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

📄 Project Abstract

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 th...