IMPORT SUBSTITUTION POLICY AND INDUSTRIAL DEVELOPMENT IN NIGERIA 2015-2019

The essential role of import substitution industrial (ISI) in the growth or development process of developing nation is to day widely recognized. This thesis focuses on the effect of import substitution policy on Nigeria industrial development. This study utilized the survey method to find out whether import substitution policy motivates/promote Nigerian industries for higher productivity. The main objective of the research is to provide relevant information that will assist stakeholders in the area of policy making and implementation to achieve greater success in the area of industrial development. Thus, this study adopted dependency theory as it theoretical framework. The data of the study were collected from both primary and secondary sources. The findings revealed that corruption, low capitalization, executive interference, inefficient management and poor planning are the factors that militate against import substitution policy in Nigeria. The research therefore, recommended that Industrial policy should be properly conceived and carefully implemented, Human capital development should be given priority in the country, with education especially sciences and technical education properly funded for skill development, the acquisition of technology should be a national issue and not a one side affair, there should be massive public investment in the provision of electricity, roads, rail system and other infrastructure, national security should be strengthened and tightened, there is therefore need to encourage entrepreneurs by providing adequate incentives for investments, The Nigerian government should at all-time examine its industrial policies with a view to removing and replacing major flows by way of making adequate practical suggestions from time to time.