Different factors are hammering industrialisation all over the world. Let me examine the factors:
SHORTAGE OF CAPITAL
Embarking on industrialisation is a very costly venture. This makes capital to be fundamental to industrialisation and economy growth. Adequate capital is very much lacked in the West African countries, let me say African countries as a whole. Out of about 1.5billion people living in poverty in the world ,about 250million comes from Africa. The general level of poverty rocking the majority has impaired savings. The consequence of this is the existence of little domestic private investment.
LOW LEVEL OF TECHNOLOGY
Industrialisation requires a high degree of technical know how. It is obviously difficult to attain industrialisation without a reasonable level of technological advancement. Most West African countries are technologically backward. Efficiency, effectiveness, large production, timely production and qualitative production will be impaired in the absence of sound technical know how.
INADEQUATE INFRASTRUCTURE
Infrastructural facilities such as electricity, water,communication equipment and service,good roads,hospitals and so on are very crucial to industrialisation in different ways. A lot of industries can't operate without all this social amenities, this is a world of information technology.
SHORTAGE OF SKILLED LABOUR
The modern industrial techniques require the availability of skilled workers. In most West African countries the gap between the skilled and unskilled workers is very wide. The reason to this is that semi skilled and unskilled workers are made to handle the work of the skilled professional. In some cases, expatriates have also been hired at exorbitant cost.
POOR IMPLEMENTATION OF PLANS
It is one thing to have a good development planners and good plans,another is implementing the plans. Plans without good implementations is not a plan.
POLITICAL INSTABILITY
Several and untimely changes in government has also been a major problem. The volatile and unpredictable political atmosphere has scared away investors. They're not usually satisfied with frequent change of policies.
LACK OF DEDICATION ON THE PART OF LEADERS
This poor and inconsistent input on the part of leaders has dealt a big blow on the aspiration of developing countries especially west African countries in becoming industrialised.
LACK OF INNOVATION
Many countries fail to realise that industrialisation demands a conscious and deliberate effort of the generality of the people.
POOR ATTITUDE TO RESEARCH
Research is a process of discovery. The word Discovery and Industrialisation are tied together. Some countries are not pumping money into research.
The last but not the list is what I called...
LIMITED MARKET
The domestic markets on which expanded industrialisation will be based in most nations are very limited. This a fall out of low effective demand for industrial goods. The consequence of this is the industrial concerns produce far below their maximum capital.
In conclusion, the prospect of industrialisation in every nations depend on the successful solution to the problems identified above.
Nice one