Is Nigeria an industrial country?
The structure of the Nigerian economy is typical of an underdeveloped country. In contrast, the industrial sector in Nigeria (comprising manufacturing, mining, and utilities) accounts for a tiny proportion of economic activity (6 per cent) while the manufacturing sector contributed only 4 per cent to GDP in 2011.
What are the problem of industrialization in Nigeria?
This hinders potential industrialists from venturing into production. Other hindrances include inadequate raw materials, production of sub-standard goods, illiteracy/inadequate skilled manpower, poor infrastructure, insecurity, among others.
Is Nigeria a developed or a developing country?
Economy of Nigeria
| Country group | Developing/Emerging Lower-middle income economy |
| Statistics | |
|---|---|
| Population | 200,963,599 (2019) |
| GDP | $514.076 billion (nominal, 2021 est.) $1.116 trillion (PPP, 2021 est.) |
| GDP rank | 26th (nominal, 2021) 24th (PPP, 2021) |
What are the problem of development in Nigeria?
Research and human capital development in Nigeria are faced with enormous challenges. These challenges include: inadequate funding; lack of equipments facilities and material, lack of awareness, lack of implementation of research results, low rating in human capital indices, Brian-drain, etc.
What are the benefits of industrialization in Nigeria?
BENEFITS OF INDUSTRIALIZATION in NIGERIA
- EMPLOYMENT GENERATION: Industrialization encourages mass production of goods.
- IMPROVED LIVING STANDARD/POVERTY REDUCTION: As employment is generated, the number of unemployed reduces.
- IMPROVED BOP/ECONOMIC GROWTH: Industrialization leads massive production of goods.
What are the major problems of industrialization?
Some of the drawbacks included air and water pollution and soil contamination that resulted in a significant deterioration of quality of life and life expectancy. Industrialization also exacerbated the separation of labor and capital.