INDUSTRIALIZATION POLICIES AND THE NIGERIAN ECONOMY

Abstract

Industrialization policy is an element of the global concept of economic development of a country. Its construction and realization entail an assumption that the state, its divisions and institutions, participate in the process of shaping the industrial development. Industrialization is widely believed to be a catalyst for rapid growth and development of any economy. In Nigeria, the drive to transform her economy from non-industrialized state to an industrialized one has been the pre-occupation of successive administrations that has piloted the affairs of the nation since independence till date. Unfortunately, despite the abundant natural endowment (both human and non-human) of the country, efforts at creating a vibrant and sustainable real sector growth and development have proved abortive. The policy has been one emphasizing import substitution (IS) strategy, which was necessary and inevitable for Nigeria having regard to her colonial experience in the area of economics and trade. In the 80’s, it was felt that the strategy ought to have advanced to the stage of import displacement; that is producing locally made goods which are different from or at least only similar to former inputs, but which are based on locally available inputs and technology and on real needs (as distinct from imported consumption patterns) of the economy. Nigeria’s numerous surface-level challenges with industrialization are well documented. They include weak infrastructure, weak private sector, dumping of goods, effects of globalization, corruption, inadequate government support to industry, and so on. This study tends to examine the industrialization policies and the Nigerian economy. This study uses the Modernization theory as its theoretical framework, since the theory recognizes the process of Modernization within societies.
Key words: Industrialization Policies, Economy, Modernization