Shadow Economy 5 The aims granted for bearance to financial companies opening in Nigerian where by they were given a maximum of four years to amortize their classified assets portfolio against their current profits. The International Development Agency (IDA) is the Bank’s interest-free lending arm for the poorest countries. The transformation Agenda to a reasonable extent has began transforming the oil and gas sector via its reforms and policies, which has provided more refineries. 19.7 In cases where there is an increase in the price of oil a boom occurs that brings in a lot of income into the country's economy, just like Nigeria experienced in the 1970's; but in the event of the drastic fall in oil prices in 1980, it took a negative toll on the country's economy and equally as Thurston postulated, the nature of dependence on such revenues or economic fortunes, makes the government lackadaisical about other sectors that should spur domestic production of goods in the country which invariably stimulates a desire for foreign or imported goods, that also affects or cripples the economy when it becomes exaggerated. 3. According to the NPC (2011), the Transformation Agenda is based on a set of priority policies and programmes which when implemented will transform the Nigerian economy to meet the future needs of the Nigerian people and draws from the NV 20:2020 and the 1st National Implementation Plan (NIP), which aims to deepen the effects and provide a sense of direction for the current administration over the next four years. The fall in lending to the federal government was attributed mainly to a decline in the central bank’s holding of treasury securities.

Onwumere and Ozoh (2007) had correctly stated that Nigeria was only experiencing growth without development. By increasing the supply of domestic savings The economy of any country is highly important to the growth and development of that country as well as the wellbeing of its citizens under different touchstones, which is nonetheless dependent on how effective those at the forefront of managing such an economy do so. The drastic decline in the performance and contribution of agriculture to the GDP of the nation's economy is a pathetic and alarming situation the country faces and is yet to fully recover from which poses itself as threat to food security in the nation. The duo referred to this as a 'predatory gladational tendency' which has repercussive effects on Nigeria's development. Notably, in agriculture as stated in the report, over 8 million metric tonnes (MT) of additional food was attested to have been produced in the country in the past year which reduced Nigeria's import bill from N1.1 trillion in 2011 to N648 billion in 2012 and also 250,000 farmers and youths that were employed across 10 Northern states had succeeded in producing 1.1 million MT of dry season rice (Federal Ministry of Finance, 2014). Without doubt, corruption has become the bane of all aspects of Nigerian life, and according to Transparency International, Nigeria sits top of the scale as the second most corrupt country in the world. However, as agreed by Alao & Alao (2013), despite the undeniable progress that has been made; especially economically (its attainment of the position as the largest economy in Africa surpassing South Africa), the full achievement or progress of these sectors have been constrained by some challenges which may hinder the full realization of the vision of the Transformation Agenda and much more jeopardize the chances of the country in attaining a prominent position as the one of the world's top twenty economies. Ezekwesili, O (2006): 'Solid Minerals: A strategic Asset for National Development', NIIA Lecture Series, No. According to Todaro and Smith (2011) the HDI ranks all countries on a scale of 0 which is the lowest rank of human development to 1, the highest human development ranking based on the three 'goals or end products' of development that include longevity, knowledge and standard of living. 2. Unequal income distribution is one major problem that has lingered in Nigeria. The Transformation Agenda which was designed to transform the Nigerian economy in a bid to meet the future needs of the Nigerian people have its plans to be strategically scrutinized or kept in close watch by a presidential committee endorsed by President Goodluck Jonathan and also to be assisted by technical experts from the public and private sectors (NPC, 2011).Accordingly, their mandated duties as outlined by the National Planning Commission include: No. Thus, on the whole, transformation can be said to be a total package that involves every facet of the individual, organization or society. Source: http://countryeconomy.com/hdi/nigeria

The Commission is empowered to initiate and support measures which would enhance the investment climate in Nigeria for both citizens and foreign investors. The government has thus succeeded in attracting Foreign Direct Investment (FDI) in this sector where about 50 companies from various countries across the globe have showed interest in investing in the sector and also, mineral production has been recorded to have increased from 21% in 2011 to 143.6% in 2012 (Mid Term Report). In terms of the nominal GDP, it had grown from $166.53 billion in 2009 to $243.99 billion and $257.42 billion respectively in 2011 and 2012. This in turn reduces political bargaining between state and interest groups, which makes governance more arbitrary, paternalistic and even predatory. The above proposition is affirmative, because the oil resources the nation depends on is being controlled by the prices of the international oil market, which actually dictates or marshals the boom or gloom the country's economy experiences. Third, oil rents provide a sufficient fiscal base of the state and thus reduce the necessity of the state to tax citizens.

Ogwu (2006) stated that the discovery of crude oil in the Niger Delta in the second half of the fifties and its exploitation for export to earn foreign exchange soon led to a pathetic situation where there was a gradual abandonment of both the solid minerals and the agricultural sectors, thereby making Nigeria to become a mono-product economy depending more on crude oil exports for more than 90% of her foreign exchange earnings.

Such a heavy decline in income would strike at the very heart of Nigeria's economic and social infrastructures, causing a radical scaling down of development plans and entailing huge cutbacks in such vital services as education and health care. "Theory."

To him, the importance of a sound economy cannot be overemphasized. Additionally, it has been postulated further that the resource curse situation triggers government corruption which often results when proper resource rights and an income distribution framework is not established in the society that results in unfair regulation of the industry; and this dilemma of the resource curse is most often witnessed in emerging markets following a major natural resource discovery (Investopedia, 2013). Report Global Finance in 2010.mht-Retrieved on 20-04-2014. of Sustainable Development Vol. Registered office: Venture House, Cross Street, Arnold, Nottingham, Nottinghamshire, NG5 7PJ.

According to Wolff (2009), Nigeria as at 2003 was ranked by the Pern World Tables at 4% of the US Real GDP amongst the poorest countries in world. 8. Though Nigeria has been considered to be a wealthy nation, this hasn't told or shown well on a majority of its citizens, as a lot of people have been affirmed to be living below the poverty line. In 1997, the CBN Decree 24 and BOFI Decree 25 both of 1991 were amended. Chief Economic Adviser to the President With an estimated population growth of 2.80 percent per annum, this implied a contraction in per capita GDP over the years that had resulted in a deterioration of living standards for most citizens. Nigeria is known to be well endowed with a variety of several solid minerals that ranges from metallic minerals to mineral fuel, gemstones, precious metals and dimension stones (Mid Term Report). The government has also considered investing in the Solid minerals sector, creative industries and Tourism potentials of the country as espoused in this study.



Lawal and Abe (2011) stated that Nigeria has had series of development plans and that the country seems to be 'the only country where virtually all notions and models of development have been experienced' (Aremu, 2003 as cited by Lawal and Abe, 2011: 238).

21. As asserted by Nwaozuzu (2014), it is a known fact that Nigeria presently operates largely a mono-product economy, and it is expected that further developments in the oil and gas sector as well as its transformation of the sector will lead to a realization of the diversification of the Nigerian economy into agriculture, information and telecommunications technology, aggressive manufacturing activities, etc.