IMPACT OF THE INDUSTRIALIZATION ON ECONOMIC GROWTH IN NIGERIA.

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CHAPTER ONE

INTRODUCTION

  1. Background to the study

Economic growth and development remain keygoals desired by underdeveloped and developing nations. It is the process of transformations in national attitudes, structure and system of production and the distribution of output that leads to improvement in standard of living. According to Wilson (2002), industrialization dates back to the 18th and 19th centuries when the industrial revolution took place. This period was marked by the invention of machines and the setting up of factories and other industrial changes of that period.

 Industrialization is the bed rock of economic development to the extent that the process of economic development usually begin with industrialization and impossible without it. The pursuit of industrialization by developing economies is hinged on the theoretical and empirical evidences that development nations themselves are highly industrialized.

Industrialization and economic growth are tied together as it provides a large scope for technological progress, on-the-job training and increases in productivity that give rise to wage increases. In addition, it leads to greater backward and forward linkages, more stable and easily controllable production process than agricultural and the most favorablecondition for growth occurs when a proper balance is achieved between industry and agriculture. Industrialization is the process of transforming raw material into consumer goods, producer goods, and services with the help of capital and as well as human resources (Amechi and Azubuike 2004). Today, nations are partitioned intotwo distinct categories as industrialized and unindustrialized. Developed nation are usually the industrialized nations with very high output figures. Industrialization has a trickle down effect on every other activity sector of the economy and the aggregate economy.
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IMPACT OF THE INDUSTRIALIZATION ON ECONOMIC GROWTH IN NIGERIA.