Judging from every economic parameter, Nigeria will suggest being a failed nation. Not so long ago international investors identified Nigeria as one of the world’s most promising investment opportunities, but things have changed drastically in the meantime. The slump in the price of crude oil has hit Nigerian economy hard, the twin curses of insecurity and corruption have not gone away either. The Nigerian currency - naira has also lost its value by 170% from its value in 2015. The question most analysts and citizens are now asking is if Nigeria will ever fulfil its potential. This study empirically analyses the current economic situation of Nigeria, and gives recommendations on what government should do in getting the country out of recession.