A CRITICAL APPRAISAL OF THE IMPACT ECONOMY ON THE DEVELOPMENT OF NIGERIA

Abstract

Since Independence and especially since the return to democratic governance in 1999, successive governments have made concerted efforts in economic and development planning. In a bid to revamp the economy already battered by mal-administration, the Buhari’s administration recently launched the Nigerian Economic Recovery and Growth Plan (NERGP) with the broad objectives of restoring growth, building a globally competitive economy and accelerating inclusive growth by investing in the Nigerian people from 2017 – 2021. Against the backdrop of the failures of the previous plans, this study assessed the level of performance in the implementation of the economic plan, with a view to identifying the areas of success or otherwise and made recommendations for the future. The study relied on content analysis with secondary sources of data collection. The paper recommended that the Federal Government through the National Assembly should pass an Act on the NERGP, because one cannot build something on nothing. Also, there is need to expedite actions in passing the Petroleum Industry bill, since one of the key deliverables of the Plan is to reduce petroleum product imports by 60 per cent in 2018.