THE GROWTH OF INDIGENOUS FIRMS IN NIGERIA PROBLEMS AND PROSPECTS. (A CASE STUDY OF AJAOKUTA STEEL COMPANY LIMITED) IN KOGI STATE
ABSTRACT
This research embarked upon to gain in sight into growth of indigenous firms in Nigerian. This is specifically an attempt to investigate the impact of indigenous firms around other the objectives are not only to acquaint equitable growth for indigenous firms but also to check the problems and prospects and to equally high right its relevance around indigenous firms. Review of related literature and theoretical framework also is arranged in a logical sequence for the propose of this study, data was gathered from Primary and Secondary sources, his data was analyzed using simple percentage and chi square the researcher also found out that the growth of indigenous firms also affects the scope – economic. It is clear to note that indigenous firms have created impact on the country economic through export promotion financial institution and industrialization development strategies. Finally, the summary of findings conclusions and recommendations were not left our are expected to service as basis for future researchers.
CHAPTER ONE
INTRODUCTION
1.1Â Â Â GENERAL BACK GROUND TO THE SUBJECT MATTER
One of the major economic backwardness of the most third world countries like Nigerian is the over prolonged sojourn of private foreign investment in them the predatory, exploitative orientation and activities of foreign monopoly capital, it inherent tendency to resist and hamper local industrialization and to perpetuate mercantile capitalism and its determination and deliberate efforts to retard the growth of indigenous entire partnership all this have heavily influenced Nigeria economic history for well over a country.
This foreign dominance of commercial activities in Nigeria was made possible by restrictive practices employed by the established merchant firms. It is important to note that commercial banking is a major source of credit (capital) was solely owned and controlled by foreign elements their policies were made to wards satisfying the needs of foreign enterprise, indigenous enterprisers merely subjected on the crumbs that fell on the table (Ezeigwe J.O) Nigerian government in the 1950s operated mainly an open door policy which attempted to lure foreign investors into the country.
After the civil war, experiences showed that the issue of indigenous participation in the Nigerian economy once can be re-opened the dubious roles played by foreign investor at various stages of the civil war and the acute shortage of essential commodities at the same period and the spiraling inflationary trend that followed post war reconstruction and rehabilitation programmers had contributed to inform the government that there was the necessity to allow the indigenes of Nigerian and government a hand in deciding their economic tune. The government was further persuaded by radical agitation of the politicians and the masses to do something about their economic difficulties.
