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6 INDUSTRIAL POLICY IN NIGERIA: OPPORTUNITIES AND CHALLENGES IN A RESOURCE-RICH COUNTRY
Abstract
The structure of the Nigerian economy is typical of an underdeveloped country. Between 2011 and 2012, the primary sector, in particular the oil and gas sector, dominated GDP, accounting for over 95 per cent of export earnings and about 85 per cent of government revenue. The industrial sector accounts for 6 per cent of economic activity, while in 2011, the manufacturing sector contributed only 4 per cent to GDP. The economic transformation agenda, otherwise known as Nigeria Vision 20:2020, sets out the direction for current industrial policy in Nigeria. The industrialization strategy aims at achieving greater global competitiveness in the production of processed and manufactured goods by linking industrial activity with primary sector activity, domestic and foreign trade, and service activity.
Keywords: Nigeria, oil, gas, export earnings, industrial policy, foreign trade
Subject: Economic Development and Growth