IMPORTANCE
OF INDUSTRIES IN DEVELOPMENT
The
so-called economic miracle in countries like Japan and South Korea came about
through the rapid development of industries.
The vast
majority of the people engaged in agricultural and petty trade in Nigeria, are
at present underemployed. Rapid industrialization can easily absorb the slack
in agriculture and commence and thus increase the marginal productivity of the
Nigeria labour force by employing them in the more productivity of the Nigerian
labour force by employing them in the more productive industrial sectors. Only
rapid industrialization can enable the country to have favorable terms in
international trade and will enable the processing of commodities which are
lead to improve terms of trade establishment of industries will bring about
stability through diversification of the economy, industrial development will
stimulate development of the sectors of the economy.
Establishment
of import substitution industries will make it possible for the country to save
foreign exchange. Industrialization has an irresistible psychological
attraction; Nigeria's image abroad will greatly be enhanced with the rapid
development of industries.
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