The inclusive and sustainable industrial development policy: which way for Nigeria?

Abstract

The United Nations, as usual, demonstrated a commitment by the formulation of «Inclusive and Sustainable Industrial Development» (ISID) to alleviate poverty through job creation in response to the realisation of SDG–9. With a descriptive research design and the documentary analysis method, it is found through this research that in spite of the policy, Nigerian industrial development efforts are not impressive. It is realised that both developed nations and the Nigerian government lack sincerity in the implementation of the policy.
 The purpose of the article is to canvass for a demonstration of a strong commitment by the UN and the Nigerian government, strengthening of science and technological institutions of learning for result-oriented Research & Development; and enactment of a law that will criminalise importation of goods that can be produced locally.
 The scientific novelty. In this paper, the foundation for the study, the research problem, nature of Nigerian industrialisation, the commitment of Nigerian government and stimulation of the policy in the actualisation of industrialisation in Nigeria are discussed with the adoption and application of «Endogenous growth theory».
 Conclusions. Conclusively, it is paramount to clearly state that the introduction of ISID is targeted at encouraging full participation, empowerment, and control over resources allocation in response to the SDGs which brought about the development of global policy and productivity enhancement for social advancement. Notwithstanding, therefore, it is found through this research that though there are various industrial development policies, and medium-term economic plans at both local and international levels, the portrait of Nigerian industrialisation is not impressive.
 Thus, many countries in the world are diversifying their sources of income. Nigeria is therefore expected to re-invigorate its manufacturing sector like other developed economies of the world by engaging sustained improvements and proactive activities as the sine-qua-non for dismantling the vicious circle of poverty and the realisation of a self-reliant and dynamic economy. So, developed human resources through rigorous R&D are tantamount to industrial services that will be central to the efforts of Nigeria to develop her socio-economic status.