Industrialization

Question 1

Policies of industrialization in Nigeria

Answer 1

• establishments of industrial estate
• establishments of industrial development banks
• provision of infrastructural activities
• provision of security measures
• industrial development policies such as infant industry protection policy,the low utility tariff policies ,export license waver, tax holidays for young industrialist .

Question 2

Problems industrial sector
Inadequate supply of infrastructural facilities
Inconsistent industrial policies coupled with poor policy implementation procedures

Answer 2

• Inadequate supply of infrastructural facilities
• Inconsistent industrial policies coupled with poor policy implementation procedures
• low technological development in Nigeria
• inadequate development funds for the manufacturing sector
• weak and inadequate demand for our local product due to poor quality ,high price and economic recession

Question 3

Measures of industrial development

Answer 3

• competitive industrial performance
• manufacturing export Index
• manufacturing value added (MVA) index
• per capital Index
• world share
• share of national aggregate

Question 4

The case /theory/arguments for industrialization

Answer 4

Stage 1 :Traditional society
-subsistence,barter,agriculture
Stage 2:Transitional stage
-specialization,surpluses, infrastructure
Stage 3:Take off
-growth investment,industrialization,political changes,regional growth
Stage 4:Drive to maturity
- innovation,diversification,less reliance on imports
Stage 5: High mass consumption
-consumer oriented,durable goods flourish,service sector become dominant

Question 5

Benefits of industrialization

Answer 5

• provision or generation of employment
• manufacturing of products for local foreign markets
• it adds value to GDP figures
• it creates income for investors
• it creates income for government through taxes
• source of foreign exchange
• economic growth and development