Domestic Macroeconomic Drivers of Industrialization in Nigeria: Status and Prospects from the Manufacturing Sub-Sector (Published)
While most advanced economies are in the process of industrializing their economies, plots by successive governments to transform the economy Nigerian, from a commodity-driven to an industrialized one, has not yielded much fruits despite several industrial policies and reforms. Based on the United Nations/World Bank success yardsticks with theoretical framework rooted on the Prebisch-Singer Hypothesis and the endogenous growth model, this study utilized K-class estimation procedure on Nigeria’s time series between 1990 and 2016. The result obtained indicates that infrastructural development, institutional framework, bank credit,foreign direct investment, electricity, stable exchange rate, low inflation and economic diversification are key drivers of industrialization. The findings also confirm that except the Nigerian economy achieves improved infrastructure delivery and institutional framework as well as stable domestic and currency prices, the efforts towards economic diversification agenda may be counterproductive. It is therefore expedient that Nigeria focuses on building strong macroeconomic fundamental that would accentuate its take-off to industrialization.
An Institutionalist Political Economy of Privatization in Nigeria: A Case Study of Delta Steel Company, Aladja, Delta State, Nigeria (Published)
Nigeria’s neo-liberal reform and privatization programme of State Owned Enterprises promoted toward industrialization failed because they were prematurely privatized under a dysfunctional state and controlled by extractive political institution whose agenda is to secure rent. Public firm is a product that must evolve through the Product life cycle stages and can only be privatized at maturity stage where the firm has outgrown threats from market externalities. The objective of this study is to establish the high failure pattern associated within the product life cycle timeframe template that cut across privatized firms in Nigeria, using DSC as a case study. The study adopted Focus Group Study as methodology and Institutionalist Political Economy (IPE) serves as theoretical framework to justify state- market relationship captured in developmental crisis. Successful privatization requires building strong political and bureaucratic (regulatory) institutions that are democratic, inclusive, observe corporate governance (rule of law), accountable and responsible