NIGERIA AND THE CHALLENGE OF INDUSTRIAL DEVELOPMENT: THE NEW CLUSTER STRATEGY

Abstract

development through rapid industrialization has remained a major challenge. It is also not surprising that this has been the principal focus of the various administrations in the country. Thus, different economic development policies (with each having a bearing on the industrial sector) were adopted ranging from Import Substitution Strategy (ISS) through indigenization to the Structural Adjustment Program (SAP). It also seemed as if none of these policies provided sufficient answers to the challenges of the country's industries to the point that many have concluded that the more new policies were introduced, the farther the country moved away from being industrialized. Furthermore, the discovery of crude oil, which immediately became the primary export commodity and foreign exchange earner, was to worsen the situation leading to the almost total neglect of industries. Unfortunately, the volatility associated with international oil prices frequently led the country's resource expectations into avoidable difficulties resulting in the resurgence of calls for the diversification of Nigeria's economy in general and revenue base in particular. As in the past, the government early in 2007 responded by introducing a new industrial development policy, which was based on the Cluster Concept. But, given past experiences, many are not yet convinced that this is the long term solution to Nigeria's industrial development challenges. This paper therefore seeks to discuss Nigeria's new industrial development strategy, the Cluster concept, against the backdrop of previous policies. It starts by showing the relevance of industry to economic development before undertaking a comprehensive review of the country's past industrial policies. This is followed by a discussion of

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