Towards Accelerated Growth and Transformation of the Nigeria Economy: Missed Opportunities, Existing Prospects and the Way Forward

This paper reviews the structural transformation process in Nigeria with particular focus on the role played by the agricultural and industrial sectors. It seeks to explore the issue of whether Nigeria's economic transformation process is capable of leading to the achievement of the developmental goals enunciated in the government's vision statements. In view of the broad dimensions of the concept of economic transformation and modernization, the study briefly reviews the various theoretical postulates underlying the concepts, analyzes the nature of transformation in Nigeria since the 1960s and concludes by highlighting critical characteristics of the evolving Nigeria economy that might need to be explored if the long-term vision of the authorities is to be realized. The latter are the central messages of the review which include putting the economy on an accelerated growth path through enhanced reform of agriculture and industry, seeking to facilitate the sharing of the fruits of growth with all Nigerians, resolving the infrastructure limitations, and deepening the decentralization process to support democratization and good governance.