Nigeria's Industrial Policies and the Challenges of Development in the Twenty First Century

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Date

2019

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Universite d'Abormey-Calavi, Faculte des Lettres, Langues, Arts et Communication

Abstract

The realities of the Twenty First Century development indices have shown the fundamental role of industrialisation in nations' quests to achieve relevance in the highly competitive global environment. For Nigeria, the pressure to industrialize started before independence as the British established some import substitute firms in the country. After independence, the desire for industrialization became more compelling for the country to keep pace with her peers around the world. The study examines the various policy options, which Nigeria has adopted in the pursuit of industrial development, A historic'! approach was adopted in the study comprising of primary and secondary sources. Some of the policies implemented by Nigerian government to accelerate industrial development after independence arc the development plans. the import substitute strategies, the indigenisarion policy. the use of the multinational corporations, technology transfer and more recently, the use of small and medium enterprises. It was discovered that most of the policies gave serious credence to foreign methods without consideration for the peculiariry of Nigerian local environment and efforts. Thus, Nigeria merely became host to the industries while their proceeds were evacuated abroad, This was compounded by political instability and policies inconsistency by the successive administration particularly in the periods of military rule. However, since the late. 1980. the nation has begun a new private driven approach to industrialization. Nigeria's uninterrupted democratic experience since 1999 has given impetus to industrial development because of the rule of law and social justice. This study believes an important factor of success lies in Nigeria's ability to hrst transform her local productive efforts through an all embracing approach. which will include universities, polytechnics, colleges of technology, manufacturers and indigenous craftsmen. This will lay a solid foundation for future industrial breakthrough in Nigeria.

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Keywords

Nigeria, industrial policies, import substitute, indigenisation, development

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