What is Indigenisation in Nigeria?
Put simply, the indigenization policy is defined as ‘the roping off of certain types of business activities and reserving these for exclusive ownership and control by Nigerians…” The objective of the policy was therefore to set the stage for greater participation by Nigerian nationals in the ownership, management.
What is the objective of indigenization in Nigeria?
In June 1971, the Nigerian government outlined the primary objectives of the indigenization policy as follows: To create opportunities for Nigerian indigenous businessmen; to maximize local retention of profits; and to raise the level of intermediate capital and goods production.
When did indigenization begin in Nigeria?
An indigenisation policy championed by bureaucrats and Nigerian businessmen was pursued within the Federal Government’s National Development Plan for 1970–74. In February 1972, the Nigerian Enterprises Promotion Decree was promulgated to be effective in April 1974.
What is difference between nationalization and indigenization?
Nationalization transfers ownership to the government notwithstanding whether the business was owned by local people or foreigners while indigenization transfers ownership of the foreign business to private citizens of the country.
What is meant by indigenization?
Definition English: Indigenization is a term that is used in a variety of ways depending on the context. It is the fact of making something more native; transformation of some service, idea, etc. to suit a local culture, especially through the use of more indigenous people in administration, employment, etc.
What is an example of indigenization?
For example, Christianization was a form of indigenization by converting areas and groups to follow Christianity.
What is indigenization and why is it important?
Indigenization is the process by which Indigenous ways of knowing, being, doing and relating are incorporated into educational, organizational, cultural and social structures.
What are the reasons for indigenization?
Reasons for indigenization The major reason for indigenization is to reduce the domination foreigners or foreign participation in business and encouraging Nigerians to own, manage and control strategic sector of the Economy.
What indigenization mean?
Indigenization is the act of making something more native; transformation of some service, idea, etc. to suit a local culture, especially through the use of more indigenous people in public administration, employment, etc.
What does the term indigenization mean?
or indigenisation (ɪnˌdɪdʒənaɪˈzeɪʃən ) noun. anthropology. the process or action of indigenizing. Collins English Dictionary.
What is the importance of indigenization?
Indigenization also contributes to a more just world, creating a shared understanding that opens the way toward reconciliation between Indigenous and non-Indigenous people. It also counters the impacts of colonization by upending a system of thinking that has typically discounted Indigenous knowledge and history.
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