Quick Definition: The objectives of indigenization include giving Nigerian citizens ownership and control of businesses, keeping profits in Nigeria, creating jobs for citizens, promoting economic independence, developing the Nigerian capital market, and reducing foreign control of the economy.
Quick Revision Summary: Indigenization transferred business ownership from foreigners to Nigerians through the 1972 decree (amended 1977). Main objectives: give Nigerians ownership, develop capital market, keep profits in Nigeria, create jobs, reduce foreign control, and promote self-reliance. The policy affected 1,130+ companies including First Bank and Union Bank. It had both benefits (Nigerian business class grew) and problems (wealth concentration, front companies).