Despite providing 95 per cent of foreign exchange earnings and about 60 per cent of government revenues, the oil sector’s contribution to GDP is less than 25 per cent. The agriculture sector is largely subsidized and has made a 26.8 per cent contribution to GDP in 2005. Industry and services contributed by 48.8 and 24.4 per cent respectively. Although, Nigeria had once been a large net exporter of food, it is now importing some of its food products. Nigeria’s economic progression has been disturbed by corruption, political instability and poor macroeconomic management for years. Following the restoration of democratic rule in 1999, Nigeria is now undergoing substantial economic reform (Anthony Maduagwu, 09/09/00).
During the period 2003 to 2007, Nigeria put into effect National Economic Empowerment Development Strategy (NEEDS) which aimed towards raising the standard of living of the people by establishing macroeconomic stability through deregulation of the economic environment privatization of government ventures, economic liberalization and accountability. This initiative also addressed the basic deficiencies such as unreliable power supplies, poor infrastructure and lack of fresh water for household and irrigation. It was also aimed towards creating 7 million employments, boosting non-energy exports, increasing industrial capacity utilization, improving agricultural productivity and diversifying the economy. Similar initiative called State Economic Empowerment Development Strategy was also implemented at the state level. The UN sponsored the National Development Goals program for Nigeria, as a long-term economic development program, covering the period 2000-2015. Under this program Nigeria is committed to achieve number of set targets in the areas of poverty reduction, gender equality, health, education, environment and international development cooperation.
Despite these efforts and with the presence of enormous