It took the researcher a lot of time before the harmonization of data used. The attainment of political independence by Nigeria in 1960 made it possible for the 1st national development plan in Nigeria in 1962. It will help in establishing the relevance of industrialization in order to uplift the economy. The role of real estate valuation cannot be overemphasized. Thus in this research work, effort is made to assess the impact of industrialization on economic growth of Nigeria. 1, 24th January 2018 In the wake of the recent economic recession, the first since 1991, Nigeria released a new development plan – Economic Recovery and Growth Plan (ERGP) - that set out specific objectives The scope of the study covers the role of mass media in economic development in Nigeria with emphasis on ESBS. The researcher was financially independent as a student and materials needed for this research was not provided. Insufficient capital is one of the reason Nigerian economy is termed underdeveloped or developing. The manufacturing sector plays a significant role in economic development. Role of Industrialization on Economic Growth: The Experience of Senegal (1960-2017) ... an important role remains a defining feature of economic development. The standard of living of the people in the economy will be improved and economic growth is gingered. To determine the contribution of industrialisation to Nigerian economic growth. The contents of the papers should be able to help you in generating new ideas and thoughts for your own project. Industrial development plays a pivotal role in economic uplift. Hi- Industrialization has significant effect on economic growth. samphina.com.ng will only provide papers as a reference for your research. Industrial development and economic growth are necessary in any developing country. If industrial development is well encouraged it will be of great help to the developing economy and it will also go a long way in enhancing economic growth. According to Holis, Bacheney (1999:624) said that industrialization is the main hope of most countries trying to increase their level of income. Import Substitution- A strategy for the industrialization of less developed countries, concentrating initially on replacing imports by domestically produced substitute. The need for industrialization has become one of the problems facing Nigeria. 1.0 Introduction Engineering and economic development are like Siamese twins, as the former is the enabler of the latter. Huge amount of capital is needed for an industrial development because it is a capital project that needs both labour intensive and capital intensive in abundant. The industrial sector has been one of the major sectors in the Nigerian economy. According to Austin Kleon “All creative work builds on what came before”. In this research work, effort is made to analyze the impact of the industrial sector to the economic development of Nigeria. The history of industrial development in Nigeria and other parts of the world shows that technological advancement came due to the need to reduce labour while simultaneously improving output in the agricultural sector. The Study investigated the role of financial institutions in the development of the Nigeria economy. The provision of finance for industries is generally problematic world-wide and is therefore not specific to developing countries like Nigeria. ». 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. Such activities were engaged in, included farming, hunting and quarrying. To evaluate the performance of the capital market in relation to the economic growth in Nigeria. Industrialisation plays a significant role in economic development of any nation. This work will be relevant to entrepreneurs and government by directing them on the easiest means of embarking on an industrial development plan. The aim of providing these materials is to reduce the stress of moving from one school library to another all in the name of searching for research materials. Huge amount of capital is needed for an industrial development because it is a capital project that needs both labour intensive and capital intensive in abundant. Before colonial rule in Nigeria, there were numerous economic activities undertaken by Nigerians. Also in that early 60’s 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 Role of Real Estate Valuation in the Economic Development of Nigeria. The aim of this paper is to find out if rules and procedures are properly followed in the public sector transactions, to examine if there is adequate internal … Some economic analyst are of the view that industries play a vital role in the economic growth and development of any country. In the 60’s the Nigerian economy depended entirely on agriculture as the main source of foreign exchange earnings, and of employment for the teeming population. The following are some of the roles of industrialization in the economic development of Nigeria Industrialization is regarded as a central object of economic policy in most developing economies. Business Administration and Management (BAM), Cooperative Economics and Management (CEM), Electrical / Electronics Engineering (EEE), Industrial Relations and Personnel Management, Official List of Accredited Universities in Nigeria; Their Courses and Location, Courses in Nigerian Tertiary Institutions and the schools offering them, Direct Entry Past Questions and Answers for all Nigerian Universities, List of Accredited Polytechnics in Nigeria and their Courses, Complete List of Schools (Universities, Polytechnics and Colleges of Education) in Nigeria, Post UTME past questions and answers for all schools, Samphina Academy © 2021. The main aim of this plan was for industrialization. To identify the determinants of industrialization in Nigeria. Industrialization has since its invention helped the farmer get more work done in less time. Looking at Nigeria, globalization can play a major in the privatization role and commercialization of industries which simply mean the transfer of s government ownership to private ownership.Such ownership could be … They see industrialization and agriculture as an integral part of development 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. The controversial nature of Nigerian data delayed this work. To examine ways in which industrial sector in Nigeria can be made to play a better role towards high productivity for economic growth of Nigeria… KASHIM ABDUL ALI, FNSE, NPOM, mni. Does industrialization have any impact on economic growth in Nigeria? If industrial development is well encouraged it will be of great help to the developing economy and it will also go a long way in enhancing economic growth. The data used is a secondary data which was obtained from the publication of Central Bank of Nigeria. The research work deals with the impact of industrialization on economic growth in Nigeria. Get Complete Project Material File(s) Now! Importance Of Industrialization In Economic Development 2076 Words 9 Pages There is a plenty of research work on the role of industrialization in economic development at the national and international level both in the developed and developing countries. Presently in Nigeria, there are sources of finance specified to industrial sector made available by the government but in spite of them many industries have gone into collapsing while a good number are making effort to survive. As the historical record shows, the developed countries of the world broke the vicious cycle of poverty by industrializing, rather than focusing on agricultural or the production of national resources. Industrialisation acts as a catalyst that accelerates the pace of structural transformation and diversification of economic, enable a country to fully utilize its factor endowment and to depend less on foreign supply of finished goods or raw materials for its economic growth, development and … Industrialization is the process through which the primary based economy becomes industrialized. The main aim of this plan was for industrialization. When such funds are made available for industrialization and it is not properly utilized, it tends to create problems in the economy. Industrialization in Nigeria was aimed at the achievement of import substitution and even export promotion. The study is therefore necessary to enable a thorough investigation of financial problems of the industrial sector especially that of the manufacturing industries and various government agencies setup to provide credit facilities to the industrial sector to ensure the continual growth of this sector for rapid economic development of this nation. From the works of Shaw and Emer(2000:13) industrialization is the process where manufacturing becomes increasingly important in the economic structure of the society. They see industrialization and agriculture as an integral part of development and structural change. technical vocational education and training must be given its right of place as no nation can develop without a competent workforce. Not with standing that industrialization can lead to economic development, creation of employment pportunities, increases in productivity, increase in foreign exchange etc. Before colonial rule in Nigeria, there were numerous economic activities undertaken by Nigerians. ABSTRACT. Industry- An industry is a group of firms that produce similar product or a group mainly in manufacturing physical services, Export Promotion- This is defined as a strategy for promoting economic development in less developed countries. The economic activities were based mostly on primary production especially on agriculture. Industrialisation and Urbanisation: Urbanisation succeeds industrialisation. All these contributed to Nigeria being both technologically backward and industrious. As reiterated earlier, there are determinants of economic growth such as real estate development, interest rate, money supply, and inflation but the focus is on real estate development. The effect of industrial development on the economic growth of Nigeria has over the past decade been a recurring issue for analysis like every economy most especially developing economies. Ho- Industrialization has no significant effect on Nigerians economic growth. Industrialisation … Nigerians were among the most active and industrious group of people in Africa. Industrialization is regarded as a central object of economic policy in most developing economies. All Rights Reserved. Some economic analyst are of the view that industries play a vital role in the economic growth and development of any country. The role of industrialization in economic development is summed up as under. This was confirmed by the F-test value (559.02). It has been observed that most poorly industrialized countries of which Nigeria is one, has not realised their economic development goal even with the existence of manufacturing industries within the economy. What is the nature or relationship between economic growth and industrialization? The complete material will be sent to you in just 2 steps. An industry is a group of firms that produce similar product or a group mainly in manufacturing physical services, This is defined as a strategy for promoting economic development in less developed countries. Nigerians were among the most active and industrious group of people in Africa. In an economy where there is availability of industries, the majority of unemployed people will engaged themselves in productive activities. This study will reveal that the industrial sector is engine for economic growth and development. Use it as a guidance purpose only. Here the researcher was having lectures, preparing for examination, engaging in such activities and domestic works as well. According to Ojo (1987:256) industrialization could be seen as the process by which the industrial sector of such a country or region increases its share in gross domestic product (GDP), employment, poverty alleviation efforts, investment and so on. What is the nature or relationship between economic growth and industrialization? To analyse the relationship between industrialization and economic growth. Industrialization in Nigeria has the idea of transforming the peasant or idle workers of Nigeria into full time or part time industrial workers and on the other hand it will transform the structure of Nigerian economy. CONCLUSION AND RECOMMENDATIONSFor sustainable industrialization and economic development of Nigeria. When such funds are made available for industrialization and it is not properly utilized, it tends to create problems in the economy. A study of this nature cannot be done without some problems and as such it was considered by many factors namely time, finance and data. In an economy where there is availability of industries, the majority of unemployed people will engaged themselves in productive activities. This involves running an open economy relying on a foreign market. 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. 1. A person who organises, operates and assumes the risk for a business venture. Furthermore, the colonial lords at no times endeavoured to industrialize Nigeria, and Nigerians were not motivated to involve themselves in industrial activities. They see industrialization and agriculture as an integral part of development and structural change. All the research materials on this website are ONLY for research purposes and should be used as guidelines in developing your research or project works. It has been observed that most poorly industrialized countries of which Nigeria is one, has not realised their economic development goal even with the existence of manufacturing industries within the economy. The standard of living of the people in the economy will be improved and economic growth is gingered. Does industrialization have any impact on economic growth in Nigeria? FINANCE- financial inadequacy was the major limitation for this work. This work will assist students of economics, estate management, urban and regional planning etc on how to get jobs. Thus in this research work, effort is made to assess the impact of industrialization on economic growth of Nigeria. industrialization has a negative impact on economic growth in Nigeria in the long run. The research work deals with the impact of industrialization on economic growth in Nigeria. Industrial development has had an important role in the economic growth of countries like China, the Republic of Korea (Korea), Taiwan Province of China (Taiwan), and Indonesia. Samphina Academy is an Online Educational Resources Center that is aimed at providing students with quality information and materials to aid them in succeeding in their academic pursuit. The papers ordered and produced should be used as a guide or framework for your own paper. 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. Furthermore, the colonial lords at no times endeavoured to industrialize Nigeria, and Nigerians were not motivated to involve themselves in industrial activities. This work intends to find out. Nigeria is a developing country, and the importance of agriculture in the country cannot be undermined because agriculture supplies the basic necessities of human life (food), it also … The Effect Of Illiteracy On Co-Operative Societies In Nigeria (A Case Study Of Selected Cooperative Societies In Mbaitolu L.G.A, Imo State), An Analysis Of The Different Regular Sources Of Cooperative Finance (A Case Study Of Some Selected Cooperative Socieites In Ideator South Local Government Area, Imo State), The Impact Of Deregulation Of The Economy Of Nigerian Commercial Banks. He receives profit and bears losses. The major purpose of this study is to examine industrialization and economic development in Nigeria. This study will reveal that the industrial sector is engine for economic growth and development. Presently in Nigeria, there are sources of finance specified to industrial sector made available by the government but in spite of them many industries have gone into collapsing while a good number are making effort to survive. The study investigated the role of small scale enterprises in the economic development of Nigeria with specific reference to Small scale operators in Ijebu-ode local government area of Ogun state. As follows: to examine the operations of the papers ordered and produced should be.! Development plan in Nigeria will assist students of economics, estate management, and. Industries, the colonial lords at no times endeavoured to industrialize Nigeria, there were numerous economic activities engaged... Be improved and economic development of any nation development plays a major role in the activities... 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