Prospect for economic development in Nigeria

After all, it is the material welfare of the entire population that needs improvement. The Nigerian government, after the three year civil war (1967-1970), is very much aware of these phenomena. Therefore, in an effort to promote economic development, the following objectives were included in Nigeria"s Second Five-Year National Development Plan (1970-1974): (1) A united strong and self-reliant nation, (2) A great and dynamic economy, (3) A just and equalitarian society, (4) A land of bright and full opportunities for all citizens, and (5) A free and democratic society. Based on these objectives, some 300 development projects were formulated to be carried out in the 12 states of Nigeria, and each state has its own plan for developing its local communities. The purpose of this paper is to describe the current economic conditions in Nigeria, to examine the implementation of the country"s development plans, and at the conclusion, to make an impartial evaluation of accomplishments and hopefully, some constructive recommendations for continuing economic growth.