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The Impact Of Industrialization On Nigeria’s Economic Development
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1.1 STATEMENT OF THE PROBLEM
The industrial sector is known to be the
strength of the value-added processes in many economies. Nigeria is
wanting to industrialize must encounter some problems which are
militating against industrialization for the purpose of this study, it
is pertinent to survey those problems which are forming obstacles to
industrialization.
Industrial sector encountered the problem of low
price elasticity of export and lack of comparative advantage. This means
that Nigeria share of foreign exchange market cannot appreciate despite
the numerous incentives granted to the industrial sector.
The
absence of an indigenous entrepreneurship class couple with other
problems of multinational corporation affect the structure and influence
the nature of utilization of scientific and technological labour for
national development.
Realizing that industrialization can indeed
have some adverse effect on the economic growth and development of the
country, one will logically ask low effective are the industrialization
policies in Nigeria?
1.2 OBJECTIVES OF THE STUDY
It has been
observed that most industries in Nigeria have not realized their
economic development goal even with the existence of manufacturing
industries within the economy. Therefore this work researches the
following objectives.
i. To determine the role of manufacturing industry in the economic development of Nigerian economy.
ii.
To examine ways in which industrial sector in Nigeria can be made to
play a better role towards high productivity for economic growth of
Nigeria.
1.3 HYPOTHESES OF THE STUDY
The following hypotheses are tested on this study:
H0: The industrial sector contribution has no significant impact to economic development of Nigeria.
Hi: The industrial sector contribution has significant impact to the economic development of Nigeria.
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ABSRACT - [ Total Page(s): 1 ]The industrial sector remains a strong sector of any economy, be it developed or developing. The developed countries are noted for their high industrial performance. The effect of the industrial activities on the economy of underdeveloped or developing nation si still under contention. It’s a fact that the economy will not grow without its industrial activities. These activities include: agriculture, manufacturing, mining and mineral processing and export opportunities for manufacturers. ... Continue reading---
