Industrial development and growth in Nigeria Lessons and.pdf

Working Paper No. 8 Industrial development and growth in Nigeria: Lessons and challenges L. N. Chete, J. O. Adeoti, F. M. Adeyinka, and 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. The industrialization strategy aims at achieving greater global competitiveness in the production of processed and manufactured goods by linking industrial activity with primary sector activity, domestic and foreign trade, and service activity. Keywords: industrialization, mixed economy, cooperative, garment sector, Cambodia JEL classification: L2, L52 1 *Nigerian Institute of Social and Economic Research (NISER), Ibadan, corresponding author email: Lnchete@ The Brookings Institution is a private non-profit organization. Its mission is to conduct high-quality, independent research and, based on that research, to provide innovative, practical recommendations for policymakers and the public. Brookings recognizes that the value it provides is in its absolute commitment to quality, independence and impact. Activities supported by its donors reflect this commitment and the analysis and recommendations are not determined or influenced by any donation. Learning to Compete (L2C) is a collaborative research program of the Africa Growth Initia