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Industrial policy: A driven force for economic growth and sustainable development in Nigeria

M.O. Abiola, T.O. Kolawole, A.A. Adebayo

Abstract


Development as a concept is a gradual process and its processes differ from one country another. Developed countries have different strategies and techniques of maintaining development unlike countries in the south that are yet to develop less more sustain development. This theoretical  paper focused on industrial policy as a driven force to economic growth and sustainable development in South nations, it gives a cross sectional  definitions of industrial policy from different scholars. Industrial policy is a powerful tool that is capable of cushioning the effects of economic growth and development of any country provided the policy is well articulated and implemented. This paper expatiate two major levels at which industrial  policy fails. Also, the issue of industrial policy in an emerging economy in  developing nations especially Nigeria will be discussed looking at several  industrial policy reforms in different sectors for economic fortification Nigeria  especially SAP. Some other examples of industrial failure been responsible for poor economic growth and development in Nigeria were debated in different sectors. The paper concluded that economic status and rate of development in South nations especially Nigeria was primarily owned t o fact that the country has bad leaders who could not implement socio-economic and political policies germane to Nigeria’s development.

Keywords: Growth, Policy, Sustainable Development




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