Theory question 105
Manufacturing Industry(a) State two advantages of industrialization in Nigeria. (b) Explain four problems that retard industrialization in Nigeria. (c) In four ways, describe how the problems in 5(b) above can be solved.
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(a) Employment; foreign exchange earnings and savings; diversification of the economy; use of local raw materials; higher standard of living; technology transfer; revenue for government; infrastructure development.
(b) Inadequate and erratic power supply; shortage of capital and high interest rates; poor infrastructure (roads, water); shortage of local raw materials and spare parts; shortage of skilled labour; competition from cheap imports and smuggling; political instability and inconsistent policies; poor maintenance culture; low purchasing power.
(c) Improve and diversify power supply; provide loans at low interest and tax holidays; build roads, water and other infrastructure; develop local raw materials and spare-parts production; train manpower; ban or tax competing imports and control smuggling; consistent policies and stability; improve quality of local goods.
Explain each problem in a sentence or two.