Yakubu Gowon - Indigenization Decree

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.