Trade With Nigeria (TN)
Industrialization and The Nigerian Economy
Industry
plays a major role in the economic growth of any country. Highly industrialized
nations boast of developed economies and can afford high standards of living
for the citizens. Industrialization creates jobs, enables a better environment
and ensures stabilization of the economy. The structure of any economy should
be one which has industry playing a dominant role in its composition.
The
Sustainable Development Goals (SDGs) are universal goals and targets that were
initiated in 2015. They replaced the Millennium Development Goals (MDGs) which
started a global effort to tackle the indignity of poverty. Two of the goals
(SDGs 8 & 9) align with the industrial development of nations.
Over
the years, the Nigerian economy has recorded phenomenal growth due to its
industrial sector, with the small-scale industry taking a pivotal role in this
race. This industry is the backbone of the economy, sustaining development from
the grassroots. It creates jobs, various sources of income, wealth and
contributes to the improved standard of living of the populace.
Nigeria
regards the promotion, growth and development of industries as the most
reliable way of building an economically stable and viable country. It has
since assumed the industrial objectives of achieving self-reliance,
self-sufficiency, foreign exchange savings, balanced regional development and
reduction in unemployment rates which would lead to the urgent realization of
economic independence.
Some
of the flourishing industries in Nigeria include the Fashion Industry,
Entertainment Industry, Manufacturing Industry and Agricultural Industry.
Fashion
Industry:
The
fashion industry grows and expands daily. For example, Nigeria’s apparel and
footwear industry is estimated to have a market worth of $4.7 Billion. Nigerian
labels such as Maki Oh, recently worn by Beyonce, Jewel by Lisa and Ikire Jones
are establishing themselves as international brands. Soon, many more Nigerian
designs, made in Nigeria products from locally sourced materials will grace
more fashion stores across the world. This is largely due to growing interest
in Africa’s cultural traditions including its vibrant hues, colourful fabrics
such as wax, printed/dyed cotton and the high quality of craftsmanship.
Manufacturing
Industry:
This
industry is dominated by firms in the food (30.17 per cent) and garment (22.28
per cent) sub-sectors. Wood and furniture products which constitute a
significant proportion of the industry represent 27 and 13 per cent
respectively. Although the manufacturing industry has shown strong growth in
recent years, the sector faces on-going challenges including epileptic power
supply, poor infrastructure, poor plant maintenance and heavy dependency on
agricultural inputs. Its strengths include a semi-skilled work force, the availability
of domestically sourced inputs and most importantly, a huge domestic demand for
consumer products. It therefore displays great potentials for future expansion.
Agriculture
Industry;
Agriculture
is an important industry in the Nigerian economy. Basically, it provides
employment opportunities for the teeming population, eradicates poverty and
contributes immensely to the growth of the economy.
Despite Nigeria’s rich
endowment in black oil and other mineral resources, the wellbeing of her
economy still largely depends on the agricultural sector. It is the largest
contributor to the nation’s GDP (average 38% in the last 8 years) with crops
accounting for 80%, forestry 3% and fishery 4%. It provides employment for
about 65% of the adult labour force and takes care of the food and fiber needs
of a large and increasing population. The agro-industrial enterprise depends on
the sector for raw materials while 88% of the non-oil exports earnings come
from the sector.
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