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IMPACT OF ECONOMIC LIBERALIZATION POLICY ON THE PERFORMANCE OF THE NIGERIAN INDUSTRIAL SECTOR

CHAPTER ONE 

INTRODUCTION 

1.1 Background to the Study

 Economic progress and development have been closely identified with Industrialization since Industrial Revolution from late eighteen century. This thinking has continued to influence policy makers especially so in developing countries (Jomo, 1993). In an attempt to enhance industrial performance and economic growth the Nigerian government has, since independence in 1960, implemented various economic policies. Such policies include: the Import Substitution Industrialisation (ISI) Strategy in the 1960s; and the indigenization policy of 1972 which was reinforced in 1977 (Adenikinju and Chete, 2002; Mesike, Giroh and Owie, 2008; Agboli and Ukaegbu, 2006). These policies largely reflected government’s effort to directly control and coordinate economic activities in order to achieve macroeconomic goals. The Import Substitution industrialization (ISI) policy was the first industrial strategy embarked upon by the Nigeria government immediately after attaining independence. The objectives of this policy among others include to lessen overdependence on foreign trade and to save foreign exchange by producing those items such as detergents, food, textiles, household appliances, etc. which were hitherto imported. In 1972, the Nigerian Indigenization policy was adopted following the obvious failure of the IS strategy. The major objective of this policy was to strengthen the Nigerian economy by transferring ownership and control of enterprises formally wholly or mainly owned and controlled by foreigners to Nigerians, fostering widespread ownership of enterprises among Nigerian citizens, creation of opportunities for Nigeria indigenous businessmen, the encouragement of foreign businessmen and investors to move from the unsophisticated area of the economy to areas where large investments were more needed. The 1972 Act that resulted in the indigenization policy was amended, repealed and replaced by the Nigerian Enterprises Promotion Act, in 1977. This Act gave birth to the indigenization policy of 1977. The 1972 Act contained II schedules, while the 1977 Act contained III schedules. Schedule I of 1977 contained 40 Enterprises, Schedule II contained 57 and Schedule III contained 39. In 1981 the number of Enterprises in each schedule was revised. By this, schedule I had 36 Enterprises, Schedule II, 576 Enterprises and Schedule III, 456 Enterprises respectively. The Structural Adjustment Programme (SAP) was adopted in June, 1986 and it received the blessings of Breton Wood institutions. SAP was regarded as the universal recipe that would bring the desired transformation of the economy from agrarian to industrial. In particular, this policy

Review project detailsComments
 
Number of Pages67 pages
Chapter one (1)Yes  Introduction
Chapter two (2)Yes  Literature review
Chapter three (3) Yes methodology
Chapter  four (4) Yes  Data analysis
Chapter  five (5) Yes Summary,discussion & recommendations
ReferenceYes Reference
QuestionnaireYes Questionnaire
Appendixyes Appendix
Chapter summaryyes 1 to 5 chapters
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