RESUSCITATING MORIBUND INDUSTRIES FOR EMPLOYMENT GENERATION AND INDUSTRIAL DEVELOPMENT IN NIGERIA

Abstract

The continuous closure of Nigeria’s moribund industries remains of great concern to the government, policy makers, stakeholders and the general public since their continuous closure denies the country of the potential benefits associated with having functioning industries. This paper therefore focuses on investigating the factors that led to the collapse of these industries and examines efforts made by successive government to revamp these ailing industries. The findings reveal that many industries were close down due to smuggling of goods into the country, poor power supply, over dependence on imported raw materials, poor quality of local raw materials and harsh business environment. The finding also reveals that manufacturing employment declines as the fortunes of these industries declines in Nigeria. Moreover, foreign exchange that would have been generated are lost. The paper concludes that reviving the ailing moribund industries would boost employment generation, transform the real sector of the Nigerian economy and help attain sustainable development. In achieving this, sector specific policies should be implemented,  the granting of tax holiday for ten years and subsidies where necessary to deserving industries that embark on backward integration policy, improving infrastructure development around industrial hubs, while making business environment more conducive for industries to operate.