What are the industrial policy in Nigeria?
“The goal of the Nigeria Industrial Revolution Plan is to increase the contribution of the manufacturing sector to GDP from the present four per cent to more than 10 per cent over the next five years. This will boost the annual revenue earnings of the Nigerian manufacturers by up to N5 trillion per annum.”
What are the objectives of industrial policy in Nigeria?
Its main objectives were to: The transfer of ownership and control to Nigerians in respect of those enterprises formally wholly or mainly owned and controlled by foreigners. Create employment opportunities for Nigerians to ensure increased level of self reliance in the supply of industrial output.
Which state is the most industrialized state in Nigeria?
Kano state can be considered the most industrialized state in the north of Nigeria. Some people refer to it as the largest industrial center after Lagos State. Kano State currently has over one hundred different industries.
What makes up the industrial sector in Nigeria?
In contrast, the industrial sector in Nigeria (comprising manufacturing, mining, and utilities) accounts for a tiny proportion of economic activity (6 per cent) while the manufacturing sector contributed only 4 per cent to GDP in 2011.
Why Nigeria is not industrialized?
Lack of credit/access to credit is one of the factors militating against industrialization in Nigeria. This problem is caused by industrialists, government and financial institutions. Another problem obstacle to industrialization is the overdependence imported machinery.
What is an example of industrial policy?
Industrial policies are interventionist measures typical of mixed economy countries. Traditional examples of industrial policy include subsidizing export industries and import-substitution-industrialization (ISI), where trade barriers are temporarily imposed on some key sectors, such as manufacturing.
When did Nigeria become industrialized?
Nigeria’s industrialization between 1943 and 2013 was divided into five eras, namely the pre-independence era (1943-1959), the post-colonial era (1960-1969), the era of oil-boom (1970-1979), the decade of the 1980s, and 1990 and beyond.
What are the four industrial towns in Nigeria?
Ajaegbu [23] has shown four industrial- urban conurbations in Nigeria. These are: Lagos-Ibadan, the Kano-Kaduna- Zaria-Jos, Benin-Sapele-Warri, and Port-Harcourt-Aba-Onitsha-Enugu conurbations.
How can industrialization be promoted in Nigeria?
Efficient and adequate provisions of infrastructure such as transportation, water supply, electricity supply and telecommunications are what give impetus to industrialisation.
When was the indigenisation policy introduced in Nigeria?
THE NIGERIAN INDIGENIZATION POLICY (1972-1977). The Nigerian Enterprises Promotion decree (NEPD), 1972 or Nigerian Indigenisation 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.
What are the objectives of industrial development in Nigeria?
This was the first Industrial strategy embarked upon by the Nigeria government immediately after attaining independence. It has the following aims and objectives; Increasing local production of manufactured goods. Generation of employment. Preservation of the country’s foreign exchange.
When did production subcontracting start in Nigeria?
The Nigerian experience according to Ajayi (1998, 2002) shows that production subcontracting linkages started in the early 1960s. Initially the rate of adoption of production subcontracting as an industrial production technique in Nigeria was characterized by insignificant growth.
What is the main industry in Nigeria?
In addition to these features, the industrial sector in Nigeria like most other developing countries is dominated by industries producing construction materials, clothings, textiles, footwear and processed foods using simple assembly processes (Cody and Huges, 1980; Schultz 1973; Egwaikhide 1997).