On June 24, 2007, about 1057 eastern daylight time, a Cessna 172S, N567DD, veered off the runway during landing and collided with a taxiway light at Craig Municipal Airport, Jacksonville, Florida. North Florida Flight Training, Inc., was operating the airplane under the provisions of 14 CFR Part 91. The student pilot, the sole occupant, was not injured; the airplane sustained substantial damage. The local instructional flight departed Craig at 1030. Visual meteorological conditions prevailed, and no flight plan had been filed. The operator filed a written report. He stated that the student pilot had conducted five takeoffs and landings with his instructor prior to the accident flight. The instructor decided the student was ready for his first solo flight and exited the airplane. The student pilot completed two uneventful takeoffs and landings on runway 32. During the right downwind leg of the third landing, an airplane on a practice instrument approach executed a missed approach. According to the operator's statement, the airplane on instrument approach did not correctly follow tower personnel's clearance instructions and cut in front of the student's airplane. The student pilot took evasive action and elected to immediately setup for a landing on runway 5. After touchdown the airplane veered to the left, departed the runway, and struck a taxiway sign. The left landing gear collapsed, and the airplane came to rest on a grass verge. In a telephone interview with a National Transporation Safety Board investigator, the student pilot stated that the airplane and engine had no mechanical failures or malfunctions during the flight.