AN ASSESSMENT ON THE IMPACT OF INDUSTRIALIZATION ON ECONOMIC GROWTH IN NIGERIA

AN ASSESSMENT ON THE IMPACT OF INDUSTRIALIZATION ON ECONOMIC GROWTH IN NIGERIA

CHAPTER ONE

INTRODUCTION

1.1 STUDY BACKGROUND

Most developing countries define industrialization as a central objective of economic policy they see; industrialization is coupled with agricultural progress as an integral part of the growth and structural change. Some economist and analysts believe that industrialization plays a major role in the growth and economic development of any nation.

Thus, in this research, efforts are made to assess the impact of industrialization on the economic growth of Nigeria. Before colonial rule in Nigeria, there were many economic activities undertaken by Nigerians. Nigerians were among the most active and industrious group of people in Africa. Economic activities were based mainly on primary production in particular on agriculture. These activities were committed, including agriculture, hunting and careers. The arrival of white men to Nigeria recorded several changes in the lifestyle of Nigerians. The economy has been modified from its agricultural base to a market based for imported manufactured product.

The colonial masters at the same time have the Nigerian economy as a base for the supply of mineral and agricultural raw materials for industries in their own country. The worst aspect is that they have exploited these resources at a cheap price, but when their product was introduced in Nigeria, prices have been set so high to run the nation.

Moreover, the colonial lords at no time have sought to industrialize Nigeria and Nigerians are not motivated to get involved in industrial activities. All this has contributed to Nigeria being both technologically towards the back and industrious.

The achievement of political independence by Nigeria in 1960 made it possible for the National Development Plan 1 in Nigeria in 1962. The main objective of this plan was to industrialization. Industrialization in Nigeria aimed at achieving import substitution and even export promotion.

Industrial development and economic growth are needed in all developing countries. In an economy where there is availability of industries, the majority of unemployed do engaged in productive activities. If industrial development is encouraged, it will be a great help to development of the economy and it will also go a long way in improving economic growth. Industrialization is the process by which primary based economy is becoming industrialized.

AN ASSESSMENT ON THE IMPACT OF INDUSTRIALIZATION ON ECONOMIC GROWTH IN NIGERIA