CHAPTER ONE
1.1Â Â Â Â Â Â Â Â INTRODUCTION
It has been exonerated that the economic situation of Nigeria from the recent past to present is anything but good. Datas back to the colonial ear, Nigeria’s economy has been saddled with plan-less and bad administration. Other countries like Taiwan, south Korea and even south African that started from the same platform as Nigerian in quest of economic emancipation have today made considerable achievement.        As for Nigeria, she was held down to low economic attainment by a vicious circle of force, tribalism, nepotism, political profiteering, poor education orientation and poor work altitude. This circle however, was often broken by seeing economic progress as in the area of grandaunt pyramids of the sixties and the oil boom era of the seventies which bid not stand the test of time.Nigeria have been conscious of dividing economic fortunes and proclamation of such measures as how profit image operation feed the Nation,(OFN), Austerity measures war against indiscipline program (SAP) of the Ibrabim  Babamosi Babangida administration (1965-93) . SAP has one of its children as privatization and commercialization.All the above measures were geared towards economic stabilization. The extent of success of each depends upon the straight   of will and purpose of their proponents.        Going down memory came, Nigeria was one known for her groundnut pyramids . In the 1970-84, groundnut production had  gone down considerable from what it used to be in the sixties when Nigeria was the world trading exporter of groundnuts, by 1984, Nigeria has become a net importer of groundnut oil, cocoa, beans and cotton to mentioned but a few and so was importing more than it was exporting. With the outbreak of Middle East war in 1973, oil prices rose to an unprecedented level and Nigeria becomes the most industrialized in the developing countries.Unfortunately she made no contingencies and could not utilize her sudden found wealth. Nigeria abused her ability to import and this depleted her internal reserve to the barest minimum Nigeria was no longer in a position to pay for her imports through exchange earning, she began to accept short credits which ironically graduated to long term embarrassing debts.
