Indigenization policy is a deliberate government policy aimed at replacing foreign investors and personnel in certain industries with indigenes. Simply put, the Nigerian Indigenisation Policy was a government initiative that aimed to recover control of several vital and productive sectors of. basic objective of its foreign investment policy since the end of the civil war in Nigeria’s indigenisation programme provides an illustration of the extent to which .
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Problems and Prospects of Identity Management in Nigeria. With the capital provided by the foreigners, their Nigerian colleagues would acquire their businesses and would, according to government regulations, continue normal business operations without attracting suspicion. And as the name indicates, it is an improvement over the Innjoo Fire in many areas.
Any citizen found guilty of sabotage would be required to pay nigerja fine of N, or serve a jail term of five years. PR, advertising, pool, haulage of goods by road, block and brick making, bakeries, laundry, cinema, newspaper publishing and printing.
Nigerian Enterprises Promotion Decree
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Businesses where divided into three schedules. Foltz, David Cameron and Thomas J. Some affected enterprises were alleged to have conspired with some Nigerians who will come in as a silent partner or front as chairman of the board nogeria directors but the firm will be managed by line personnel expatriates in the backroom.
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The ideas expressed on this site are solely the opinions of the author s and do not necessarily represent the opinions of anyone else. Sign In Forgot password? Financial Times, 29 Aug. It is also a way of improving local resources as mush as possible in our industries so as to make them more indigenous and less foreign.
These include rice milling, jewellery production, etc. The international law on foreign investments and host economies in Sub-Saharan Africa: Capitalism, socio-cultural change and fraud in Uganda.
This category disclosed twenty-two sectors where foreign interest was to be completely stopped.
Already, nations like the United States of America have strict laws in place, that demand that any nation where American business interests are opposed unjustly, the nation in question would be denied any help whatsoever by the American government.
In the occasion of foreigners indigenisatino 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.
In order to tackle the problem of possible capital outflow, the Federal Government of Nigeria set up the Nigerian Bank for Commerce and Industry, to provide investment capital to the interested pollcy, who had little or no funds to acquire the indigenised firms with. The Nigerian government identified the problems and challenges that were opposed to a full implementation of the Indigenisation Decree and employed several strategies to curtail them.
5 Problems of Indigenization in Nigeria and 3 Possible Solutions
Quoting the Indigenisation Decree, Schedule I: Till this day, many factories indigensation stand vacant across the country. Following decolonization, aspirations of economic independence and self-determination became pronounced and began to earn broad base support. Purchase Subscription prices and ordering Short-term Access To purchase short term access, please sign in to your Oxford Academic account above.
The decree was promulgated in February and was revised inrenamed as the Nigerian Enterprises Promotion Decree. Receive exclusive offers and updates from Oxford Academic.
5 Problems of Indigenisation in Nigeria and 3 Possible Solutions
Email alerts New issue alert. Along with the decree was the establishment of the Nigerian Enterprises Promotion Board to manage the implementation of the new law.
Granted, the Indigenisation Policy was intended to bolster the economic and political autonomy of post-colonial Nigeria, but as with several other government agendas and with the passage of time, numerous unforeseen obstacles have cropped up, proving that the Indigenisation Policy may be easier said than done. NEPC decree of indigsnisation a legislation to effect changes in the ownership structure of light industries such as retail and small scale businesses.
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The government also acquired interest in ln insurance and oil and gas sectors. Unknown November 28, at 4: The industries affected include chemical manufacture, cement manufacture, etc. As soon as the indigenisation decree was launched, several cunning foreigners who were about being dispossessed of their businesses devised a clever strategy that would enable them to appear to have relinquished control, but in reality, they would still manage their businesses through the agency of their indigenous associates.
The new legislation was planned to give Nigerians more access to surplus income of businesses, shift foreign investment to highly technical areas and promote indigenous businesses. The government lost much money in tax revenue as many indigenized firms fared worse under indigenous control, resulting in declining foreign exchange. Indigenization has become a recent, trend in West Africa as a way of solving the mounting unemployment problems.