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INDUSTRIALIZATION IN NIGERIA; POLICIES STRATEGIES AND IMPACT ON ECONOMIC GROWTH.
Industrialization in Nigeria has been pursued since the post independent era through a government policy of import substation, export promotion, and many other complementing policies, aimed at accelerating the pace of the economic development. Despite these policies, industrialization is till at rudimentary state in the country. This is the principals factors that motivation this study. This study examines and evaluates the industrial environment in Nigeria, its problems and the various incentives which have been put in place to stimulate the industrial sector. Existing literature on industrialization were reviewed. Attention was focused mainly on the objectives, policies, impact and strategies of industrialization in contemporary Nigeria. The study also attempted to critically assess the level and nature of industrial development and the basic constraints and limitations to industrial growth in Nigeria. Finally, suggestions on how to improve the industrialization in Nigeria we offered. They include the following; adequate investment in human capital; policy consistency; provision of adequate infrastructural facilities as well as promotion of investment culture among Nigerians.
TABLE OF CONTENTS
Title Page i
Table of Contents vi
CHAPTER ONE: INTRODUCTION
1.1 Introduction 1
1.2 Statement of problems 4
1.3 Objectives of study 5
1.4 Research questions 5
1.5 Method of study 6
1.6 Research hypothesis 6
1.7 Significance of study 7
1.8 Organization of the study 7
CHAPTER TWO: LITERATURE REVIEW AND CONCEPTUAL FRAMEWORK
2.1 Introduction 9
2.2 Policy objectives of industrialization in Nigeria 11
2.3 Policy measures of industrialization in Nigeria 12
2.4 The rational for industrialization in Nigeria 12
2.5 Strategies of industrialization in Nigeria 15
2.6 Industrialization, the experience of other nations 17
2.7 Impact of industrialization in Nigeria 20
2.8 Institutional formwork 22
2.9 Conceptual framework 24
CHAPTER THREE: METHOD OF STUDY
3.1 Introduction 25
3.2 Research design 25
3.3 Sampling procedure 25
3.4 Method of data collection 26
3.5 Data analysis 26
3.6 Model specification 26
CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS
4.1 Introduction 28
4.2 Data presentation 29
4.3 Regression analysis and statistical test 32
4.3.1 Model specification 32
4.3.2 Model estimation 33
4.3.3 Evaluation of estimates 35
4.4 Economic criteria 35
4.5 Statistical criteria 35
4.6 Presentation of regression result and result of statistical test
CHAPTER FIVE: DISCUSSION OF FINDINGS, SUMMARY LIMITATION, CONCLUSION AND RECOMMENDATIONS
5.1 Discussion of findings 39
5.2 Summary 42
5.3 Limitation 44
5.4 Conclusion 45
5.5 Recommendation 47
Industrialization could be seen as a process of building up a nation’s capacity to create raw materials to finished or semi-finished goods. It is seen in the world as one of the keys to economic growth and development of a nation. However, there is no precise definition of industrialization.
Industrial revolution was first experienced in Great Britain at about 1750-1850. This period of industrial revolution defines a period when machines were invented and factories set up to facilitate changes in the mode of production and the general perception of economic growth. But despite the long inception of industrialization, it is regretting that only about 32 out of more than 153 countries of the world are industrialized.
However, the path taken by the already industrialized nations varied from one nation to another. The most obvious and much talk about way to industrialization is that of capitalist and socialist, though the overwhelming majority is that of industrialized nations rid so under a capitalist system, but the difference between these paths has narrowed down in recent time.
Every nation takes different route towards industrialization because of differential settings. However, what is universally accepted is that some form of economic planning is necessary for industrialization to take place, and different degrees of planning are also recognized.
The industrial sector has occupied a prominent position in Nigeria’s economic development programmes and policies since the country attained independent in 1960. The country’s industrial policy has become the dynamic tool for stimulation and regulating the industrial development process. It details the objectives and strategies for optimally attaining the goals of non-primary production, particularly manufacturing, taking into consideration the resource endowment of the country in terms of laobur, land, capital, entrepreneurship, international goodwill, etc.
In 1980, the federal ministry of industry articulated the first ever industrial policy of Nigeria which was updated in 1989. The 1989 edition brought together various measures adopted under the structural adjustment programme (SAP) which has impacted positively on industrial development. The 2003 update of the industrial policy document has therefore addressed very concisely critical issues of competitiveness, finance, technology advancement, incentives to industries, research and development, among others.
In Nigeria, pre-independence era, manufacturing industries did not make any noticeable impact on the Nigeria economy. The primary reasons for the low degree of industrialization were not lack of market, raw material or labour, rather it is due to institutional obstacles inherited in colonial economic structures were largely determined by trading companies.
The United Trading company, united African company, lever brothers limited and other colonial trading enterprises which dominated the Nigeria economy deliberately suppress industrialization in Nigeria for the primary selfish motive of protecting their own trading interest, these was as a result of the support given to them by the British colonial government.
In Nigeria, industrialization has been pursued since the post-independence era through different government policies and other incentives aimed at accelerating the pace of industrial development by means of providing greater employment opportunities, increasing export of manufactured goods etc.
Although, all these well meaningful strategies which aims to forge the nation ahead in the industrial world has some positive achievement, the short coming has been very enormous. In order to induce greater support for industrial development objectives and to promote a dynamic efficient and a balance in the manufacturing sectors, some packages of incentives were put in place by the government to promote investment, employment, and balance of payment, product mix and various other aspects of industrialization policies. It is against this background, that the research work is done with the aim of evaluating the general industrial environment of Nigeria and to critically appraise the package available in the industrial sector with a view of identifying the weakness in the m0odificatino and implementation of the policies so as to update and improve Nigeria development efforts, in order to ensure that the nation joins the league of industrialized nation.
1.2 STATEMENT OF PROBLEM
Nigeria is a country of great potential. For a long time she had discovered industrialization as one of the essential keys to economic development. Since Nigeria’s independence in 1960, she had adopted many policies aimed at accelerating her industrialization process; these strategies include import substitution and export promotion. In fact, in Nigeria’s development plan, some of the stated objectives reflects increased export of manufactured goods, expansion of country’s industrial base, improvement in technological skill, increase in private participation in manufacturing sector; however, the amazing fact is that Nigeria has not realized her industrialization dream.
The short coming are mostly due to the inadequate infrastructural facilities, poor utilization of available resources and manpower, poor technological based, etc. however, the government had strived to minimize these problems but her dream to joining the industrialized nation is still in the shadow. This is what necessitated this research
1.3 OBJECTIVES OF THE STUDY
The magnitude of the problems of industrialization facing Nigeria as a nation up till date has been principal factors which has motivate this study. Thus, the study is aimed specifically at:
i. Identify the industrial strategies and policies adopted in Nigeria since independence.
ii. Determine the relationship between industrialization economic growths.
iii. To determine the constraints of industrialization in Nigeria.
1.4 RESEARCH QUESTIONS
The basic question in this research shall be:
i. is there any significance relationship between industrialization and economic growth.
ii. is the level of industrialization in Nigeria increasing or decreasing?
iii. are all the development policy of industrialization in Nigeria effective?
iv. does the manufacturing sector contribute to industrial development in Nigeria.
v. to what extent has industrialization impacted on the Nigeria economy.
1.5 METHOD OF THE STUDY
The study shall review relevant theoretical and empirical works to provide justification for the study. The quantitative aspect of the study shall embrace secondary data. The data shall be obtained from the central bank of Nigeria statistical bulletin.
The secondary data shall be subjected to simple regression analysis. The GDP at 1984 factor cost shall be the dependent variable while index of industrial production shall be the independent variable. The period of analysis shall be 1982-2001.
1.6 RESEARCH HYPOTHESIS
The basic hypothesis shall reflect the research question. Hence:
H01: There is no significant relationship between increase in GDP and industrial output.
H0A:ai= There is significant relationship between increase in GDP and industrial output.
1.7 SIGNIFICANCE OF THE STUDY
Industrialization is one of the keys to a country’s economic growth and development. Since industrialization is a function of many elements, the study aims to unravel some of these elements as well as their impact. Specifically, the significance is:
a. The research would help to evaluate the impact of policies and strategies adopted by the country since independence.
b. The research would also assist in disclosing some of the constraints of industrialization in Nigeria.
c. The research would assist the government to fashion effective policies towards industrialization in Nigeria.
d. The research would not only be an addition to the existing knowledge but would also serve as a source of material for the further research.
1.8 ORGANIZATION OF THE STUDY
Chapter one shall embrace general introduction, research problems, objectives of study, research question, method of study, research hypothesis, significant of study, and organization of study.
Chapter two shall be centered on literature review and conceptual framework. Chapter three discusses method of study while chapter four shall be devoted to data presentation and analysis. The research work ends in chapter five with discussion of findings, summary, limitations, conclusion and recommendations.