Author: Oyinlola Olaniyi
Volume: 52 Issue No:2 Year:2010

Abstract: The paper reviews developments in the Nigeria's economic from 1960 to 2008 and observed that the precipitous de-industrialization of the economy which started with the oil crisis of the early 1980s was in fact sustained and accelerated by the SAP policies. This accounted for the high rate of unemployment, poverty and inequality that caused the nation to be tagged a rich country with poor people as she was no able to leverage on her abundant human and natural resources to achieve economic transformation.
With the aid of case studies, the paper identified lack of a proper institutional framework for adequate cooperation, collaboration and partnership between government and the private sector as a major cause of the failure and recommend the establishment of institutions to carry out industrial extension services at both the federal and state levels to facilitate private sector development for sustainable, pro poor growth and economic development.