Impact Of Economic Democracy on Nigeria’s Political Stability and Democratic Governance

• Author(s): Wanan, Corneliusn Terzungwe ; Philip Umar ; Mbese Terence Igbadoo
• Paper ID: 1708114
• Page: 1262-1273
• Published Date: 03-05-2025
• Published In: Iconic Research And Engineering Journals
• Publisher: IRE Journals
• e-ISSN: 2456-8880
• Volume/Issue: Volume 8 Issue 10 April-2025

Abstract

This study examines the relationship between economic democracy and political stability in Nigeria, emphasizing how economic inclusion, equitable resource distribution, and participatory economic policies impact governance. The political economy approach was used as a theoretical framework to examines the relationship between economic structures, political power, and governance. Using secondary sources such as government reports, academic literature, and policy evaluations, the study explores how economic inequality, unemployment, and corruption contribute to political instability. Findings reveal that economic exclusion has fueled social unrest, as seen in the EndSARS protests, Boko Haram insurgency, and Niger Delta militancy, where grievances about economic marginalization led to political agitation and violence. Despite efforts such as the National Social Investment Program (NSIP) and financial inclusion initiatives, economic democracy remains weak due to policy inconsistencies, corruption, and weak governance structures. The study recommends strengthening anti-corruption mechanisms, improving youth employment programs, promoting financial inclusion, ensuring policy sustainability, and addressing regional economic disparities to enhance Nigeria’s economic democracy. The study concludes that without inclusive economic policies and transparent governance, Nigeria’s democratic stability remains fragile, and sustainable economic democracy is essential for long-term political stability, national security, and democratic consolidation. The findings contribute to the broader discourse on governance, economic policies, and conflict resolution in developing democracies.

Keywords

Economic Democracy, Political Stability, Governance, Financial Inclusion, Unemployment, Corruption, Social Unrest, Policy Implementation, Nigeria.

Citations

IRE Journals:
Wanan, Corneliusn Terzungwe , Philip Umar , Mbese Terence Igbadoo "Impact Of Economic Democracy on Nigeria’s Political Stability and Democratic Governance" Iconic Research And Engineering Journals Volume 8 Issue 10 2025 Page 1262-1273

IEEE:
Wanan, Corneliusn Terzungwe , Philip Umar , Mbese Terence Igbadoo "Impact Of Economic Democracy on Nigeria’s Political Stability and Democratic Governance" Iconic Research And Engineering Journals, 8(10)