IMPLICATIONS OF CHANGES IN ECONOMIC PLANNING FOR SUSTAINABLE DEVELOPMENT GOALS IN NIGERIA

The Nigerian economy has experienced booms, depressions and stagnation at various times in its history as a nation. Nigeria's economic managers have adopted several economic planning, and management techniques, including the classical, neo-classical, Keynesian and neo-Keynesian principles. Between 1962 and, 1985, Nigeria implemented four National Development Plans, which are woven around some specific objectives, including sectoral and regional balanced development, reduction in the levels of unemployment and underemployment and economic stability. Most of these objectives were achieved as it was reported by Anyanwu et al., (1997) that inflation rate, unemployment and poverty levels were quite low. But, the-worst- slump which started in early 1980s as a result ofcollapse in world oil market got Nigeria into a deep depression in 1986. The period 1980- 1986 was characterized by falling public expenditure; declining, productivity; high rates of inflation, unemployment and deterioration in the balance of payments; drastic decline in provision of social services, including education and health, and loss of confidence in those managing the economy (Ekpo, • 1992). Consequently, economic management technique has changed from economic planning of the 1962-1985 to economic recovery. Governments introduced a full blown Structural Adjustment Programme (SAP) in 1986, with the aim of recovering the economy and position it in the path of non-inflationary sustained growth and development within the medium term. In general, during the 1986 - 1994, the economy remained in a depression as shown by conventional economic indices of performance Thus the economy continued its journey in depression. Nonetheless, government continued to tpy to recover the system. The Abacha's regime dealt a heavy blow on SAP m 1994 by fixing theexchange rate of naira to other convertible