The president of manufacturing association of Nigeria, Rufus Giwa (200.p16) define industry thus:
“Industry, particularly, manufacturization is the motive force for development. Infact, industrialization is more than engine of growth. It is also the catalyst for technological, financial and socio-economical advancement.
Trade, and more specifically foreign trade have astronomically been instrumental in man’s bids towards betterment of his lifer on earth.
Today, we can enjoy and make use of automobile made in far away Japan as if they grow in air gradens. Other articles which we can’t dream of producing even in the next millennium liters our markets as if they were going out of fashion. All these are courtesy of foreign trade and broadly on one of its two-pronged division. “Importation”. A very important concept is but like a two-edge sword, it can destroy if not carefully handled.
A study on how foreign products crowd our market, and how our local industries are nose-division into oblivion show that we are already receiving a fair does of rough handing under the sharp claws of this excessive importation.
“The Nigeria trade Journal” of March/April 1980, analyzing our trade statistics put the total of Beer and stout importation at N7,562,135. people shouted and rose dust over it that it is excessive, but what have we to say today that people 200m off from the country Just to import tooth picks and toilet tissues?
The millions of graduates that our academic institutions turn out annually have their fate hanging over the balance. With hands supporting their checks , and all hope on divine intervention they helplessly watch as our few industries fold up in their hundreds.
Retrenchment and counter retrenchment of workers have become so common as the few cresting ones battle to break even and remain in contention. Consequently, unemployment and poor standard of living can’t be more adventurous.
An it idle man they said is the devils tool coupling with the fact that both ends must meet, arm-robbery, fraud, bribery, corruption and other social vices exert domination. Hence our country can’t help wining the inglorious “most corrupt country” award in the year 2000.
Our surving industries virtually are at the end of their letter judging from the lamentable figures they post in their annual report as profit after exuberant tax from a government that don’t spare their selves a through about their welfare instead of re-investment or expansion, the little token that will succeed in dropping into their counter went into unreasonable advisement which they see as their last resort to remain in contention in the ever growing competitive market.
These and many more have been the plight of our indigenous industries consequently upon excessive importation. This work try to look into the effect of this practice and how to curtail its excessive. It will make a steep further to put forward, measures towards remaining the vandalized state of our indigenous industry.
1.2 PROBLEM ASSOCIATED WITH THE SUBJECT MATTER
The subject matter is that which have a hamper of problems under it care: below are some of the them.
i. DPERSSION AND DUMPING: With more and more goods from broad finding their ways undisturbed and unrestrained into the country, compiling with the locally made ones, a situation where supply will exceed demand will emerge. And not only will our wobbled economy and ingenious industries suffer a great depression, but also the nation will be turned into in dumping ground.
ii. EXCESSIVE COMPETITION: Our weak industries became so much of the market share from day to day fell to these foreign goods. and to fight back in their own effeminate way in order to still remain in contention, our indigenous industries resort to aggressive promotion which drain their meager income and adversely effect their level of operation.
iii. UNEMPLOYMENT: With a generous portion of the market under the control of these foreign goods, and depression the lot of our indigenous industries, mass retrenchment of workers becomes inevitable. Our graduates will then, day in an day out continue parading the streets with their files in search of work that never exist.
iv. FOLDING UP/EXTINCTION: The heart breaking stage of it all is that after so many years of struggling with their Herculean foreign opponent, majority of these indigenous industries inevitably and up kissing the dust of bankruptcy and liquidation.
v. BLEAK FUTURES FOR INDUSTRIALIZATION: The subject matter even posed a sinister signal to our country’s dream towards industrialization to economy. Judging this, who will wish to invest in the industrial sector while the government will just told their hands and watch as weaver bird in and out of the country’s boundary? How will the dream be realized while the meager number of industry already in existence keep on dwindling geometrically? With such a situation, the dream of the nation toward this end will end up as a more mirage, and our country will perpetually remain a dependent and parasitic country where foreigners will for eternity rely on as a fertile ground for marketing their war.
1.3 PROBLEM THAT THE STUDY WILL BE CONCERNED WITH
i. The study will occupy itself with how to systematically x-ray the rate of harms that will be the lot of out country and their industries with he continuous imperialism of this study practice under these marquees.
ii. To identify the magnitude of damage which our indigenous industries have bee subjected to, due to excessive importation
iii. To inculcate in the mind of our country men the need for them to have faith in our local products and pipe-low at the rate by which they scramble over foreign goods.
iv. To ensure that the excessive importation of goods are controlled.
1.4 IMPORTANCE OF STUDYING THE AREA.
i. The inspiration and zeal of writing this project work was drawn from the alarming rate of importation, and our country’s obsession for imported goods which our local industries are at the receiving end of.
ii. This study will facilitate in no small measure the drastic reduction of not completely, the fearful rate of importation in the country and the much inclination of the people of our dear country to foreign goods.
iii. The problem of unemployment , with the increment in the operational level of our industries will be curbed. Retrenchment workers will have smiles and our graduates will have their ambition of contributing their quota towards the development of our country fulfilled. With such a development more industries will be established people will have more places to invest, standard of living will be enhanced, and our poor economy will be rejuvenated.
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