An overview of Nigeria's economic reform

Abstract

The article refreshen our memory with the different reforms adopted by different administrations in addressing the crisis faced by our economy since 1960, most especially the current reforms being pursued by the Obasanjo administration. To achieve this, the rest of the paper is divided into four parts. Part two gives an Overview of the State of the Nigerian Economy with greater emphasis on the various economic reform programs put in place by successive governments to fine tune the economy to desired results.. The third part reviews the Current Economic Reform with particular emphasis on the National Economic Empowerment and Development Strategy (NEEDS), while Part four looks at the Banking Reform and its Implications for the development of the Real Sector of the economy. The paper revealed that between 1973-1980, the GDP of the country increased arithmetically due to the oil boom but relatively dropped in 1981 as a result of recession.