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A LITERATURE REVIEW OF PAST AND PRESENT PERFORMANCE OF NIGERIAN MANUFACTURING SECTOR
Abstract:
This paper attempts to examine the past and present performance of the Nigerian manufacturing sector. The major problems and limitations that impede the growth of the sector are analysed. In the 1960s and 1970s after the country’s independence, the Nigerian manufacturing sector had been developing positively as a result of direct foreign investment. Foreign companies had introduced new manufacturing technology that saved time and cost, and improved the quality of the products manufactured. Despite this initial flourishing growth phase though, the sector was not able to successfully meet local demand and cost the country much to pay for manufactured goods. From the end of 1980s to date, many problems were found that were responsible for low growth and development in the manufacturing sector. Some of these problems were dependency on oil for income, weak infrastructure, shortage of skilled labour, lack of adequate financial resources, lack of proper management and planning, and so on. The paper concludes that it is essential to work towards resolving all these problems in order to rejuvenate Nigerian manufacturing establishments so that the manufacturing sector can play an important role in the country’s economic development.
Keywords: Nigeria, manufacturing sector, oil-based economy, developing countries.