John okah2 1department of finance and banking, faculty of management science, university of port harcourt, port harcourt, nigeria 2port harcourt north development office, first bank of nigeria limited, port harcourt, nigeria abstract. While its economic growth indicators have been good, human development. The date used is a secondary data, which was obtained from the publication of the central bank of nigeria statistical bulletin and the amial report of accounts. Export promotion, import substitution and economic integration in nigeria tunde g. Nigerias renewable energy programme is, among other things, executing a lowcarbon development project to provide electricity for its capital city, abuja. This research work deals on the impact of industrialization on nigerias economic development. Thus, almost all economically developed countries are industrialized. In the wake of the recent economic recession, the first since 1991, nigeria released a new development plan. Review the industrial development policies in nigeria economics essay. Industrialization has assumed super importance for accelerating economic development in both the developed and the developing nations. Agroindustrialization agroallied industrialization is a formidable strategy for africa to realize the much needed structural transformation and sustain its economic growth.
Industrialization and economic development industrialization may refer to an increase in the share of manufacturing in the gross domestic product gdp and in the occupations of the economically active population. Before the prominence of petroleum industry, nigerian economy was dependent on agriculture. In nigeria, efforts to industrialize the country began after independence with the first national development plan. This research work covers the period of years 19802010 with reference to limitation in a research project like this. This revolution saw machines replacing human efforts in the production process. Download the complete economics project topic and material chapter 15 titled the impact of industrialization on economic growth in nigeria19812012 here on projects.
Improving productivity performance is critical for rapid industrialization and economic growth in any economy. Thus, nigerias multicultural milieu provides the credentials and seeds needed to drive the industrialisation process. This issue paper briefly presents the case for agroindustrial ization as africas viable path to sustainable economic growth. The promotion of industrial development became a challenge major to the african continent during the1960s as the majority of african countries gained their independence at this time. Industrial development and growth in nigeria brookings institution. Export promotion, import substitution and economic. It describes the history of industrialization while critiquing the process as well as impact of industrial policies formulation and implementation on nigerias industrialization since 1943. Also in that early 60s nigeria economy was mainly depended on agriculture hence the period of groundnut pyramids, the hides and in north, palm oil and palm kernel in east, and cocoa in the west for the. The study will be of great importance to policy makers, government and its agencies, private individuals and firms at large. Monetary policy and industrialization in an emerging open. Industrialization in nigeria pdf download industrialization in nigeria pdf read online problems of industrialization in nigeria. Some of these reasons are rooted in kaldors law, which provides a conceptual framework for the link between manufacturing and economic growth. However, despite series of deregulation policies introduced since 1986 by successive governments to facilitate industrialization process in an economically conducive manufacturing environment, the performance of the industrial sector remains undesirable.
Economic development and industrialisation in nigeria. Yet, it remains doubtful whether the approach of industrial policymaking in nigeria has indeed been successful in transforming the economy. The benefits of industrialization in employment generation, poverty reduction, improved living standard, improved economic growth and development, balance of payment stability, selfreliance, stimulation of other sectors of the economy, and development of skilled manpower have been well established in the literature. The term industrialization emanated from the industrial revolution of 18th and 19th century in europe. Industrial clusters, institutions and multidimensional poverty in nigeria1 oyebanke oyelaranoyeyinka columbia university, new york, u.
Industrialization is the process by which an economy is transformed from primarily agricultural to one based on the manufacturing of goods. Social effects of industrialization in discussions of economic growth perhaps most attention is paid to measurable quantities, and the problem, quite rightly, is treated as one of creating more of the material means of satisfying human wants. The paradox of plenty 99 4 imf 2006 e africanbank 2007 ch4 111007. They see industrialization and agriculture as an integral part of development and structural change. Click the download now button to get the complete project work instantly. Right from the first national development plan 19621968 to the fourth national development plan 19811985 rapid industrialization received priority in nigerias development objectives. It reduces unemployment and poverty and is considered a pathway to prosperity. The major argument of proponents of industrialization relies on the productivity advantage of. Over the past three decades, the outlook of industrial growth and development in nigeria has been gloomy and uncertain.
It could also be used to describe the development of economic activity in relatively large units of production, making. However, access to finance for industrial development has. Industrialization pathways to human development world bank. Pdf this study empirically evaluated the impact of industrialization on economic growth in nigeria. Industrial development and economic growth 297 remain unchanged see e. Review the industrial development policies in nigeria. The data used is a secondary data which was obtained from the publication of central bank of nigeria.
The african development bank recounts that africas economic growth has not been inclusive. In fact, the relationship between the two variables is a direct one. Nigeria in particular typifies a country in this prosperity poverty conundrum. Import substitution industrialization looking inward for. Impact of industrialization on nigerias economic development project material.
Still on,,, impact of industrial sector on nigeria economic growth 19812016. Economic development results in rising levels of productivity and this provides the basis for national growth, the differentiation of sectors and territorial areas. Impact of industrialization in nigeria semantic scholar. Industrialization was perceived as an instrument of economic growth that will assist the continent to attain its macroeconomic objectives high income, improved standard of living, selfreliance, job creation and balance of payment stability. Economic diversification for sustainable development in. It ultimately offers business leaders an overview of africa s biggest opportunities in the manufacturing sector, discussing trends, drivers, perspectives, and. Globalization and the challenge of industrialization in developing nations. We assess the impact of industrialization on economic growth in africa. Industrialisation or industrialization is the period of social and economic change that transforms a human group from an. Industrialization is a considered as a child of necessity in every nations economy for it accelerates the process of both economic growth and economic. The great aim of programmes of industrial development is to provide more and more of the goods and the. Examine the contributions of the industrial output to gross domestic product in the nigerian economy. In recognition of the importance of industrialization to economic growth and development nigeria, since. The study sets three major objectives, which include investigating the effect of fiscal.
Aside the social institutional factor inhibiting the process of economic development in nigeria, the bottleneck created by the dearth of finance to the economy constitutes a major setback to its development. The work focused on the impact of industrialization on economic growth. The government sector for instance, the allocation of 16. Such a strategy can be expected to encourage the development and economic growth of a developing country. Please, sit back and study the below research material carefully. Industrialization is a generic name for a set of economic. The role of industrial sector is summarized as follows. In industrialization there is optimum utilization of scarce resources. The economic situation of nigeria nigeria is a monoeconomic nation with its economy heavily dependent on petroleum revenue which accounts for about 80% of government revenue and 90% of foreign exchange earnings. Nigeria presents an example of a developing economy. Appraisal of the impact of industrialization on economic growth in.
How these incentive have been stimulating and motivating these bodies on employment opportunities. This study is undertaken to examine the contribution of the capital market in nigeria economic and development. The impact of industrialization on nigeria economic. The quality and quantity of manufacturing sector increase. The study sets three major objectives, which include investigating the effect of fiscal and monetary policy on gross domestic product gdp. The benefits of industrialization in employment generation, poverty reduction, improved living standard, improved economic growth and development, balance of payment stability, selfreliance. Several studies have discussed the fact that democratic political regime is a prerequisite for economic development. The research work deals with the impact of industrialization on economic growth in nigeria. The paper discusses trends in the world economy at present, including an. Impact of industrialization on nigerias economic development.
Uniprojects aim of providing impact of industrialization on nigerias economic development project research material is to reduce the stress of moving from one school library to another all in the name of. Finally, since no knowledge is a waste, readers of this work will find it interesting to know that high industrialization is the shortest route to economic development. Pdf globalization and the challenge of industrialization. The impact of industrialization on nigerias economic.
Industrialization, phillips perron unit root test, granger causality test. Its oil revenues per capita have increased tenfold in. Industrialization looking inward for the source of economic growth 51 chapter three many of the stateled investments under import substitution industrialization were in largescale industries such as petrochemicals. Impact of industrial sector on nigeria economic growth.
The impact of industrialization on economic growth in nigeria 19802010 abstract this impact of task incentives of economic and industrial development of enugu state intends to examine the extent individuals ad companies have been responding to the incentives scheme. Pdf industrialization and economic development in a multicultural. Problems and prospects of industrialization in nigeria. European scientific journal april 2016 edition vol. Studies on the liberalizationgrowth nexus have produced mixed results. Great britain, studies on industrialization in nigeria, have largely focused on the. The importance of industrialization to the economic development of any country cannot be overemphasized.
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