Legal and Policy Bases of Direct Foreign Investments in the Era of Indigenization (Economic Nationalism) in Nigeria, 1975 – 1985

Abstract

The paper focuses on the legal and policy bases of direct foreign investments in Nigeria between 1975 and 1985. This was examined within the context of the indigenization (Economic nationalism) Policy which straddled the Olusegun military administration (1976 - 1979), and the President Shehu Shagari administration (1979-1983). The aim of the paper was to improve highlighting what has been done by past administrations in trying to develop the Nigerian economy in terms of economic nationalism and the attraction of direct foreign investors, and to chart the way forward. Data was generated from secondary sources only. Our findings reveal that little successes have been recorded in our drive to attract foreign investors into our economy because of weak legal and institutional frameworks, entrenched culture of corruption in the public sphere, inadequate power supply, violence and insecurity, etc. It was recommended that a lot needs to be done in terms of providing an enabling and ennobling environment that would be attractive to direct foreign investors.

Keywords: Legal and policy frameworks, direct foreign investments, indigenization policy, enabling environment, corruption.