ABSTRACT
The reforms initiated during the period from 1960 to 2015 can be broadly divided into three categories: socio-political reform, economic reform and administrative reform. The central government under Tafawa Balewa put in place the requisite infrastructure for the good governance of the country. In 1962, the Balewa administration initiated the First National Development Plan for the infrastructure development of the new nation. At the country’s independence in 1960, the Nigerian economy of the first republic was heavily based on agricultural production, which was mainly to satisfy domestic consumption needs, although some of the produce were exported. Reform in the energy sector of the Nigerian economy has been gradual and steady. At its independence in 1960, the nation’s main energy supply came from coal and the National Electric Power Authority. Financial sector reforms in Nigeria included the policy of budgeting based on a conservative oil price benchmark, which resulted in the creation of an Excess Crude Account in 2003.
