Essay on Nigerian Enterprises Promotion Decree Of 1972

1178 Words Jun 2nd, 2016 null Page
As Nigeria became an independent nation in 1960, there was eagerness among Nigerians to manage the affairs of Nigeria by Nigerians and there was also a strong feeling that the economic independence is needed along the political independence. As Biersteker (1980) would write that there was “pressures and strong feelings of resentment” among Nigerians and as they were longing for the “Nigerianization” of the economy and this policy was later termed “indigenisation policy”. There were also aspirations and yearnings among Nigerians to be appointed at the administrative level of those responsible for the development and implementation of the economic and state policies in both the public and the private sector and this did not happen until after the independence. Gradually the highest echelon of the administrative part of Nigeria public services was taken over by Nigerians and they began a process of “indigenisation” of the Nigeria economy. Pursuing the “indigenization” vision and policies led to aggressive protection of the Nigeria economy from foreigners.
Under the military rule in 1971 the “Nigerian Enterprises Promotion Decree of 1972” (Indigenization policy) was promulgated. It became mandatory for all foreign enterprises operating in Nigeria to be owned through joint partnership with the Nigeria Government or local Nigeria entrepreneurs. The government policy objectives were (a) to create opportunities for Nigerian indigenous business men, (b) to raise the level of the…

Related Documents