EDO STATE’S INDUSTRIAL DEVELOPMENT PROBLEMS
CHAPTER ONE
INTRODUCTION
THE STUDY’S BACKGROUND
Oredo is one of Edo state’s eighteen (18) local government areas, with its headquarters in Benin City. Oredo Local Government Area is a city.
The majority of the local government workforce is employed in industries or businesses. These industries are experiencing some growth issues.
Industrialization is the key to any country’s economic development. Industrialization is considered for any country to achieve any level of development.
According to Iyoha (1989), “it is increasingly accepted that industrialization is an effective means of achieving rapid economic development in developing countries.”
The benefits of various industries cannot be overstated; it is a nation’s pride to develop more industries in order to achieve maximum technological progress.
Total reliance on foreign goods produced by foreign industries is harmful to the incurred in the process, and the entire economy would suffer from societal backwardness.
Over the years, the Oredo local government area has made little or no industrial progress. It has not always been advantageous. Existing industries’ development and progress. However, we can speculate that the reason is political in nature. Furthermore, the populace is completely reliant on subsistence farming, producing only for agricultural goods while ignoring the industrial sector, which has been extremely problematic.
Recently, both private and public individuals have been working tirelessly to develop industrial-based local government. Knowing the benefits of industrialization, the nation has decided to increase its annual budget to the industrial sector in order to accelerate its progress.
However, Oredo local government in Edo state is endowed with natural resources that serve as the foundation for industrialization. The majority of these natural resources are underutilized. The raw materials imply the use of these raw materials and the employment of people from the local government Area, which will lead to industrial development and the benefits that come with it.
THE STUDY’S STATEMENTS
Given the benefits of establishing industries in communities, one might wonder why there are so few in the Oredo local government area. The reason can be attributed to certain factors that make it difficult for industries to innovate, conduct research, acquire new plants and machinery, and raise capital for development due to the following issues.
1) Capital deficiency
2) Scarcity of certain raw materials
3) Governmental policy decision
4) Power source
5) Inadequacy of industrial goods markets
6) Issues concerning skilled and unskilled workers
OBJECTIVE OF THE STUDY
The study’s goal is to look into the issues that are preventing industrial development in the area.
I Determine how these issues have impacted the growth and development of industries in the Oredo local government area.
ii) To identify potential solutions to industrial development problems in the Oredo local government.
iii) Determine whether raw materials are available in the area.
iv) Determine whether there are adequate markets for industrial goods.
v) Determine whether there is sufficient capital to establish industries.
THE STUDY’S IMPORTANCE
This research will be critical to the development of new industries in the Oredo local government area. The study will help to solve some of the problems in the area and ensure that the government makes political decisions to establish industries in the area.
Raising capital to establish industries will be important to the residents of the area because capital is required in the establishment of industries. The government should provide a long-term solution to this problem in Edo state in general, and especially in Oredo local government area, which will benefit both skilled and unskilled workers.
QUESTION FOR RESEARCH
The researcher attempted to determine the validity of the following research questions for the purposes of this study.
1. To what extent does a lack of industrial goods markets impede industrial development?
2. To what extent is capital scarcity a barrier to industrial development?
3. Do inadequate transportation and communication systems have an impact on industrial development?
4. Does a lack of raw materials in industrial development result in low product productivity?
5.How does the issue of skilled and unskilled workers affect industry development?
THE STUDY’S OBJECTIVE
It is concerned with the development of industries in the Oredo local government area of Edo state, with a particular emphasis on the problems associated with industrial development in the area.
Many authors have written extensively on the issues confronting industrial development in various industries but in various locales.
Whoever, little information can be gathered because their studies focused primarily on urban areas.
TERMS DEFINITION
i)INDUSTRY: The aggregate of firms producing economically related goods and services.
ii)INDUSTRIALIZATION: Simply put, industrialization is the expansion of a country’s GDP through the widespread use of machines in production, which has an impact on the social and economic activities of the society.
iii)ECONOMICS: As a science that studies human behavior as a relationship between ends and scarce means that can be used for other purposes.
iv)DEVELOPMENT: The process of increasing commercial, industrial, and trade activity.
v)INDUSTRIAL DEVELOPMENT: Is the process of increasing a society’s knowledge, skills, and capability.
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EDO STATE’S INDUSTRIAL DEVELOPMENT PROBLEMS