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An Assessment On The Impact Of Industrialization On
Economic Growth In Nigeria
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.
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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.
Industrial development and economic growth are
necessary in any developing country. In an economy where there is availability
of industries, the majority of unemployed people will engaged themselves in
productive activities. If industrial development is well encouraged it will be
of great help to the
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developing economy and it will also go a long way in
enhancing economic growth.
Industrialization is the process through which the
primary based economy becomes industrialized.
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. 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.
According to Holis, Bacheney (1999:624) said that
industrialization is the main hope of most countries trying to increase their
level of income. 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. The standard of living of the people in the economy will be improved
and economic growth is gingered.
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1.2 STATEMENT OF PROBLEMS
The need for industrialization has become one of the
problems facing Nigeria. Not with standing that industrialization can lead to
economic development, creation of employment pportunities, increases in
productivity, increase in foreign exchange etc.
Insufficient capital is one of the reason Nigerian
economy is termed underdeveloped or developing. 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. When such funds are
made available for industrialization and it is not properly utilized, it tends to
create problems in the economy.
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 provision of finance for industries is generally
problematic world-wide and is therefore not specific to developing countries
like Nigeria.
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
5
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. This work intends to find out,
(a) Does
industrialization have any impact on economic growth in Nigeria?
(b) What
is the nature or relationship between economic growth and industrialization?
1.3 OBJECTIVES OF THE STUDY
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.
These are the objectives of the study.
(a) To
analyse the performance of industrialization and its effect to Nigerians in
economic growth.
(b) To
analyse the relationship between industrialization and economic growth.
(c) To
determine the contribution of industrialisation to Nigerian economic growth.
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(d) To
identify the determinants of industrialization in Nigeria.
(e) To
make policy recommendations.
1.4
STATEMENT OF HYPOTHESIS
The study is guided with both null and alternative
hypothesis which is denoted using Ho for null hypothesis and Hi for alternative
hypothesis.
Ho- Industrialization has no significant effect on
Nigerianseconomic growth.
Hi- Industrialization has significant effect on
economic growth.
1.5 SIGINIFICANCE OF THE STUDY
The significant of the study lies on the fact that it
will expose the extent to which industrialization has contributed to the
economic growth in Nigeria. It will highlight some obstacles hindering Nigeria
from becoming an industrialized nation.
This work will be relevant to entrepreneurs and
government by directing them on the easiest means of embarking on an industrial
development plan. It will help in establishing the relevance of
industrialization in order to uplift the economy. This study will reveal that
the industrial sector is engine for economic growth and development.
7
This work will assist students of economics, estate
management, urban and regional planning etc on how to get jobs. This means that
with the help of established industrial sector, poverty will reduce and
eliminated because people will be employed and it will increase their standard
of living and the economy to grow.
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