THE ECONOMIC APPRAISAL OF IMPORT SUBSTITUTING INDUSTRIALISATION, WITH SPECIAL REFERENCE TO THE NIGERIAN TEXTILE INDUSTRY

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  • 1-5 Chapters

THE ECONOMIC APPRAISAL OF IMPORT SUBSTITUTING INDUSTRIALISATION, WITH SPECIAL REFERENCE TO THE NIGERIAN TEXTILE INDUSTRY

Abstract:

This study is concerned with the appraisal and the explanation of the pattern of resource allocation and growth associated with Nigerian import-substituting industrialisation in the context of the textile industry. It seeks to investigate the general hypothesis, that import substitution as a strategy of industrialisation has resulted in inefficient allocation and utilisation of resources. In this context, the study seeks to analyse and explain the economic costs of import substitution in the Nigerian textile industry, and to suggest alternative strategies for improving the economic performance of this industry in particular and of Nigerian industrialisation in general. The approach adopted is to apply the methods of social cost-benefit analysis to firm level data of the textile industry. The organisation of the study is as follows. Chapter 2 reviews the theoretical and empirical themes and issues concerning the economic performance of import substitution as a strategy of industrialisation. Within the neo-classical and the structuralist/Marxist paradigms, it attempts a theoretical interpretation of the performance of this strategy of industrialisation. The neo-classical theoretical interpretation provides the basis for the empirical appraisal of the textile industry, and Chapter 3 sets out the theoretical and methodological aspects of social cost-benefit analysis. Chapter A describes and analyses the strategies of Nigerian economic and industrial growth which provide the general economic background to the detailed study of the development and performance of the textile industry Chapter 5 discusses the growth and structural change of the textile industry, identifies the main factors influencing its development, and examines some aspects of the performance of the industry. On the basis of the methods of social cost-benefit analysis explicated in Chapter 3, Chapter 6 appraises empirically the economic performance of the individual firms operating in the textile industry. The main results of the application of the methods of social costbenefit analysis in Chapter 6 are that the growth of the textile industry has been extremely inefficient, and that there have been wide differentials in relative inefficiency among firms and sectors in the industry. Chapter 7 attempts an identification and assessment of the factors which could explain the economic inefficiency of the industry. In the light of the major conclusions drawn from the empirical analyses undertaken in Chapters 5, 6 and 7, Chapter 8 examines the alternative strategies within the neo-classical and the structuralist/Marxist paradigms, which might be used to improve the economic performance of the textile industry and of the Nigerian industrial sector generally. The summary of the main conclusions reached in the study is presented in Chapter 9.

THE ECONOMIC APPRAISAL OF IMPORT SUBSTITUTING INDUSTRIALISATION, WITH SPECIAL REFERENCE TO THE NIGERIAN TEXTILE INDUSTRY

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