The authors have sought to provide some understanding of the Nigerian economy in a clear, simple and concise form. We have taken time to survey some salient aspects of the economy by looking back in time, as well as looking at trends and future prospects. Though the Nigerian economy has a complex history that can hardly be exhausted in a monograph, we have attempted some comprehensive and critical examination of the structure of the economy, particularly the real and external sectors; the plan, policy and reform frameworks of management; the nature of management and macroeconomic performance of the economy; the patterns and trends of growth; the challenges and prospects; and what needs to be done for deepened and sustainable growth and development. The recent positive outlook and assessment of the Nigerian economy raises both hopes and fears and further studies may be needed to investigate the phenomenon as a way of extending and building on the work that has been down in this text. Some questions persist and would continue to attract the attention of scholars, activists, civil society and practitioners. Can Nigeria exploit its rich potentials and sustain the capacity for growth? How realistic is the prospect for sustained growth given the macroeconomic, political and security climate of Nigeria? How tenable is the forecast economic outlook for the next few years?