strategies of industrialization, Many strategies have been adopted by the government aimed at achieving industrial development in Nigeria. These strategies include:, Import-substitution strategy: The import-substitution strategy involves deliberate attempt by government aimed at encouraging the growth of industries within the country which produce goods and services which would otherwise have been imported strategies of industrialization
- Export promotion strategy: Export promotion strategy is also a deliberate government policy aimed at encouraging the production of commodities for export.
strategies of industrialization by government
Government can do this through the granting of tax concessions, reducing export duty, finding realistic exchange rate, providing assistance on export costing and pricing and organization of trade fairs to expose home-made goods can also encourage the development of small and large scale industries with t aim of developing the industrial sector: the economy.
The small scale industry under the “small scale industrial scheme encourage the establishment such industries in rural areas in order to grow employment to the rural people prevent rural-urban migration. strategies of industrialization
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HOW WEST AFRICAN COUNTRIES CAN PROMOTE INDIGENOUS INDUSTRIES
- Greater reliance on domestic materials: West African countries should have a greater reliance in sourcing domestic raw materials for their industries. Research and application of res results: They should also embark intensive research works and the i should be applied for industrial growth. Availability of finance: Finance or capital should be made available indigenous industrial promoters.
- Development of skills: There be more development on entrepreneur and management skills for industrial development-strategies of industrialization
- Political stability: There she relative political stability to continuous growth of industries.
- Better work attitude: workers should be put on a bet:; attitude aimed at achieving better results strategies of industrialization
- Development and expansion of market: There should be proper development and expansion of market for locally made products.High level of productivity: There should be a high level of productivity that will lead to higher level of savings and greater capital formation. strategies of industrialization
- Improved social and economic infrastructures! There should be improved social and economic infrastructures e. g. electricity, seaport, airport and telecommunications such that can boost industrial growth.
- An enabling environment: A legal, social and cultural environment that not only enables but also motivates indigenous industries must be put in