Nigerian Industrial Revolution Plan (2014): Performance Review and Strategy for Strengthening Institutional and Regulatory Framework

Abstract

Industrialization plays a key role in the development and growth of national economies. The process and economic strategy support the achievement of 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. This is particularly true of Nigeria, where the economic structure is typically underdeveloped. The primary sector, the oil and gas sector, dominates the gross domestic product, accounting for over 95 percent of export earnings and about 85 percent of government revenue between 2011 and 2012. The industrial sector accounts for 6 percent of economic activity, while the manufacturing sector contributed only 4 percent to GDP in 2011. This explains the attempts by several administrations to evolve policies that will promote the industrialization of the country. This paper seeks to examine the performance of the Nigerian Industrial Revolution Plan (2014), with the view to recommending strategies for strengthening the institutional and regulatory framework. The data are obtained mainly from secondary sources and discussed through a content review of the literature. The study concludes and recommends the need to strengthen relevant institutions like the Central Bank of Nigeria, to promote and enhance effective industrial growth in Nigeria.