- A. General Yakubu Gowon ✓
- B. General Olusegun Obasanjo
- C. General Ibrahim Babangida
- D. General Sani Abacha
The answer to the question is: A. General Yakubu Gowon
The policy of ‘indigenization’ was introduced under the regime of General Yakubu Gowon.
General Yakubu Gowon served as the Head of State of Nigeria from 1966 to 1975. During his tenure, he implemented various policies to address the socio-economic imbalances in the country, one of which was the policy of ‘indigenization.’ This policy aimed to promote economic empowerment and ownership among indigenous Nigerians by transferring control and ownership of certain sectors of the economy from foreign interests to Nigerian citizens.
The indigenization policy, also known as the Nigerian Enterprises Promotion Decree, was enacted in 1972. It sought to increase indigenous participation in the economy by requiring foreign companies operating in Nigeria to sell at least 60% of their shares to Nigerians. The policy covered various sectors such as manufacturing, mining, banking, insurance, and oil exploration.
The introduction of indigenization was a significant step towards economic self-reliance and reducing foreign dominance in Nigeria’s economy. It aimed to create opportunities for Nigerians to participate actively in the country’s economic development and benefit from the resources within their own land. The policy also aimed to stimulate local entrepreneurship, create employment opportunities, and foster economic growth.
However, while the indigenization policy had its merits, it also faced some challenges. The abrupt transfer of ownership from foreign companies to Nigerians led to issues such as lack of expertise and capital among indigenous owners, which affected the efficiency and productivity of some enterprises. Additionally, there were instances of corruption and mismanagement in the process of implementing the policy.
In summary, General Yakubu Gowon introduced the policy of ‘indigenization’ during his regime as Head of State in Nigeria. This policy aimed to promote economic empowerment and ownership among indigenous Nigerians by transferring control and ownership of certain sectors from foreign interests to Nigerian citizens.
