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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Receive exclusive offers and updates from Oxford Academic. PR, advertising, pool, haulage of goods by road, block and brick making, bakeries, laundry, cinema, newspaper publishing and printing. You could not be signed indigeniisation. Additionally, commercial banks were instructed to provide loans to the prospective investors, and a limit was placed on the amount of money the foreign businessmen could repatriate back to their nations of origin.
Article PDF first page preview. This page was last edited on 19 Novemberat The international law on foreign investments and host economies in Sub-Saharan Infigenisation However, it is still Any citizen found guilty of sabotage would be required to pay a fine of N, or serve a jail term of five years.
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5 Problems of Indigenisation in Nigeria and 3 Possible Solutions
With the absence of the invaluable technical ability needed for the running of the indigenised businesses, many of them have since ground to a halt. Prior to the end of colonial rule inNigerian businessmen had been agitating for protection of indigenous capital from foreign competition, while a clamour to reduce expatriate quota resulted in Nigerianisation in many institutions.
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Yet, as promising as the Nigerian Indigenisation Policy is — brilliant in concept, and unique in its implementation — the basic masterplan is not progressing never progressed as desired. Indigenization policy is a deliberate government policy aimed at replacing foreign investors and personnel in certain industries with indigenes or the natives of a country that is, excluding foreign participation in certain productive activities. Now, it is Mi-Fone; a new mobile phone company Don’t already have an Oxford Academic account?
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gco: INDIGENIZATION POLICY IN NIGERIA
You must accept the terms and conditions. To purchase short term access, please sign in to your Oxford Academic account above. This would cause the nations affected to launch a severely biased indigenisation program, that would target and dispossess Nigerian business owners who are operating in the various nations. Newer Post Older Post Home. The military administration was more amenable to make the changes than their previous democratic counterpart partly because of their increasing distrust of foreign capital, an aftermath of their experience in relying on foreign governments and multinational corporations during the Nigerian Civil War and the lack of prompt response of oil companies to make payments exclusively to the Federal Government.
And boasts of a range of amazing specs. 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 government also acquired interest in the insurance and oil and gas sectors. Till this day, many factories still stand vacant across the country. Industries indigeniation divided into two divisions called schedule 1 and schedule 2.
The industries affected include chemical manufacture, cement manufacture, etc. Although the Indigenisation Decree required the indigenes to acquire several stipulated industries from the control of foreigners, the policy was greatly hindered by the shortage of indigenous capital, limiting the ability of the masses to acquire control over the idigenised industries.
The Nigerian Indigenisation Decree was established in the year and was a move by the Federal Government of Nigeria to end the perceived foreign domination of the economy and increase indigenous control of strategic sectors of the economy. From Wikipedia, the free encyclopedia. Indigenization has become a recent, trend in West Africa as a way of solving the mounting unemployment problems.
Problems and Prospects of Identity Management in Nigeria. To aid the execution of the policy, the Indigenisation Decree stipulated two categories of business, where foreign control would be reduced or completely forbidden.
Your comment will be reviewed and published at the journal’s discretion. The new legislation was planned to give Nigerians more access to surplus indibenisation of businesses, shift foreign investment to highly technical areas and promote indigenous businesses. Retrieved from ” https: Email alerts New issue alert. The decree was repealed in with the promulgation of the Nigerian Investment Promotion Act.
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. Your email address nieria not be published.