Deindustrialization and Entrepreneur Dynamism: An Assessment of the Replacement of Industrial Clusters with Event Centers in Lagos, Nigeria

Abstract

Industrial cluster initiatives are established to drive the social, economic growth and development of nation States. Cluster system is also a source of employment creation in order to alleviate joblessness and poverty in society. It is believed that through cluster initiatives, the industrialization attainment of countries will be actualized. When this is done, poverty, family instability, high divorce rate, youth restiveness, insurgency, kidnapping, robbery, etc will be curtailed. As countries were trying to grow their local economies through the creation of industrial clusters, globalization ideology was imposed on peripheral nations by the core countries of Europe and America including Asia that had skewed globalization implications to their own economic advantage. The World Bank and other powerful financial institutions such as the International Monetary Fund (IMF) ensured that conditions of international trade are processed along with the terms of this ideology for the benefits of the developed economies. The study adopted the qualitative method of data collection using the case study method of data collection and the collected data are analyzed through content analysis. At the end of the study, policy-oriented recommendations are proffered to stem the drift from manufacturing industries to event centers in Lagos state.