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Industrial Policies and Incentive, and Structural Adjustment Programme (SAP, 1986) in Nigeria.

Industrialization is a considered as a child of necessity in every nation's economy for it accelerates the process of both Economic growth and economic of development. The importance of the industrial sector in the economic development cannot be over emphasized. Thus, the fortune of every economic lies in its industrial sector which makes it the HEATBEAT of economic development. since the importance and relevance of industrialization (industrial Sector) cannot be over-emphasized, there is need to unmark and explain lucidly the various industrial polices and strategies embarked upon by the Nigeria economy from 1960 till date.

Achieving sustainable growth in industrial production has been a key pillar of Nigeria's economic reforms. in the early 1960's up to late 1970s, industrial policies in the country were inward-looking. Nigeria is a country that is blessed with abundant human and natural resources. she has the largest market in sub-sahara Africa and has a vast array of investment opportunities.

Import Substitution Industrialization (ISI), 1960's

The major policies that come to mind include the import substitution industrialization (ISI) strategy and the indigenization policy. The former, ISI, was directed at increasing local production of manufactured goods, generation of employment, preservation of the country's foreign exchange and expansion of the country's domestic market for goods locally manufactured. this was the first industrial strategy embarked upon the Nigeria government immediately after attaining independence. it has the following aims and objectives;

a. To lesson over-dependence on foreign trade.

b. To save foreign exchange by producing those items formerly imported.

The Nigerian Indigenization Policy (1972) or NEPD.

The Nigerian enterprises promotion Decree (NEPD), 1972 or Nigerian Indigenization Policy (1972) often regarded as a bench-mark industrial policy came in the wake of the desire to make Nigerians own and control the industrial enterprises in the country. as noted by Ndebbio et al (1991), the indigenization Decree was to give Nigerians the opportunity to demonstrate the ability to assume ownership, control and management of a greater part of the nation's economy.

Structural Adjustment Programme (SAP, 1986)

this policy came to right wrong the weaknesses and ineffectiveness of earlier industrial policies. it aims and objectives include;

a. To promote investment

b. To stimulate non-oil exports and providing a base for private sector led development.

c. To promote efficiency of Nigeria's industrial sector.

d. privatization and commercialization of the economy toward the promotion of industrial efficiency.

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Africa ISI Nigeria SAP Structural Adjustment Programme


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