The impact of structural adjustment programme on Nigeria's manufacturing sector :: a preliminary assessment
Keywords:
Structural adjustment, political system, austerity policy, manufacturing, economic recession, privatization, economic conditions,, NigeriaSynopsis
The Nigerian eêonomy has been ~lfed in crises since the early 1980s. Various policy measures have been enunciated to contain the arises; ranging f.:rom Shagari I s austeri ty mea_sures; through t6 Buhari I s stringent stabilisation measures and now Babangida's structural A.àjustment Programme, despite these~ however9 the crises seem to intensify •. This study examines ·the background to Nigeria' s structural Adjustme_nt Prog:r-amme focussing specifioally on the nature and ori~ine
f.lf the crises ·in· the manufacturing sector. The theoretical efficacy ~f f.AP policy instruments/measures in the specific context a~d background of the develtt,pment of Nigeria' s ma' .nufacturing sector i s examined with a view to highlighting tht, opportt1.ni ties and contradictions these measures p:nevide~ Macmêconomic evidence on the empirical impact of
SAP on tho matib.facturing sector is suryeyed, the major findings of which reveal yariatiôhs in the impact of the SAP, with big companies (especially the subsidiaries. of T~ansnational Corpo11ations generally _strengt~_ening and widening their dc:,minapce and control of the sect9r, while m:,st of the indigeneous smal~ and medium scale enterprises are now having serious problems of adjustments. Ss,=ri.e of them have beèn forced to close,:..down while '()thers êontinue to face t:hrea"ts of qlosure~, bankruptcies and reduced scales of operations.The geriera..l levels of mamitacturing investment, employment >
production and capaci ty utilizaiion remain very. low&. While prices and_. 'P!'.?fi ts remain v_ery hi~h.; â.omestic sourcing of raw material~9 dev~lo:prnent of indigeneous têdimology and strategic i:ndustr:1.es sudh as th~ eng:i..tieering and eÎectrica1 and elect~hics9 and iron and steel .ind:ii::;rtriés reêè.i Ve .. li ttle atténtie_n unde:t the market regul::itefl env'rionment
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July 5, 2023
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