ABSTRACT

Ever since Nigeria's independence in 1960, Leaders, Elites and Scholars have

engaged in various debates on the notion that political independence without

economic independence would be ridiculous. Which simply put, national yearnings

and aspirations of Nigerian Leaders and Scholars have both economic and political

connotations.

There is this general consensus that where economic power is concentrated in the

hands of foreigners, the economy 1s undersiege as foreign investors drain the

resources of the nation. This could be in the forms of salaries and dividends

repatriated abroad in addition to over-exploitation of non-replaceable natural

resources and cause structural imbalance in the development of the economy as they

operate only in most profitable sectors.

Nigerian leaders equally contend that indigenous economic initiative and

entrepreneurial growth are often submerged and dwarfed through direct and indirect

activities of the foreigners.

This paper has therefore defined the term indigenization, and grappled with issues like

Imperialism, Colonialism Neo-Colonialism and the Nigerian State. It equally x-rayed

the objectives, process and implementation of indigenization policy of 1972 bringing

the various indigenization decrees into limelight.

Thereafter, the impact of the indigenization decree on the Nigerian Society with its

attendant class-issues was vividly discussed. With a highlight of its prospects and

limitations on the economy.

One is however, constrained to carry-out the research through secondary sources

(content analysis) of information available in the Libraries, Archives and Speeches

which include published Works, Books, Journals, Newspapers, Magazines,

Government Publications, Paper Presentations and Pamphlets etc.