Economic Reforms and Human Development in Post-Military Nigeria: A Critical Assessment

In Nigeria’s political economy, a plethora of numerous plans, policy frameworks,
and reforms have been designed and implemented since independence in 1960
with the aim of providing a basis for economic growth and development.
This process was accelerated during the oil boom era of the 1970s and 1980s.
Throughout this period, the state acted as the agent of economic development
with heavy investments in critical areas of the economy, including steel,
manufacturing, agriculture, and public utilities such as telecommunications,
power, and water, as well as other service industries. At the same time, due
to several factors, including sporadic changes of government resulting from
military coups and attendant policy instability and discontinuity, mismanagement, and corruption, government economic policies led to bloated bureaucracies, unbalanced budgets, and excessive debts.