Indigenization of Nigeria's Economy and Sustainable Self-Reliance

Unwana-Abasi S. Udoh

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Abstract

The problem of Indigenization and lack of sustainable self-reliance have been the bane of Nigeria’s economic development since her independence in 1960. Despite her giant disposition in Africa and her population size, Nigeria has not been able to assume the status of a developed nation due to lack of a deliberate action in the area of indigenization and sustainable self-reliance. The objective of this article was to explore ways through which Nigeria can take indigenization of all industries, companies and allied ventures operating within her shores seriously. This is the way for Nigeria to resume the status of self-reliance/self-sustaining and move towards becoming a developed nation. The study adopted the Historical/ Descriptive Approach. The method of data analysis was qualitative analysis, since the research was basically descriptive. It was found, among others, that apart from the taxes paid to Nigerian government by the multi-national corporations, the host communities are adversely affected by gas flaring, oil spillage, air pollution, environmental degradation, and so on. It was recommended that government should re-strategize her approach towards emphasizing indigenization of Nigeria’s economy through re-ordering schools' curriculums whereby school pupils from Nursery to Higher Institutions imbibe the culture and traditions of self-reliance that will trigger the spirit of indigenization and sustainability of Nigeria’s economy.

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