(a) State two advantages of industrialization in Nigeria.
(b) Explain four problems that retard industrialization in Nigeria.
(c) In four ways, describe how the problems in 5(b) above could be solved.
(a)• EMPLOYMENT GENERATION: Industrialization encourages mass production of goods. This require more labour to achieve.
And so would lead to employment of capable hands in the production process.
Also, as the country industrialize, more people would be employed to keep up with the production rate.
• IMPROVED LIVING STANDARD/POVERTY REDUCTION: As employment is generated, the number of unemployed reduces. This goes to reduce poverty in the country. Also, increased industrial output means that the masses now have variety of goods to choose from at affordable prices. This equally goes to improve the living standards of the populace.
(b)1. Power Crisis
Power failure has been a problem in Nigeria since day one. It is quite unfortunate that after the privatization of the power company, we still haven’t witnessed any outstanding improvement in power supply.
Electricity is a very important and indispensable tool to industrialization. Most manufacturing processes are automated, computers and machines are not powered by water but by electricity, and in a situation where this driving force is dysfunctional, there is bound to be an impediment to most if not all industrial activities.
Some time ago, the federal government approved N3.9billion for power transmission infrastructure, weeks after the approval of N1.3billion for manpower development and training of 3,700 people under National Power Sector Apprenticeship Scheme (NAPSAS). And then I questioned myself, why is government still spending so much money on power projects after privatizing the Power Holding Company of Nigeria (PHCN)?
From my own understanding and dictionary meaning of the word “Privatization”, it entails the removal of something (PHCN) from governments control and placing it in private control or ownership; but why are they still getting involved? These are funds which could have been used to remedy other situations such as bad roads in order to favour industrialization.
Nigerians are being overly dependent on imported and “made in abroad” goods, regardless of the quality and safety. This particular observation has led to the exploitation of consumers by Nigerian based manufacturers and suppliers.
Some manufacturers now affiliate with Chinese companies to produce substandard products which is then shipped down to Nigeria.
The ones fortunate enough to produce theirs within Nigeria now resort to the replacement of the right country of production with a foreign country. You now get to see shoes coupled by a shoemaker at your backyard wearing tags such as “made in Italy”, “made in China” and you wonder, why the lies? It’s quite obvious because that’s what Nigerians like and want, they prefer “made in Italy/china” to “made in Nigeria” and shoemakers must sell their products right? So they just exploit Nigerian’s taste to sell theirs.
Setting up a company or industry is nothing compared to renting a shop and stocking it with imported products. Though both require capital and a good financial strength but it is more pronounced in industrial setup. Lack of finance by skilled and potential entrepreneurs therefore constitutes one of the major problem to industrialization.
(c)* Energy efficiency and conservation
In order to prevent an energy crisis, it is also crucial that we consume less energy by improving and modernising energy infrastructure such as smart grid solutions, and smart cities. It is also important that we replace old devices by energy efficient solutions, such as replacing traditional light bulbs by LEDs.
lack of finace
*Creating a monthly plan for your spending is one of the smartest things you can do for your finances, yet it’s the most overlooked solution to most people’s financial problems. Having a spending plan or a budget (the technical name for a monthly spending plan) makes life so much easier because you’ve given yourself a guide to decide how you want to spend your money.
Ironically, it’s also one of the things that you’ll likely never learn in a class at Cambridge or Harvard. Not to pick on these universities though; most schools don’t teach students how to create a budget. So to help with this lack of training, your third assignment is to outline your budget.
If you’ve never created a household budget that works, here is a personal budget workbook to get you started or you can try out this interactive budgeting resource that guides you through the whole process. A budget based on real numbers sets you up for success, so use what you learned when you tracked your spending.
If there’s an expense you want to cut out of your budget, start by reducing it by half. This will tell you if you can stick it out for the long term. If you can make having a budget part of your life, you’ll know that you’ve passed this assignment successfully!
*Digitizing the entire workflow means setting up a network-based environment or revenue management system where all the workflows regarding generating orders, making payments, generating receipts, recording data, and much more are all linked in one central system. When this is done, it ensures that every operation in the organisation is centralised, can be monitored remotely, and that the accounts can easily be reconciled since data is automatically recorded once an activity is done.
Contributions ({{ comment_count }})
Please wait...
Modal title
Report
Block User
{{ feedback_modal_data.title }}