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WEEK 9
TOPIC: MANUFACTURING AND CONSTRUCTION INDUSTRY
CONTENT:
- Development of manufacturing industry in Nigeria
- Problems confronting manufacturing industry
- Roles of manufacturing industry in economic development
Sub-Topic 1: Manufacturing and Construction Industry
Manufacturing industry refers to the turning of raw-materials into new products by mechanical or chemical processes at home (cottage) or in the factory. It is concerned with the activities of those who engage in processing and turning raw-materials produced in the primary industry into finished products. Examples are shoe making, food processing, plastic processing and textile processing.
Construction industry is concerned with all the activities of those who engage in assembling of goods into usable form. They convert manufactured products into various uses. Examples are: road construction, building construction, airport construction, bridge construction, furniture construction, etc.
ROLES/CONTRIBUTIONS/SIGNIFICANCE OF INDUSTRIAL SECTOR TO ECONOMIC DEVELOPMENT
- Industrial activities help in solving the basic problems of unemployment, inflation, budget deficit and general economic disequilibrium;
- It assists to implement the policies of the government that have been directed towards the improvement of local production;
- It will reduce the continued pressure on balance of payment in spite of the various policy measures taken so far to address the situation.
- It stimulates the growth of other sectors like agriculture, mining and lumbering.
- The establishment of an industry in a place stimulates the development of infrastructures like road, telephone, electricity and pipe borne water.
- It helps different countries to prevent over dependence on only one product like the present Nigeria’s over.
- It provides jobs for many people.
- Many people are trained in different technical areas in order to manage the different aspects or machines in an industry.
- The industrial sector provides capital for funding of education and research work in all nations.
PROBLEMS OF MANUFACTURING INDUSTRIES
- Shortage of raw materials: Inadequate raw materials available to industries hinder large scale production.
- Insufficient Capital: Access to finance or loan is very difficult. It is only for big investors who possess collateral securities.
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