Suppressed by military rule, Nigeria’s GDP growth averaged 1.7 percent in the 90s amid extreme hostilities in the socio-political environment. 
Nevertheless, democracy ushered in an era of fast GDP growth (averaging 8.6 percent) from 2000 to 2010. Over the last 7 years, growth in the Nigerian economy has slowed significantly, battered by mismanagement, insecurity and the collapse in oil prices.
While bold reforms in the Banking, Telecoms, Capital markets and External sector accounted for sharp growth from 2000-2010, the economy was broadly driven by above $100 oil prices from 2011- 2014.
While bold reforms in the Banking, Telecoms, Capital markets and External sector accounted for sharp growth from 2000-2010, the economy was broadly driven by above $100 oil prices from 2011- 2014.
Given a lower oil prices environment, the IMF projects growth to remain sub-optimal at 1.7 percent into 2020, compared to 6.5 percent average in the last ten years.
With lower oil price being the new normal, embarking on bold reforms remain the only way back to the high growth era as observed above.
With lower oil price being the new normal, embarking on bold reforms remain the only way back to the high growth era as observed above.
Strategic action plan to develop the non-oil sector, especially the huge potential in the Agric sector is critical to this.
The Power and Transport Sector must be overhauled and the Petroleum Industry Bill has to be passed. Healthcare and Education reforms will stall medical tourism, brain-drain, and poor manpower development.
Even so, systems must be built to check corrupt practices, enhance the justice system, and incentivize excellence and meritocracy over mediocrity.
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