Indigenisation and foreign capital: industrialisation in Nigeria

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Abstract
A survey of Kano‐based industries affected by the indigenisation programme reveals a very high concentration of indigenous equity ownership, and partly because of this, sheds doubts on the success of the programme to achieve its stated objective: independent capitalist development. Such an objective is furthermore thought to be an unlikely outcome because of the emerging patterns of collaboration between the new industrial (though still largely mercantile oriented) elite and the foreign owners of capital who compensate for their loss of direct economic control through increased technological control. Such increased technological control encourages also a pattern of production unlikely to expand the labour absorption rate of industry.

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