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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Import substitution industrialization in Nigeria: a selective review
Author:Egwaikhide, Festus O.ISNI
Periodical:The Nigerian Journal of Economic and Social Studies
Geographic term:Nigeria
Subjects:industrial development
import substitution
Abstract:As part of the attempt to facilitate economic development, the government of Nigeria has pursued industrialization via import substitution. A review of the literature indicates that this development strategy exacerbated the foreign exchange problem because it was import dependent. It intensified Nigeria's external dependence, since it relied on imported raw materials, foreign technology and even skilled manpower, some of which could have been provided locally. The technique of production used by the import-substituting industries was capital intensive, with low labour absorption. While relative progress was recorded in the production of consumer goods, it was exceedingly difficult to proceed to the production of capital goods and their importation eliminated an important source of learning. Protected by high tariff walls, Nigeria's import-substitution industry distorted efficient resource allocation and encouraged rent-seeking activities that were both inimical to economic growth and development. Emphasis has now shifted to export-led industrialization, and appropriate policies need to be implemented to facilitate its actualization. Bibliogr., sum.