Nigerian economy in perspective  3.1  Policy regimes  The Nigerian economy has undergone series of changes over time with different policy regimes. Prior to 1986, a medium-term “development plan” was adopted as a major framework for developing and restructuring the economy. The First National Development Plan, 1962–1968, was developed to put the economy on a fast growth path.
*  *  *  It is a pleasure to speak once again before the Economic Club of Washington. Having faced the most serious financial crisis and the worst recession since the Great Depression, our economy has made important progress during the past year.