ISSN:  3043 - 4114






A False Start and a False Hope: A History of Nigeria’s Indigenization Decree



Abstract

This paper looks at the history of economic policy failure of Nigeria, a country sitting on vast natural resources but its economy often in tatters. Successive administrations both military and civilian have come up with different economic development agendas without success. This is owing largely to a highly corrupt political class that has nurtured systemic corruption since the country gained independence in 1960. Nigeria economic output and development outlook continue to look grim, contradicting its enormous natural and human resources and consistently defying its citizens expectations and that of outside observers. This paper examines the Indigenization Decree, an ambitious postwar economic development agenda which failed ultimately due to mismanagement, and structural defects that have their roots from the colonial era. The research examines materials ranging from the works of economic historians to accounts of individuals who were at the helm of political affairs in the country and largely responsible for or aware of the failure of the Indigenization Decree which turned out to be a false economic start for the country.




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