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INDUSTRIAL POLICIES AND INDUSTRIAL SECTOR PERFORMANCE IN NIGERIA
ABSTRACT
This paper looked at the various industrial policies that have been put in place in Nigeria in her quest for industrialization. The various policies ranges from export promotion, import substitution, and foreign direct investment industrialization policies. These policies have been diverse given the development plans that were put in place. For instance, the study looked at the various strategies that were put in place from the first development plan to the fourth development plan; along with the current Bank of Industry. The performance of the industrial sector has been reviewed right from 1981 to 2020, and we observed that there have been massive fluctuations in the performance of the industrial sector in the 2000s as compared to the 1980s and 1990s. For instance, industrial value added as a percentage of GDP stood at 39.245% and 37.71% for 1981 and 1992 respectively as compared to 27.383% and 28.221% for 2019 and 2020 respectively. The paper concludes that more synergies in industrial policies is required to drive up industrial performance in Nigeria.
Keywords: Industrialization; import substitution; export promotion; industrial policies; development plans; economic development.