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:
“My plan of instruction is extremely simple and limited. They learn, on week-days, such coarse works as may fit them for servants. I allow of no writing for the poor. My object is not to make fanatics, but to train up the lower classes in habits of industry and piety.”
—Hannah More (1745–1833)
“The Founding Fathers in their wisdom decided that children were an unnatural strain on parents. So they provided jails called schools, equipped with tortures called an education. School is where you go between when your parents can’t take you and industry can’t take you.”
—John Updike (b. 1932)
“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–?)