industrial contribution to the development of an economy, industrial sector contribution to the economy Industrial sector has contributed greatly to the economic development of all nations in the following ways: Many people are trained in different technical areas in order to manage the different aspects or machines in an industry. Owing to industrial development, many people are trained in different aspects or machines in an industry. Owing to industrial development, many people are trained.
CONTRIBUTIONS OF INDUSTRIAL SECTOR TO NATIONAL DEVELOPMENT
Increase in Gross National product (GNP): Industrial sector through its operations like payment of taxes increases the earnings accruing to the nation.
Employment opportunities: Industries provide employment (Jobs) for many people.
International trade Improves Trade Balance: Most of the products of manufacturing industries like machinery are usually from western nations. This forms the basis for international trade and it improves trade balance between countries.
Simulation of other sectors: Industrial sector does stimulate the growth of other sectors like agriculture, mining and lumbering.
Control inflation due to mass production: With modern technology, products like cars, machinery, etc. can be mass produced. This can help to reduce inflation.
Infrastructural development: The establishment of an industry in a place stimulates the development of infrastructures like road, telephone, electricity and pipe borne water. these are types industrial sector contribution to the growth of any economy
Diversification of the economy: The industrial sector helps different countries to prevent over dependence on only one product like the present Nigeria’s over dependence on only one product like the present Nigeria’s over dependence on crude oil. If Nigeria can invest in the industrial sector, her economy will in time be diversified.
Man power development: as a part of the industrial sector contribution, Many people are trained in different technical areas in order to manage the different aspects or machines in an industry. Owing to industrial development, many people are trained in different aspects or machines in an industry. Owing to industrial development, many people are trained.
Funding of education and research: The industrial sector contribution provides capital for the funding of education and research work in all nations.
In summary, countries embark on industrialization in industrial sector contribution
To reduce dependence on imports.
To reduce dependence on primary products as sources of earning
To increase earning either locally or internationally.
To conserve foreign exchange
To boost international image
To generate employment
- To improve the standard of living of the people \\
- loans for businesses
- how to establish enterprises
- what is a firm
- price equilibrium
- scale of preference
- concept of economics
- economic tools for nation building
- factors affecting the expansion of industries
- mineral resources and the mining industries