Jim D Well, the summer is over, even if we have had great weather into September. Enjoy and look forward to your comments!
In fact, the relationship between the two variables is a direct one. From industrialization to economic growth. Thus, almost all economically developed countries are industrialized. Industrialization is the process of transforming an extraction based economy into a manufacturing based economy.
By extractive based, I mean an economy that relies on the extraction and exportation of primary products raw materials. Like farming, fishing, mining and so on. While the industrialized nations relies on the transformation of these raw materials into finished goods for domestic use and export.
This revolution saw machines replacing human efforts in the production process. And the end product is mass production. In Nigeria, efforts to industrialize the country began after independence with the first national development plan.
The first national development plan — focused mainly on import substitution as a means of strengthening the Nigerian manufacturing sector.
Other focus of the policy were; increased participation of Nigerians in control of the economy, expanding the technological base of the country to support industrialization and so on. Ever since then, the Nigerian government has embarked on numerous economic and industrialization policies.
With the most recent being the Vision However, despite all these efforts by the government to revamp the economy. And place it on the part of development, Nigeria remains largely under developed and industrialized. To this end, we shall look at the following factors militating against industrialization in Nigeria: This remains the major hindrance to industrialization in Nigeria.
This problem is caused by the industrialists themselves, the government and financial institutions. Most industrialists in Nigeria are unwillingly to share the ownership and control of their establishments with other investors so as to accumulate enough finance to run their business.
This leaves them most companies with little capital to run the business. Hence, limiting their growth. Also, the stiff requirements and interest on loan of most lending houses in Nigeria coupled with government negligence discourage industrialists from borrowing.
And stifles industrialization in the country. Most of the technology and machines used by local manufacturers in Nigeria are imported from other countries. And this machines are usually very expensive.
This hinders potential industrialists from venturing into production.Agricultural Development And Emplyoment Generation: The Nigeria Experience.
ashio-midori.com 61 | Page. The Industrialization of Nigeria PHYLLIS H. WILLIAMS, UnJversJty of Oklahoma, Norman But industrialization a)so involves vast economic and lWCial changes, e.g., a tendency toward urbanization, employment when income can .
How capitalism revolutionized the way we live, and how economics attempts to understand this and other economic systems. Since the s, increases in average living standards became a permanent feature of economic life in many countries.
Industrialization, Youth Employment and capacity utilization in Africa: Some Fundamental problem Although it has come to be accepted that economic transformation, employment generation, and capacity utilization have come to be associated with industrialization, African industries find it difficult to absorb labour In Nigeria, Ghana.
The technology labor force in the US has been in full employment (4% or less) for 22 of the past 30 years, and has been below 2% unemployment the last 3 ashio-midori.com US GDP growth now above 3%, the overall labor market has become very tight, and for technology professionals even more so.
JSTOR is a digital library of academic journals, books, and primary sources.