Obstacle to a Successful and Enduring Industrial Process in Nigeria
and the Way Forward
1. THE ROLE OF THE ELITES: They
accumulate money not to invest and established industries and developed their
country but for themselves, their children and the upcoming generation.
2. LACK OF GOOD ACCESSIBILITY TO LOANS: The terms of
the loans are very harsh and the interest rates are usually very high expecting
to pay certain percentage e.g. 28% interest. They give loan in order to get
interest instead of helping in development.
Government
should provide credits accessibility very easy and make policies that will
tackle the problem of loans.
3. The STAKE
HOLDERS also plays a vital role in such a way that each stake holders wants
to control the factory or industries. they wanted to have everything for
themselves instead of allowing others to put their capital and invest so as to
produce in large quantity and also they are not honest in the sense that they
collect loan and don't want to pay back and government are afraid of giving
loans.
4. THE ROLE OF NIGERIA IN THE INTERNATIONAL TRADE: We buy
finished goods and provide raw materials, no attempt to provide capital goods
but rely on the international market to provide them (machines).
We
should start to produces own local machines in order to be industrialized.
5. POLITICAL INSTABILITY AND MILITANCY: No one wants
to invest under harsh political climates.
We
should teach unity in the schools and institutions, people from different
location, language, culture, religion should learn to live together as one so
as to create conclusive political climates.
6. THE ISSUE OF POWER SUPPLY also plays an
important role as an obstacle in Nigeria getting industrialized;
The seaports,
airlines should be improved because an industry heavily depends on them.
7. INADEQUATE SKILLED PERSONNEL: In the
universities we only studying what other people did instead of creating break
through inventions.
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