Industrialisation and sustainable economic development are tied together. Industrialisation is a prerequisite of economic development. Research has clearly shown that no nation has solved the problem of under development without industrialising. To achieve most of the economic goals of the society such as strong economic growth, economic security, enhanced quality of life,continuous full employment, conservation of foreign exchange, reduction in the rate of rural-urban migration and so on,there must be a matter of great urgency to increase the level of industrialisation. The developing nations should see this as basic,greatly unavoidable and very essential. In a nutshell, the following are the vital roles of industrialisation in economic development.
It leads to the diversification of the economy and the deliverance of the economy from a monoproduct condition. A monoproduct economy is one that depends on only one product. Many developing economies are characterised by one product.
It leads to the expansion of employment opportunities. Unemployment remains one of the fundamental economic problems rocking and devastating the underdeveloping economies.
It widens the market for or increases the patronage of the agricultural sector. Increase in production must definitely be accompanied by increase in the demand for raw materials.
It enhances the utilisation of both human and nonhuman resources to the fullest.
It aids the conservation of foreign exchange by occasioning a reduction in import and an increase in export. This will lead to improvement in the level of self sufficiency,independence and a positive effect on the balance of payment.
It increases the degree of flexibility in the economy. The resultant effect of this will be the prevention of vulnerability to the problem such change in taste.
It can lead to the development of agro allied industries. Agro allied industries are the industries that can use the basic agricultural products as raw material inputs. For instance, some firms are now producing wine from kolanut in Nigeria
It helps in developing the other sectors of the economy such as communication, transport and so on.
It helps in developing and making use of skilled labour. Developing and making use of skilled labour is crucial to economic development.
The quest for industrialisation has made some countries to work towards technological development. Technological advancement fastens and nourishes economic development.
This will really counts if BCH can looked into it. Remember...
WE BOTH COUNT
Any nation that jokes with industrialization can never smell economic development and growth. This is evident in underdeveloped countries worldwide.