Rasak, Bamidele and Ake, Modupe and Asamu, Festus (2018) NIGERIA’S INDUSTRIAL POLICIES, SUSTAINABLE DEVELOPMENT AND THE CHALLENGES OF GLOBALIZATION. Abuja Journal of Sociological Studies, 5 (1). pp. 119-151. ISSN 1595-577X

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ABSTRACT Nigeria is a richly endowed country with abundant human and natural resources. The country is blessed with a variety of mineral deposits including petroleum, natural gas, uranium, tin, columbite, coal, precious metals and gemstones. Over the last three decades, the country has earned over US$300 billion from oil sales (Imevbore, 2001). In spite of this wealth, the country’s economy has tended to fluctuate widely over the years. The average GDP growth was 1.2 percent between 1979 and 1989 and 2.7 percent between 1989 and 1999 (Imevbore, 2001). Inflation rate continued to increase with the purchasing power of the naira declining steadily over the years. It can also be seen that even though Nigeria is a major supplier of crude oil, about 2 million barrels per day, and an influential member of the Organization of Petroleum Exporting Countries (OPEC), it is still a big debtor nation. Despite substantial adjustments during the past decades, Nigeria’s industrial policy adopted since independence in 1960 was dominated by the goals and instruments of the 1970’s. 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. In particular, there is a widely held assumption that Nigeria’s challenges are consequences of its status as an oil-producing country and suffers from the ‘Dutch Disease’. Based on these assertions, this study tends to examine the Nigeria’s Industrial Policies, Sustainable development and the challenges of globalization. This study uses the Modernization theory as its theoretical framework, since the theory recognizes the process of Modernization within societies. Key words: Industrial Policies, Globalization, Sustainable Development, Economy,Modernization

Item Type: Article
Subjects: H Social Sciences > HM Sociology
Divisions: Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User: Dr. Bamidele Rasak
Date Deposited: 03 Sep 2018 19:39
Last Modified: 10 Apr 2019 09:11

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