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SUMMARY
Nigeria economy has gone through different stage of economic growth in the past decades however it has remained to a great extent underdeveloped in spite of human and numerous natural resources. The country is endowed with various mineral resources all over the country. solid minerals have been identified in over 500 locations in the country Musa (2010). Yet the per capita income is low, unemployment and inflation rates are high. There are many socio-economic challenges. The economy has continued to witness economic recovery which is immediately followed by economic recession and depression. Huge amount is generated annually from petroleum products during the early 1980s, Nigeria experience an oil boom, with high world oil price leading to substantial revenue from oil exports. However, by the mid-1980s a sharp decline in oil prices causes a serious economic downturn, leading to fiscal crisis to address the economic challenges structural adjustment program (SAP) was introduced in 1986 as recommended by international monetary fund (IMF) and world bank to caution developing countries. It was aimed at achieving macroeconomic stability such as high inflation rates, budget deficit, balance of payment and to diversify the economy from overly reliance on the oil sector. None of the objectives has been achieved, and there is no indication that any of them can be achieved using the chosen program tools. 1990s was engrossed by political instability in Nigeria the economy was abysmally disrupted by military rule. Nigeria transitioned to democratic rule in 1999 this period saw several administrations attempting to curb the economic issues in Nigeria economy.
