BENEFITS OF INDUSTRIALIZATION in NIGERIA

The attainment of industrialized status is the aim of any country seeking to develop in the world.

This is because industrialization comes with numerous benefits to any country that attains such status.

Below are some of the benefits Nigeria would enjoy from being industrialized:

• 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.

• IMPROVED BOP/ECONOMIC GROWTH: Industrialization leads massive production of goods. Some of these goods may not be needed for local consumption. Thus, they are exported . This generates foreign exchange for the country, improves rhe countries balance of payment(BOP) and ultimately stimulate economic growth. Also, it leads to the conservation of foreign exchange. Because funds that would have been used to purchase foreign gods are reserved. Since such goods are made locally.

• STIMULATION OF OTHER SECTORS: The growth of the industrial sector would also stimulate the growth of other sectors. For instance, the growth of the industrial sector would create a ready market for agricultural producers who supply raw materials.

• DEVELOPMENT OF SKILLED MANPOWER: As a country industrialize, more people are trained in different managerial technical areas to acquire knowledge needed in managing the firms and machines. This improves the knowledge base of the country.

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