6. In recent times, developing countries that are predominantly agriculture oriented are searching for ways of diversifying their economies. Many of these countries strive to exploit the available solid mineral deposits in their land as a means of promoting industrialization. In view of the above statement,
(a) define the term;
(i) industrialization; (ii) mineral resources.
(b) apart from promoting industrialization, identify any three benefits of exploiting mineral deposits.
(c) Outline any three benefits of industrialization to a developing country.
a(i)Industrialization is the process of transforming an economy from an agricultural economy to a manufacturing economy through the establishment of firms and industries for the production of goods and services.
(ii) Mineral resources are natural resources found on or beneath the earth's surface.
b(i) Mineral resources help to provide infrastructural facilities in areas of exploitation which opens up such areas.
(ii) Source of foreign exchange: Export of mineral resources such as tin and columbite etc. provide foreign exchange for the exporting countries.
(iii) Provision of job opportunities: Direct and indirect employment are provided. For example, some people work in the extractive industries while some are involved in providing supportive resources like banking, catering etc.
(iv) Transfer of knowledge and technology: Workers who are engaged in installation, operation and maintenance of equipment learn on-the-job.
v) The economy can also be diversified: Countries do not have to rely on only one source of product for export.
c(i) Improved standard of living: Industrialization leads to an increase in the production of goods and services, thereby increasing per capita income.
(ii) Employment opportunities: Establishment of firms and industries will make jobs available for the population.
(iii) Revenue generation: Government generates revenue through tax, royalties, licenses etc.
(iv) Foreign exchange earnings: Government earns foreign exchange through export of industrial goods.
(v) Provision of infrastructure: Presence of industries leads to the provision of economic and social infrastructure.
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