Article from ROAPE Volume 6 Number 14
Indigenisation & Foreign Capital: Industrialisation in Nigeria
A survey of Kano-based industries affected by the indigenisation programme of independent capitalist development reveals a very high concentration of indigenous equity ownership. The history of indigenisation policies stretch back to the 1946 colonial period and provide the pattern of the unlikely outcome of the emerging patterns of collaboration between the new industrial elite and foreign owners of capital: transfer of ownership of foreign assets; who benefited; their socio-economic/political background; will the programme promote an indigenous industrial rather than wealthy commercial elite. These foreign owners compensate for their loss of direct economic control through increased technological control, encouraging a pattern of production unlikely to expand the absorption of labour.