Reforms, especially in Nigerias economic sector had always been an integral aspect of Nigerias political economy since independence

in 1960. From time to time, the way and manner in which the business of the State is conducted as well as the benefits accruing to citizens in the process have had to undergo reviews depending on the exigencies of the time. At several occasions, some of the reform policies implemented included the deregulation of interest rates, exchange rate and entry into banking business. Other measures implemented included, the establishment of the Nigeria Deposit Insurance Corporation, strengthening of the regulatory and supervisory institutions, an upward review of capital adequacy standards, capital market deregulation and introduction of indirect monetary policy instruments. Nevertheless, a peculiar feature of past reform programs in Nigeria is the associated International Monetary Fund /World Bank external influence and directive, inconsistency in policy implementation and corruption. The thrust of this paper therefore is to illuminate the current reform efforts in Nigeria in a bid to demonstrate its home-grown character, its prospects as well as its challenges.

Economic reforms was first introduced in Nigeria in 2003, during the second term of President Olusegun Obasanjo. The reform program was known as the National Economic Empowerment and Development Strategy. The government aimed to improve the macroeconomic environment within Nigeria and to better manage public expenditures. Structural reforms played a large role as well. Reasons Behind the Reform:

During 1999, human development indicators of Nigeria were below average in comparison with other developing economies. Nigeria depended strongly on its oil export business, leading the country vulnerable to fluctuations in oil prices. Volatile fiscal spendings were destabilizing the country's macroeconomic conditions. This volatile economic environment deterred private investment; at the same time, government expenditures were rising. The unemployment rate in Nigeria was quite high. The amount of domestic debt was increasing along with the rate of inflation. In 1999, the inflation rate was 10.4%, whereas in 2003 it climbed up to 21.8%. The Nigerian citizens average income per capita was very low, below $300.

The government's plan to tackle these problems included structural, institutional, governance, and macroeconomic reforms. Moreover, the Nigerian government started to extend the reform process to the regional level. They worked to diversify the economy away from oil, in order to improve the domestic business climate. EFCC
The Economic and Financial Crimes Commission (EFCC) is a Nigerian law enforcement agency that investigates financial crimes such as advance fee fraud (419 fraud) and money laundering.[1] The EFCC

was established in 2003, partially in response to pressure from the Financial Action Task Force on Money Laundering (FATF), which named Nigeria as one of 23 countries non-cooperative in the international community's efforts to fight money laundering.[1] The agency has its head office in Abuja.[2]

History
Under the previous EFCC chairman Nuhu Ribadu, the agency has addressed financial corruption by prosecuting and convicting a number of high-profile corrupt individuals, ranging from Nigeria's former chief law enforcement officer to several bank chief executives. By 2005, the EFCC arrested government officials including, Diepreye Alamieyeseigha.[3] In September 2006, the EFCC had 31 of Nigeria's 36 state governors under investigation for corruption.[4] In December 2007, the Nigerian Federal Government, after extensive investigations by EFCC and other organisations, cleared the Vaswani brothers of any wrongdoing and invited them back into the country. Leading Nigerian daily "This Day" and other major newspapers reported the facts of their clearance quoting text from FG issued directives. In April 2008, the EFCC began an investigation of the very influential daughter of the former Nigerian President, Senator Iyabo Obasanjo-Bello for receiving N10 million ($100,000), stolen from the Ministry of Health. The former Health Minister and her deputy are currently on trial for stealing over N30,000,000 ($300,000) from the ministry's unspent funds from last year. On June 6, 2008, Chief (Mrs) Farida Mzamber Waziri was sworn in as the new chairperson of the EFCC.[1] Then on the 6th of August 2008, the former chairman Nuhu Ribadu was demoted from Assistant Inspector General (AIG) to Deputy Commissioner of Police (DCP).[5] Waziri was dismissed by President Goodluck Jonathan on 23 November 2011 and replaced by Ibrahim Lamorde as Acting Chairman, who has since been confirmed on the 15 February 2012 by the Nigerian Senate.[6] Since 2008, its website contains a list of the country's most wanted criminals.[7] On September 14, 2010, the head of the Forensic Unit of the EFCC, Abdullahi Muazu, was assassinated in Kaduna. He had been actively involved in the trials of several heads of banks.[8]