Indigenization Decree
Another decision made by Gowon at the height of the oil boom was to have what some considered negative repercussions for the Nigerian economy in later years, although its immediate effects were scarcely noticeable – his indigenization decree of 1972, which declared many sectors of the Nigerian economy off-limits to all foreign investment, while ruling out more than minority participation by foreigners in several other areas. This decree provided windfall gains to several well-connected Nigerians, but proved highly detrimental to non-oil investment in the Nigerian economy.
Read more about this topic: Yakubu Gowon
Famous quotes containing the word decree:
“In the whole vast dome of living nature there reigns an open violence, a kind of prescriptive fury which arms all the creatures to their common doom: as soon as you leave the inanimate kingdom you find the decree of violent death inscribed on the very frontiers of life.”
—Joseph De Maistre (1753–1821)