IMPACT OF INDUSTRIALIZATION ON DEVELOPMENT
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IMPACT OF INDUSTRIALIZATION ON DEVELOPMENT
Chapter one
INTRODUCTION
1.1 Background Information.
Industrialization has a wide-ranging impact. Establishing a new plant will have an impact on the local economy by acquiring inputs, disposing of outputs, and generating revenue. It may also have an impact on the physical environment through site construction, the creation of wealth, and so on.
Furthermore, there is a human social or cultural impact because the lives of locals have altered for the better or worse. We will evaluate the environmental and social or cultural impacts separately before concluding with an integrated perspective based on the concept of general welfare.
We will discuss both the detection of impact and how specific patterns of impact might be produced.
Until the late 1960s, the impact of industrialization was mostly viewed in terms of economics. With the backdrop of the 1930s depression and the emergence of the postwar era of economic growth, industrial location planning was viewed primarily as a means of bringing the material benefits of affluent society to localised pockets of poverty, such as Appalachia and northern Britain.
However, achieving high levels of material well-being gradually led people to reconsider the impact of rapid economic expansion on the quality of embarrassment. In Akwa Ibom State, growing concern over “pollution” resulted in the National Environmental Impact Policy Act of 1969, which obliged the federal government to prepare an environmental impact statement before supporting any policy or proposing action.
This, along with similar measures in other countries, has focused scholars’ attention on the problem of precisely assessing environmental impact as a matter of special relevance to the geographer’s traditional concern with man (Whitem 1972), (O Rio Dan, 1972), and (Greenberge, Anderson, page 1978).
Industrialization has taken on a rather broad definition in recent years. This is demonstrated in the Akwa Ibom State (Nigeria) report on environmental impact analysis, which identifies five broad impact groups and several subgroups.
This classification includes some of what we previously thought of as economic impact, as well as social and cultural implications. It helps to reveal how intense the impact of economic development can be, as well as the complexity of the task of preparing an industrial development.
Identifying the optimum location in terms of environmental impact would require a complete description of the likely under all of the categories indicated, as well as the same information for all practical alternative locations.
The purpose of this research is to explore the impact of industrialization on Akwa Ibom State’s growth, utilising Peacock Paints Ltd. as a case study.
1.2 A Brief History of Peacock Paint Limited.
Peacock Paint Company (Nigeria) Limited, Ikot Ekan, Etinan was founded in 1979 under the name Cross River State Paint Limited. The company began production in 1984.
And was commissioned on April 11, 1986, with an initial authorised share capital of N1.5 million, which was enhanced to N3.3 million in 1983 and thereafter. Then N40 million in 1996.
Overseas partners own 22.9 percent of the company, including a Danish 5-Drup-Technical partner and an international development fund.
Investments Trust firm and Manila Insurance Company jointly possess 39.9 percent of the shares, indigenous businessmen own 32 percent, and firm employees stake 5.2 percent.
The company’s objectives include:
To produce and sell various types of paint and varnish for a profit.
To offer jobs for indigenous people.
iii. To contribute to the development of local communities.
The types of paints manufactured include:
Emulsion paint, gloss paint, thinner, and peacock (textured emulsion). Carlux cautobases selid and metallic I, and wood disappear. The shareholders serve as the company’s supreme body, electing a board of directors each year to define the company’s policies.
It is followed by the managing director, who is aided by three assistant general managers. These include A.G.A., finance, and administration, which handle employee and labour issues, staff training and development, budgets, and planning.
Annual accounts and reports. AGM marketing and sales will handle sales and marketing matters, while AGM operations will handle research and development
which includes new product development, maintenance, safety, and security. The operations department will handle work, production, and quality control. The company’s motto is “Quality with Pride”.
1.3 Statement of the Problem
Despite the fact that Akwa Ibom State has a large number of industries, statistical analysis shows that it has not performed well in terms of economic development. The most common type of economic impact study is based on the Keynesian idea of the multiplier.
This is concerned with how an initial gain in money from one source might multiply by stimulating the development of additional income in other activities.
The identification of a local or regional multiplier impact entails estimating how much additional local or regional income will result from an initial increase in income-generating activities.
If a new plant is established or an existing industry grows, local or regional income will initially rise to the extent that the additional output is sold abroad or exported (local sales have no net effect on local revenue).
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