Title

The Making of Oil-backed Indigenous Capitalism in Nigeria

Document Type

Article

Publication Date

4-1-2013

Publication Title

New Political Economy

Volume

18

Issue

2

First Page

258

Keywords

development, elite accumulation, indigenous capitalism, industrialisation, local content, manufacturing, Nigeria, Nigerian content, oil, oil services, rentier state

Last Page

283

Abstract

There has been considerable growth in the past few years in the number and size of Nigerian companies providing services to the oil and gas industry. The capacity of these companies, enhanced by local content policy, will not only create economic development in the industry, but will also likely boost the development of Nigeria's manufacturing and service economies. While 'Nigerian content' faces many challenges in terms of implementation, it has made and will continue to make a significant impact on the economy of Nigeria and may also be making a significant impact on the political economy. Powerful interests have helped ensure that the Nigerian elite will be the primary beneficiaries of Nigerian content. Through interviews and case studies, this article argues that by embracing Nigerian content as a new strategy of accumulation, the elite are creating more capitalistic social relations of production in Nigeria. © 2013 Copyright Taylor and Francis Group, LLC.

DOI

10.1080/13563467.2012.678822

ISSN

13563467

E-ISSN

14699923

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