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Industrial Development and Growth in Nigeria: Lessons and Challenges

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  • Louis N. Chete
  • John Olatunji Adeoti
  • Foluso M. Adeyinka
  • Olorunfemi O. Ogundele

Abstract

The structure of the Nigerian economy is typical of an underdeveloped country. The primary sector, in particular, the oil and gas sector, dominates the gross domestic product accounting for over 95 per cent of export earnings and about 85 per cent of government revenue between 2011 and 2012. The industrial sector accounts for 6 per cent of economic activity while the manufacturing sector contributed only 4 per cent to GDP in 2011. The economic transformation agenda, otherwise known as Nigeria Vision 20: 2020, sets the direction for the current industrial policy in Nigeria.

Suggested Citation

  • Louis N. Chete & John Olatunji Adeoti & Foluso M. Adeyinka & Olorunfemi O. Ogundele, 2014. "Industrial Development and Growth in Nigeria: Lessons and Challenges," WIDER Working Paper Series wp-2014-019, World Institute for Development Economic Research (UNU-WIDER).
    • Handle: RePEc:unu:wpaper:wp-2014-019
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    References listed on IDEAS

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    1. Hossein Jalilian & Michael Tribe & John Weiss (ed.), 2000. "Industrial Development and Policy in Africa," Books, Edward Elgar Publishing, number 1812.
    2. World Bank, 2012. "World Development Indicators 2012," World Bank Publications - Books, The World Bank Group, number 6014, December.
    3. Bevan, David & Collier, Paul & Gunning, Jan Willem, 1999. "The Political Economy of Poverty, Equity, and Growth: Nigeria and Indonesia," OUP Catalogue, Oxford University Press, number 9780195209860.
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    Cited by:

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    2. Oludele Emmanuel Folarin, 2019. "Financial reforms and industrialisation: evidence from Nigeria," Journal of Social and Economic Development, Springer;Institute for Social and Economic Change, vol. 21(1), pages 166-189, June.
    3. Onisanwa Idowu Daniel & Adaji Mercy Ojochegbe, 2020. "Stock market development and investment growth in Nigeria," Journal of Economics and Management, Sciendo, vol. 42(4), pages 99-117, December.
    4. Blessing C. Arize, 2023. "The Challenges of Industrialization in Nigeria and The Way Forward," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(5), pages 691-704, May.
    5. Olabimtan Adebowale & Dr Ralitza Dimova, 2016. "Does access to formal finance matter for welfare and inequality? Micro level evidence from Nigeria," Global Development Institute Working Paper Series 072016, GDI, The University of Manchester.
    6. Michael Addaney & Jonas Ayaribilla Akudugu & Edwin Supreme Asare, 2016. "Prospects and Challenges of Rural Small Scale Industries in the Sunyani Municipality of Ghana," Asian Development Policy Review, Asian Economic and Social Society, vol. 4(4), pages 111-126, December.
    7. Ayobami Abayomi Popoola & Hangwelani Hope Magidimisha, 2019. "Rural Energy Conditions in Oyo State: Present and Future Perspectives on the Untapped Resources," International Journal of Energy Economics and Policy, Econjournals, vol. 9(5), pages 419-432.
    8. Sarah Edore Edewor & Genesis B. Kollie & Ibukun James Olaoye, 2023. "Conditions Driving Youth Employment in Key Sectors of the Nigerian Economy," Sustainability, MDPI, vol. 15(7), pages 1-23, March.
    9. PEREIRA, Orlando Petiz, 2015. "Vet: A Strategic Approach For Economic, Organisational And Personal Development In Eu Countries," Revista Galega de Economía, University of Santiago de Compostela. Faculty of Economics and Business., vol. 24(2), pages 111-124.
    10. Amadin Victor Idehen & Osarumwense Vincent Iguisi, 2020. "Effect of foreign private investment on the development of small and medium enterprises in Nigeria," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 9(7), pages 257-266, December.
    11. Jonathan E. Ogbuabor & Anthony Orji & Charles N. Anumudu & Josaphat U. Onwumere & Charles O. Manasseh, 2018. "Quest for Industrialization in Nigeria: The Role of the Development Bank of Nigeria," International Journal of Economics and Financial Issues, Econjournals, vol. 8(3), pages 23-28.
    12. Chen, Yunnan & Sun, Irene Yuan & Ukaejiofo, Rex Uzonna & Xiaoyang, Tang & Bräutigam, Deborah, 2016. "Learning from China?: Manufacturing, investment, and technology transfer in Nigeria:," IFPRI discussion papers 1565, International Food Policy Research Institute (IFPRI).
    13. Edomah, Norbert & Foulds, Chris & Jones, Aled, 2017. "Policy making and energy infrastructure change: A Nigerian case study of energy governance in the electricity sector," Energy Policy, Elsevier, vol. 102(C), pages 476-485.
    14. Tobechi F. Agbanike & Augustine C. Osigwe & Denis N. Yuni & Thank-God C. Onoja & Sunday A. Okwor, 2019. "Cluster Development in a Transforming Economy: The Case of Motorcycle Spare Parts Firms in Nnewi, Anambra State of Nigeria," Economy, Asian Online Journal Publishing Group, vol. 6(1), pages 13-24.
    15. Onyinye Ifeoma Ochuba & Sigah Donny Marclary Ayibazuomuno, 2023. "Demorgraphic Transition Variables and Economic Outcomes in Nigeria," International Journal of Research and Scientific Innovation, International Journal of Research and Scientific Innovation (IJRSI), vol. 10(2), pages 10-18, February.
    16. Adeyemi A. Ogundipe & Favour O. Olarewaju, 2020. "Manufacturing Output and Labour Productivity: Evidence from ECOWAS," Academic Journal of Interdisciplinary Studies, Richtmann Publishing Ltd, vol. 9, September.
    17. Olusanya, Oluwakorede, 2020. "Asymmetric Effect of Foreign Direct Investment on Manufacturing Sector Performance in Nigeria," MPRA Paper 113029, University Library of Munich, Germany.
    18. Kanang Amos Akims & Perez Ayieko Onono & Dianah Mukwate Ngui, . "Trade Liberalization and Productivity in the Nigerian Manufacturing Sector," Journal of Economic and Sustainable Growth 3, Office Of The Chief Economist, Development Bank of Nigeria.

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