Nigeria’s political economy and the survival strategy of Nnewi manufacturers

Abstract

Given the poor state of the Nigerian economy and the adverse effect of poor implementation of economic policies, many businesses and manufacturing ventures had suffered greatly and many are already out of business. Despite this challenge, a good number of businesses and manufacturing ventures in the industrial hub at Nnewi have survived and remained afloat. Here, light would be thrown on the survival strategy employed by the businesses and manufacturing ventures in Nnewi in the midst of Nigeria’s poor political economy, which has enabled them to achieve the degree of success they have attained. A historical assessment of the economic policies in Nigeria and their impacts on industrial development would also be done; it would focus on the period shortly before the end of colonialism up to the early 2000s. A number of recommendations would be made as a suggestion on how to make Nigeria’s business environment more conducive for economic activities to thrive.