The World Bank has over the years urged poor nations to adopt development strategies which emphasize export promotion. The first group of developing countries to shift from an inward-oriented to outward-oriented approach to development were located in the far east, specifically Taiwan, Singapore and South Korea. But, with export-led growth, firms produce according to their long-term comparative advantage. Nigeria in recognition of the importance of industrialization to economic growth and development has adopted various policies, incentives and schemes since her independence to promote industrialization. This paper therefore posited that there is more than one approach to the problem rocking Nigeria's economy as the nation could capitalize on its areas of comparative advantages. The paper concluded that primary products (food, commodities etc.) exports should be discouraged as products that are un-branded and homogeneous have low-added value and therefore low-price.
Gbadegesin, Tosin K.W.
"Balancing Inward Oriented Strategies with Outward Oriented Strategies: A Case for Nigeria's Industrialization,"
Young African Leaders Journal of Development: Vol. 2
, Article 16.
Available at: https://digitalcommons.kennesaw.edu/yaljod/vol2/iss1/16