(a) Explain any four benefits of industrial development in an economy
(b) Outline any four measures that will encourage industrial growth in your country.
(a)(i) Provision of employment opportunities;
(ii) diversification of the economy;
(iii) saving and earning of foreign exchange;
(iv)a high standard of living;
(v) increased government revenue;
(vi) it reduces the country's balance of payments problems;
(vii) it aids expansion in infrastructure;
(viii) technological progress;
(iv) increase in Gross Domestic product;
(x) controls inflation;
(xi) encourages the agricultural sector to pro-duce raw materials.
(b)(i) Development of infrastructure;
(ii) establishment of financial institutions to aid private enterprises.
(iii) tax incentives to industries;
(iv) training of manpower relevant to the industrial sector;
(v) sound economic policies;
(vi) direct government participation;
((vii) stable political environment;
(viii) removal of administrative bottlenecks which will hinder industrial growth.
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