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THE GROWTH OF INDIGENOUS FIRMS IN NIGERIA PROBLEMS AND PROSPECTS. (A CASE STUDY OF AJAOKUTA STEEL COMPANY LIMITED) IN KOGI STATE
CHAPTER ONE
INTRODUCTION
1.1 GENERAL BACK GROUND TO THE SUBJECT MATTER
One of the major economic backwardness of the most third world countries like Nigerian is the over prolonged sojourn of private foreign investment in them the predatory, exploitative orientation and activities of foreign monopoly capital, it inherent tendency to resist and hamper local industrialization and to perpetuate mercantile capitalism and its determination and deliberate efforts to retard the growth of indigenous entire partnership all this have heavily influenced Nigeria economic history for well over a country.
This foreign dominance of commercial activities in Nigeria was made possible by restrictive practices employed by the established merchant firms. It is important to note that commercial banking is a major source of credit (capital) was solely owned and controlled by foreign elements their policies were made to wards satisfying the needs of foreign enterprise, indigenous enterprisers merely subjected on the crumbs that fell on the table (Ezeigwe J.O) Nigerian government in the 1950s operated mainly an open door policy which attempted to lure foreign investors into the country.
After the civil war, experiences showed that the issue of indigenous participation in the Nigerian economy once can be re-opened the dubious roles played by foreign investor at various stages of the civil war and the acute shortage of essential commodities at the same period and the spiraling inflationary trend that followed post war reconstruction and reliabitation programmers had contributed to inform the government that there was the necessity to allow the indigenes of Nigerian and government a hand in deciding their economic tune. The government was further persuaded by radical agitation of the politicians and the masses to do something about their economic difficulties.
With these presumes and economic difficulties mounting higher and higher, the government decided to whittle down foreign dominance of the economy. On 23rd February 1972, the Military Government Promulgated the Nigerian Enterprise Promotion Decree N0 4 of 1977 popularly known as the indidenisation decree the following were the objectives.
(a) To create opportunity for our people
(b) To raise the proportion of indigenous firms and ownership of the productive sectors of the economy.
(c) To maximize local retention of profit.
(d) To involve more Nigerians in the man dent of and decision making process of business enterprise all an effort to enhance indigenous growth of Nigerian Firms.
1.2 PROBLEM ASSOCIATED WITH THE SUBJECT MATTER
A number of problems have been identified as being responsible for the backwardness and retardation in the general growth of Nigerian indigenous firms the persistent set back in the growth of the indigenous firms have been assumed to center on the followings inequality of capital, poor technological man power deficiency, mass illiteracy, management incapability and marketing in competency (National) and internationally) etc. there are many move that form the core problems of the growth of our indigenous firms.
It is the intention of the researcher therefore to take a critical examination of the internal and external factors affecting the growth of our indigenous firms.
There is a general contention that the rate of growth of our indigenous firms, especially since the pushing aside of the aliens, has been show. This statement in the growth of indigenous firms in Nigerian. Problems and prospects will be misestimated and possible recommendation given as to the solutions.
1.3 PROBLEM (S) THAT THE STUDY WILL BE CONCERNED WITH
The prime objective of this research is let the prospective indigerious entrappers embrace and the acquainted with the problems and prospects of the growth of indigenous firms with a view to solving those problems that hamper the economic growth of their firms. This will be done by the use of data collected to find out.
(a) Whether private participation in economic actionist especially the indigenouation decree has been on the increase.
(b) Whether the economy of Nigeria was bitter managed in the hands of the foreigners than now that it is managed by Nigerians.
(c) Whether the existing firms were vial
(d) To whether the future of Nigerian lies in export or self-reliance.
1.4 THE IMPORTANCE OF STUDING THE AREA
The researcher will pin point the capital requirements of the
Growth initiating factor which at times have been typically beloved to be very small. Therefore the significance of this study is as follows
(1) To identify the problems that is being faced by indigenous firms in Nigerian.
(2) To render possible solutions to the problems for use by the indigenous firms many in Nigerian.
(3) To examine the affairs of some public
Establishments and the activities of their officers
In terms of investments, capital formation and
Cost control.
1.5 DEFINITION OF IMPORTANT TERMS
Monopoly – Means the sole right to trade on a particular goods
Or services.
Capital – This means wealth or property that can be pleased to produce more wealth.
Investors – Means group of persons or organizations that
Investing a business venture.
Economics – The production principles and distribution of
Goods and services and the development of
Wealth.
Inflationary – This means the persistent and continuous rise in
Prices and wages caused by an increase in money
Supply and demand for goods and resulting in a
Fall in the value of money.
Firms – Means business company or an organization.
Merchant – Person involve in trade or commerce.
Sectors – That parts or branch of a particular area of activity
Especially of a country’s economy.
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