The Recession and Raw Materials: A Case of the United Africa Company Nigeria Ltd., 1981 – 1986

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The Recession and Raw Materials: A Case of the United Africa Company Nigeria Ltd., 1981 – 1986

Abstract:

This study is concerned with the current recession and the problem of raw materials facing the Nigerian industrial sector and the economy as a whole. It arose out of the desire to understand the nature of industrial accumulation in Nigeria and why the industrial sector is susceptible to the raw materials Crissie There is the urge to understand why, inspire of the abundant resources, the Nigerian industries cannot harness the local raw materials but had to depend on the world market for vital production inputs. The country was the supplier of raw materials during the colonial era and the type of raw materials have provided the basis for the industrial crisis at independence. In going about this task, we decided to examine the Nigerian economy and show both the internal and external elements that have contributed to the problem of raw materials and the current recession as a whole. This would enable us place the economic crisis and the problem of raw materials within their global context. We have-focused on the UACN as our case study in order to show its role in the recession and the problem of raw materials in particular. Investigating into the activities of UACN in the Nigerian economy made it possible for us to analyze why it is prone to the raw materials crisis. We also highlighted the efforts of UACN in curbing the raw materials squeeze. We also examined the state policies at solving the current recession., and problem of raw materials in the Nigerian economy. The organisation of the study is as follows. In chapter one we examined the various perspectives to the understanding of the Nigerian recession and problem of raw materials affecting the industrial sector and the Nigerian economy as a whole. It is argued that the recession and problem of raw materials is a long standing phenomenon which should both traced to the structure of the Nigerian economy; the way the economy was integrated in a subordinate position in the economy. In chapter two, we traced the development of Nigerian economy from the precolonial to the post colonial mode of production, distribution and accumulation. This formed the basis for understanding the origin of the recession and problem of taw materials in particular. Chapter three examined the industrialization processes that developed in the 1940’s, showing how the problem of raw materials was further reinforced. This provides us with the background into the raw materials squeeze of the industrial Sector. We also examined the different measures employed by the Nigerian state to solve the recession and its response to industrial demands. In chapter four, we dwelt into the historical evolution of UACN in the Nigerian economy, in-order to identify the main factors that have influences its activities in the Nigerian economy its pattern of production process, bringing out its role in the raw materials crisis. The fifth chapter focuses on the activities of two manufacturing divisions of UACN with a view to understanding their pattern of industrial production and activities in solving the raw material crisis9 particularly in terms of harnessing and utility local raw materials. The summary of our findings, recommendations and conclusions are outlined

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