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Periodical article | Leiden University catalogue | WorldCat |
Title: | Structural Adjustment and De-Industrialisation in Nigeria: 1986-1988 |
Author: | Bangura, Yusuf |
Year: | 1991 |
Periodical: | Africa Development: A Quarterly Journal of CODESRIA (ISSN 0850-3907) |
Volume: | 16 |
Issue: | 2 |
Pages: | 5-32 |
Language: | English |
Geographic term: | Nigeria |
Subjects: | industrial development economic policy Development and Technology Economics and Trade |
External link: | https://www.jstor.org/stable/43657841 |
Abstract: | Nigeria's 1986-1988 structural adjustment programme (SAP) has had a profound impact on the country's manufacturing sector. The programme itself was anchored on the premise that the industrial sector needed fundamental restructuring in order to correct the distortions in the exchange rate, tariff regime and domestic price structure which became acute in the 1970s and early 1980s. The programme's major objective was to reduce dependence on the oil sector and on imports, lay the basis for a sustainable noninflationary growth, force industrialists to look inwards for their raw materials and encourage the growth of export industries and foreign private investment. As a result of the massive devaluation of the naira, the deregulation of interest rates and the discriminatory interim tariff regime introduced as part of the SAP, the industrial costs of most companies have gone up dramatically and many industries have had to fold up, introduce various rationalization schemes and retrench workers. The level of performance of the various industries has been uneven; those that can easily find local substitutes, such as the agro-allied industries, have less problems of adjustment than those that are heavily dependent on imports for raw materials. Workers and union responses have also been uneven, even though their opposition to SAP is unmistakable. Ref., sum. in French. |