The Nigerian Enterprises Promotion Decree or NEPC as amended in was meant to effect changes in the ownership structure of businesses in Nigeria and to provide opportunity for indigenous capital to have assertive control of the economy. The law also restricted economic activities of foreign firms to certain areas and obliged the firms to add Nigerians as partners. A total of 81 companies listed shares on the stock exchange worth a total value of million naira while majority offered the shares through private placement. The decree was repealed in with the promulgation of the Nigerian Investment Promotion Act.
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Nigerian Enterprises Promotion Decree
Nigerian Foreign Policy pp Cite as. During the s there has been a growth in the role of the state and an assertion of economic nationalism throughout Africa. As in the rest of the developing world, most national states have increasingly taken on regulative, welfare and planning functions, and the state has become a major if not the major economic actor in many countries . At the same time, policies of economic nationalism nationalisation and indigenisation have become widespread in Africa and most host-countries have levied increasingly stringent regulations on the operations of foreign firms . Unable to display preview. Download preview PDF. Skip to main content.
Indigenization and Economic Development: The Nigerian Experience
One major bank, Citibank, has already decided to pull out rather than accede to the Government demands. Other foreign banks have decided to remain, at least temporarily, by selling a required 60 percent of their equity shares to the central bank of Nigeria at the beginning of this month, the deadline set by the Government for the banks to act. The Federal Military Government, for its part, has gone to great lengths to assuage the fears of foreign investors. It is not nationalizing the businesses, it points out, but merely increasing the proportion of ownership by Nigerians in order to become master in its own house.
Nigeria's'Indigenization’ Policy Under Fire
Indigenisation in Nigeria: Renationalisation or Denationalisation?