SOLUTIONS TO THE PROBLEMS

Having identified the problems. That is the factors smouldering industrialization in Nigeria, the next step is to proffer solutions to the problems.

Given the factors mentioned above, the solutions may include:

• IMPROVED ACCESS TO CREDIT: The Nigerian government should put in place measures to ensure that local industrialists have easy access to credit. These credits granted to the manufacturers should also bear low interest rates. So as to encourage them to borrow. Government can achieve these by Empowering the industrial developnent banks financially. As well as encouraging private financial institutions to do so.

• ENCOURAGE LOCAL MANUFACTURE OF INDUSTRIAL MACHINES: The government should also encourage and support local engineering firms to venture into the manufacturing of some of the heavy industrial machines imported from abroad.

• IMPROVED EDUCATION SYSTEM/MANPOWER TRAINING: The government should work towards improving our educational system. Technical courses should be introduced into the secondary and university curriculum. With more emphasis on practical than theories. Government can also adopt the Chinese strategy of sponsoring eligible students to go to more technologically advanced countries to acquire technical knowlege that would be invaluable to the country.

• IMPROVED AGRICULTURAL SECTOR: The government should pursue policies geared towards improving the agricultural sector. When this is achieved, the sector can then guarantee enough raw materials for industrial production. This could be achieved through agricultural mechanizationn.

SEE ALSO: PROBLEMS AND PROSPECTS OF AGRICULTURAL MECHANIZATION IN NIGERIA.

• FAVOURABLE GOVERNMENT POLICIES: Government should also pursue policies favourable to industrialization in Nigeria. For instance, tax holidays, excise duty reduction and tarrif protection. And even granting special loans to encourage export of locally made goods.

• PROVISION OF BASIC INFRASTRUCTURES: The government should provide adequate infrastructure like electricity, good road network, rail and water transport facilities, improved communication infrastructures and so on. All these would facilitate the production and movement of goods within and outside the country.

• POLITICAL STABILITY/SSCURITY: Government should minimize the constant change of economic policies.

Also, adequate measures should be employed to tackle the security problems in various regions of the country. Especially, the Boko Haram insurgence in the North.

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