A Historical Overview of Nigeria Economic Policy Under the Military 1983-1998

In "The Economic Policy Implemented by the Military Regime of 1983," authors Muhammadu
Buhari and Brigadier General Tunde Idiagbon outline the austerity measures and trade
restrictions introduced to combat Nigeria's economic crisis. The authors emphasize that while
their intentions were to promote local production and conserve foreign reserves, the protectionist
measures led to shortages of essential goods and hindered foreign investment, thereby limiting
economic growth. This duality in policy outcomes underscores the complexities of military
governance in addressing economic challenges17. Additionally, the thesis Military Rule and
Economic Performance in Nigeria: A Comparative Analysis." provides a broader historical
context for understanding the role of military regimes in shaping Nigeria's economic policies.
The research evaluates the effectiveness of various military governments in creating a market￾enabling environment and assesses whether their policies accelerated or decelerated economic
development. The findings suggest that while some regimes attempted to implement reforms
aimed at market liberalization, persistent issues such as corruption, lack of accountability, and
inadequate infrastructure undermined their efforts. This study posits that military interventions
often perpetuated cycles of economic mismanagement rather than facilitating sustainable
growth.