that the tenets of good governance, such good leadership in all the spectrum of the society, rule of law should be upheld and court orders respected, the judiciary which is the fulcrum of good governance and democracy should be strengthened so as the common man in the Nigerian society can have a voice and the legislature should represent the general interest of the people and not their personal interest.