INTRODUCTION
The
history of government industrial policy in Nigeria, could be traced back to 1960s
when the government pursued primarily, a policy of industrialization based on import
substitution (Adewale, 2015). From 1974-1980, the industrialization strategy
changed swiftly from assemblage plants to heavy duty industrial structures, which
led to the establishment of the Nigerian Industrial Development Bank (NIDB) and
the Nigerian Bank for commerce and industry (NBCI). In that era, the Central
Bank of Nigeria (CBN), issued credit guidelines, prescribing high allocation of
credit to the industrial sector. In 1986, the Structural Adjustment Programme
(SAP) evolved which was aimed at diversifying Nigeria’s economic base including
the productive sector of the economy. In 1988, Nigeria launched an industrial
policy aimed at achieving an accelerated pace of industrial development for the
country. The policy was principally targeted at increased export, manufactured
goods and promotion of industrial development and national integration through
industrial dispersal. In 2012, the
ministry of trade and investment announced a plan for the
country’s industrialization, which was aimed at positioning and empowering the nation’s
manufacturing sector as the key
driver of economic growth.
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