Theory question 105
Industrialisation(a) Explain any four benefits of industrial development in an economy.
(b) Outline any four measures that will encourage industrial growth in your country.
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(a) Any four: creates employment; increases national income and living standards; diversifies the economy away from primary products; saves foreign exchange through import substitution and earns it through exports; provides market for agricultural raw materials; develops skills and technology; increases government revenue; leads to infrastructure development.
(b) Any four: provision of infrastructure (power, roads, water); tax holidays and other incentives; protection of infant industries (tariffs); easy access to credit through development banks; political stability and security; training of skilled manpower; encouraging foreign investment; research and development; stable macroeconomic policies.
Explain how each benefit helps the economy grow.