SOCIAL EFFECTS OF INDUSTRIAL POLICY IN NIGERIA: A SOCIO-ECONOMIC ANALYSIS
Abstract
To bolster the Nigerian economy's industrialization efforts, successive governments have devised and enacted various industrial policies for sustainable economic development. Therefore, using structural functionalist approach and secondary sources of data, the paper examined the social effects of industrial policies in Nigeria, with a focus on their socio-economic implications. The paper revealed that recent industrial policies in Nigeria includes fuel subsidy removal, national blockchain initiatives, exchange rate unification, Structural Adjustment Programme, economic recovery plans, and COVID-19 stimulus packages among others. The paper also revealed that industrial policies however yield both positive and negative effects on citizens' livelihoods, as well-executed industrial policies have the potential to generate employment opportunities, increase productivity, and foster overall economic development. The paper identified obstacles to policy implementation in Nigeria to include corruption, political inertia, political instability, privatization challenges, technological limitations, and inadequate infrastructure among others. The paper therefore recommended among others that combating corruption is very important for effective policy formulation and implementation in Nigeria. It also advocates for policies that promote trade and economic integration on the international stage, emphasizing the necessity of collaboration with developed nations to maximize the societal benefits of industrial policy formulation.
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