CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND TO THE STUDY
The ultimate aim of most developing countries in general is to industrialize. The reason for this are obvious. First, there is relationship between the degree of industrialization and the level of development. Secondly, the developed countries of the world are basically industrial countries.
The higher the level of industrialization the higher the level of national income, standard of living and economic development.
Prior to the discovery of crude oil in commercial quantum in Nigeria, agricultural primary produce has been the major sources through which Nigeria generate foreign exchange. Therefore, Nigeria constituted one major agrarian country in Africa.
However, at the attainment of independence in 1960, the various governments took interest in industrialization. This can be noticed through series of development plan adopted by the succeeding government in Nigeria over the years. Though without keen interest, except till the nineteen – seventies. The need arose to adopt an import substitution industrialization policy to reduce the heavy dependence on the external sector for the supply of manufactured products, capital goods and equipment. Nigeria government in a bid to industrialize created some industrial incentive policy to encourage foreign investors to invest in Nigeria industrial sector. That is, foreign entrepreneurs were technically and strategically invite to champion Nigeria industrialization because of the scarcity of investible funds, shortage of capital and manpower (skill labour) in Nigeria.
Industrialization (or Industrialisation) is a process that happens in countries when they start to use machines to do work that was once done by people. Industrialization changes the society as it happens. During the industrialisation of a country people leave farming work to take higher paid jobs in