THE IMPACT OF INDUSTRIALIZATION ON ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA

THE IMPACT OF INDUSTRIALIZATION ON ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA (ECONOMICS PROJECT TOPICS AND MATERIALS)

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

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

Thus in this research work, effort is made to assess the impact of industrialization on economic growth of Nigeria. Before colonial rule in Nigeria, there were numerous economic activities undertaken by Nigerians. Nigerians were among the most active and industrious group of people in Africa. The economic activities were based mostly on primary production especially on agriculture. Such activities were engaged in, included farming, hunting and quarrying. The coming of the white men to Nigeria recorded more changes in life style of Nigerians. The economy was changed from its agricultural based to a market based for imported manufactured product.The colonial masters at the same time took the Nigerian economy as a base for the supply of resources both mineral and agricultural raw materials for industries in their own country. The worst aspect of it was that they exploited these resources at a cheap price, but when their product was brought into Nigeria, the prices were placed so high to exploit the nation.

Furthermore, the colonial lords at no times endeavoured to industrialize Nigeria, and Nigerians were not motivated to involve themselves in industrial activities. All these contributed to Nigeria being both technologically backward and industrious.

The attainment of political independence by Nigeria in 1960 made it possible for the 1st national development plan in Nigeria in 1962. The main aim of this plan was for industrialization. Industrialization in Nigeria was aimed at the achievement of import substitution and even export promotion.

THE IMPACT OF INDUSTRIALIZATION ON ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA (ECONOMICS PROJECT TOPICS AND MATERIALS)