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
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The policy amendment allows 40% foreign ownership and equity in Nigeria with Nigerians owing 60% stake of any foreign investment in the country. It seems like the policy amendment had not help woo investors back to Nigeria as the IFDI inflows was still at the low side as observed in UNCTAD statistics records. Again, in 1981 under the civilian government amendment was made to the indigenization policies allow foreign investors ownership of 60% equity in Nigeria businesses in some sectors. It seems at that point in time the Nigeria Government realise the importance of foreign direct investment especially for developing country such as Nigeria. As IFDI enhances job creation, technological transfer, managerial skills and capital investment that contribute to the economic growth and development of a nations (Wafure & Nurudeen, 2010). As Nigerian government tried to attract FDI inflows launch various economic reforms programs, deregulations and new industrial policies followed. These deregulations policies include the new industrial policy of 1989, Nigeria Investment Promotion Commission (NIPC) 1995 and Bilateral Investment Treaties (BITs) in the 1990s. NIPC was set up in 1995 by the Government to promote, co-ordinate, monitor and create a favourable environment for all IFDI to Nigeria. It was also to encourage, assistant and make the process of establishing business in Nigeria easier to create and enhance an investment climate in Nigeria and well as Promote investments in and outside Nigeria through effective promotional means. This has helped to some extent as the FDI inflows picked up especially from 2000 see table 2 in section
The policy amendment allows 40% foreign ownership and equity in Nigeria with Nigerians owing 60% stake of any foreign investment in the country. It seems like the policy amendment had not help woo investors back to Nigeria as the IFDI inflows was still at the low side as observed in UNCTAD statistics records. Again, in 1981 under the civilian government amendment was made to the indigenization policies allow foreign investors ownership of 60% equity in Nigeria businesses in some sectors. It seems at that point in time the Nigeria Government realise the importance of foreign direct investment especially for developing country such as Nigeria. As IFDI enhances job creation, technological transfer, managerial skills and capital investment that contribute to the economic growth and development of a nations (Wafure & Nurudeen, 2010). As Nigerian government tried to attract FDI inflows launch various economic reforms programs, deregulations and new industrial policies followed. These deregulations policies include the new industrial policy of 1989, Nigeria Investment Promotion Commission (NIPC) 1995 and Bilateral Investment Treaties (BITs) in the 1990s. NIPC was set up in 1995 by the Government to promote, co-ordinate, monitor and create a favourable environment for all IFDI to Nigeria. It was also to encourage, assistant and make the process of establishing business in Nigeria easier to create and enhance an investment climate in Nigeria and well as Promote investments in and outside Nigeria through effective promotional means. This has helped to some extent as the FDI inflows picked up especially from 2000 see table 2 in section