To preserve these articles as they originally appeared, The Times does not alter, edit or update them. Occasionally the digitization process introduces transcription errors or other problems; we are continuing to work to improve these archived versions. One major bank, Citibank, has already decided to pull out rather than accede to the Government demands. Other foreign banks have decided to remain, at least temporarily, by selling a required 60 percent of their equity shares to the central bank of Nigeria at the beginning of this month, the deadline set by the Government for the banks to act. The Federal Military Government, for its part, has gone to great lengths to assuage the fears of foreign investors. It is not nationalizing the businesses, it points out, but merely increasing the proportion of ownership by Nigerians in order to become master in its own house.
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As in the rest of the developing world, most national states have increasingly taken on regulative, welfare and planning functions, and the state has become a major if not the major economic actor in many countries . At the same time, policies of economic nationalism nationalisation and indigenisation have become widespread in Africa and most host-countries have levied increasingly stringent regulations on the operations of foreign firms .
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Notes and References 1. Google Scholar 2. Google Scholar 3. Robert Gilpin, U. Google Scholar 5. CrossRef Google Scholar 6. Google Scholar 9.
Google Scholar See also Chapter 1 in this book. Although Nigerians have historically played an intermediary role in West African trade and commerce, it would be a mistake to suggest that their present approaches to transnational corporations simply reflect an inability or an unwillingness to play any other role today. See especially E. Biersteker, Distortion or Development? In: Shaw T.
5 Problems of Indigenisation in Nigeria and 3 Possible Solutions
African Affairs Oxford Academic In the occasion of foreigners actually disposing of their assets, their interest in the Nigerian economy would be severely weakened and most often than not, the distraught investors quickly moved all their capital back to their nations of origin. History of Nigeria Business in Nigeria. Sign In or Create an Account. The content on the InfoGuide Nigeria is provided as general information only.
Economics – Indigenization and Nationalization
Those foreign firms proved irresponsive to many years of moral suasion by successive government of the country for employment of qualified Nigerians, for the moderation of their pricing and wage polices, for managerial and technical training and technical training and the development of their Nigerian employees. The operations of foreign owned firms in the country became increasingly costly to Nigerian economy. The sectoral investment preferences and dividend polices of these foreign firms were costly to the Nigerian economy and inimical to her development. Before the indigenization policy in Nigeria foreigner dominated the ownership and management of firms in the country.
WHAT LED TO INDIGENEIZATION? WHAT ARE THE OBJECTIVES | ACHIEVEMENT | CHALLENGES
Simply put, the Nigerian Indigenisation Policy was a government initiative that aimed to recover control of several vital and productive sectors of the economy from alien control. The Policy required the foreign owners affected to put up these firms for acquisition by the indigenes, hence the name indigenisation. To aid the execution of the policy, the Indigenisation Decree stipulated two categories of business, where foreign control would be reduced or completely forbidden. Schedule I This category disclosed twenty-two sectors where foreign interest was to be completely stopped.
Indigenisation in Nigeria: Renationalisation or Denationalisation?
As in the rest of the developing world, most national states have increasingly taken on regulative, welfare and planning functions, and the state has become a major if not the major economic actor in many countries . At the same time, policies of economic nationalism nationalisation and indigenisation have become widespread in Africa and most host-countries have levied increasingly stringent regulations on the operations of foreign firms . This process is experimental and the keywords may be updated as the learning algorithm improves. This is a preview of subscription content, log in to check access.