Industry
Industrialisation, which had grown slowly after World War II through the civil war, boomed in the 1970s, despite many infrastructure constraints. Growth was particularly pronounced in the production and assembly of consumer goods, including vehicle assembly, and the manufacture of soap and detergents, soft drinks, pharmaceuticals, beer, paint, and building materials. The government invested strongly in infrastructure from 1975 to 1980, and the number of "parastatals" — jointly government- and privately owned companies — proliferated. The Nigerian Enterprises Promotion decrees of 1972 and 1977 further encouraged the growth of an indigenous middle class.
Heavy investment was planned in steel production. With Soviet assistance, a steel mill was developed at Ajaokuta in Kogi State, not far from Abuja. Agriculture and associated projects generally declined, although the government undertook large-scale irrigation projects in the states of Borno, Kano, Sokoto, and Bauchi with World Bank support.
The oil boom revenues led to a rise in per capita income, especially for the urban middle class. Inflation, particularly in the price of food, promoted both industrialisation and the expansion of agricultural production. With the government encouraging food crops, the traditional export earners — peanuts, cotton, cocoa, and palm products — declined in significance and then ceased to be important at all. Nigeria's exports became dominated by oil.
Read more about this topic: Olusegun Obasanjo
Famous quotes containing the word industry:
“You must, to get through life well, practice industry with economy, never create a debt for anything that is not absolutely necessary, and if you make a promise to pay money at a day certain, be sure to comply with it. If you do not, you lay yourself liable to have your feelings injured and your reputation destroyed with the just imputation of violating your word.”
—Andrew Jackson (1767–1845)
“I have never yet spoken from a public platform about women in industry that someone has not said, “But things are far better than they used to be.” I confess to impatience with persons who are satisfied with a dangerously slow tempo of progress for half of society in an age which requires a much faster tempo than in the days that “used to be.” Let us use what might be instead of what has been as our yardstick!”
—Mary Barnett Gilson (1877–?)
“Do not put off your work until tomorrow and the day after. For the sluggish worker does not fill his barn, nor the one who puts off his work; industry aids work, but the man who puts off work always wrestles with disaster.”
—Hesiod (c. 8th century B.C.)