THE CHALLENGES OF ECONOMIC TRANSFORMATION IN AFRICA:

THE NIGERIAN EXPERIENCE

¹Arinze Ngwube and ²Uche Nebo

¹General Studies Unit, Federal University Oye-Ekiti, Ekiti State, Nigeria.

²Student Affairs Unit, Federal University Oye-Ekiti, Ekiti State, Nigeria.

E-mail: arinze.ngwube@fuoye.edu.ng, uchechukwu.nebo@fuoye.edu.ng

Abstract: Previous  administration have laid plans, programmes, and visions to guarantee Nigeria’s economic development by altering the model of economic structure of production and consumption pattern, reduce dependence on oil, diversify the economic base, generate employment, create a globally competitive and stable economy. The economy has not been able to perform to its full potential particularly in the face of its rising population. The Nigerian economy has grossly underperformed relative to her enormous resource endowment and the achievements of her peers/other developing nations with similar characteristics. Nigeria has made modest progress in its transformation to democracy and a market economy, but there have also been serious setbacks; the political system still struggle with state coherence, improving government institutional efficiency, internal security, democratic representation and attitudes enforcement of the rule of law and economic reforms. Economically, Nigeria suffers from major shortcomings in all but two areas: economic growth due to large profits from crude oil and natural gas exports and the large and rapidly growing market for private mobile phone services. This paper examines the challenges of economic transformation in Nigeria and recommended solutions.