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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Industrialization and economic development in Nigeria: the significance of the structural adjustment programme
Author:Ukwu, Ukwu I.ISNI
Year:1994
Periodical:The Nigerian Journal of Economic and Social Studies
Volume:36
Issue:2
Pages:434-448
Language:English
Geographic term:Nigeria
Subjects:industrial development
industrial policy
Abstract:The colonial government of Nigeria discouraged industrialization in the interests of metropolitan factories. The government of the First Republic relied on foreign investment and partnership to bring about industrialization, while the first military regime invested heavily in strategic industries and controlled foreign investment. During the Second Republic there was renewed interest in supporting private enterprise. The structural adjustment programme (SAP), established in 1986 under pressure from the World Bank/IMF, consolidates a retreat to an externally dependent 'open economy' development strategy. The Nigerian industrial system remains small, weakly structured and poorly integrated. The impact of the SAP has been mixed. While cost relativities now favour local sourcing, many import-dependent enterprises are being pushed out of business by imports of competing goods. Foreign investors remain elusive. Small-scale industries are particularly handicapped by tight monetary and foreign exchange constraints. The federal government has now been obliged to introduce policies to counteract some of the negative effects of the SAP, and this is reflected in the 1988 budget. However, a fundamental review of industrial policy is required and rather than leave industrialization to the perverse influence of market forces, government should deliberately plan and control the process. Bibliogr., sum.
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