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An Assessment On The Impact Of Indutrialization On Economic Growth In Nigeria
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1.7 LIMITATION OF THE STUDY
A
study of this nature cannot be done without some problems and as such it
was considered by many factors namely time, finance and data.
TIME-
Here the researcher was having lectures, preparing for examination,
engaging in such activities and domestic works as well.
FINANCE-
financial inadequacy was the major limitation for this work. The
researcher was financially independent as a student and materials needed
for this research was not provided.
DATA- the controversial nature
of Nigerian data delayed this work. It took the researcher a lot of time
before the harmonization of data used,
1.8 OPERATIONAL DEFINITION OF TERMS
Economic Growth
This
can be defined as the increase in the production and consumption of
goods and services.It is also the increase in the output that the
economy produces over a period of time.
Economic Development
This
is refers to the sustained,concerted actions of policy makers and
communities that promote the standard of living of the economy.economic
development is also defined as the quantitative and qualitative changes
in the economy such action like human capital,critical infrastructure
and regional competitiveness and so on.
Industry-
An industry is a group of firms that produce similar product or a group mainly in manufacturing physical services
Export Promotion-
This
is defined as a strategy for promoting economic development in less
developed countries. This involves running an open economy relying on a
foreign market
Enterpreneur-
A person who organises, operates and assumes the risk for a business venture. He receives profit and bears losses.
Gross Domestic Product (GDP)-
The
gross domestic product is the market value of all officially recognised
final goods and services produced within a country in a given period of
time.
Import Substitution-
A strategy for the industrialization
of less developed countries, concentrating initially on replacing
imports by domestically produced substitute
Industrialization-
This
is the process of moving resources into the industrial sector or it is
the transformation methods of production involving the use of
traditional or modern equipments or mechanized equipments.
OF INDUTRIALIZATION ON ECONOMIC GROWTH IN NIGERIA
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