This paper sought to provide some understanding of the Nigerian economy in a clear, simple and concise form. Though the Nigerian economy has a complex history that can hardly be exhausted in a monograph, the authors attempted to have a 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.