Industrial Sector

Question 1

Industrial sector consists of 3 sub sector namely ????

Answer 1

Petroleum sub sector
Manufacturing sub sector
Mining sub sector

Question 2

What is industrialization?

Answer 2

Industrialization is the process of building up a nations capacity to convert raw materials to finished goods

Question 3

What is crude petroleum?

Answer 3

Is essentially a primary sector that involves the extraction of crude oil and natural gas which are directly marketed raw domestically and internationally without any form of processing

Question 4

Some styled facts on the manufacturing industry

Answer 4

• Country with manufacturing sector grow rapidly
• As countries grow the share of manufacturing in GDP and employment rises
• economies that have high value manufactured exports tend to have higher growth for exports and GDP
• Acceleration In GDP tend to be associated with a rise in the share of manufacturing in total income and employment

Question 5

History of industrial development in Nigeria

Answer 5

Phase 1: pre-independence to the end of civil war (1954-1970)

• There was minimal national industrial planning rather Than the different regions competing among them selves
• to establish industries mostly in collaboration with foreign technical partners

Phase 2:the end of civil war and the beginning of sap period (1970-1986)
-there was centralization on industrial planing and excessive involvement of the federal government in industrial activities

Phase 3: SAP period (1986-1988)
-this time government decides to rationalize its role by reducing its direct participation in industrial enterprises