Productivity (growth) measurements (describing the assessment of an economy’s
rate of change in the ratio of a volume measure of output to a volume measure of input use)
and related analysis are regular undertakings by staff of economic development of most
nations and development institutions such as the OECD. Although they strive to accomplish
objectives related to studying efficiency or the achievement of maximum output physically
achievable under the use of current technology and given inputs, accounting for the
contribution of real costs savings; introduction of benchmarks for production processes
and to highlight living standards obtaining at points in time, its emphasis has been at the
expense of examination of issues related to society (institutions), history, innovation and
productivity change, which are concerned with promoting growth beyond mere productivity
accounting. This paper has attempted to address all these issues as they pertain to
Nigeria’s rather stagnant or declining economy. This slight modification was prompted by
changes from philosophers concerned with the wider area of productivity measurement and
change. The literature agrees that productivity measurement (growth accounting) only
“identified the significance of different proximate sources of growth” but fails to employ
institutional, historical case studies to investigate the underlying causes of the growth,
innovation and productivity change. Details of deficiencies related to the foregoing issues
are examined and policy recommendations drafted and presented to assist practitioners,
policy and decision makers and other stakeholders.