(a) Explain any four benefits of industrial development in an economy (b) Outline any four measures that will encourage industrial growth in your country.
Explanation
(a)(i) Provision of employment opportunities; (ii) diversification of the economy; (iii) saving and earning of foreign exchange; (iv)a high standard of living; (v) increased government revenue; (vi) it reduces the country's balance of payments problems; (vii) it aids expansion in infrastructure; (viii) technological progress; (iv) increase in Gross Domestic product; (x) controls inflation; (xi) encourages the agricultural sector to pro-duce raw materials. (b)(i) Development of infrastructure; (ii) establishment of financial institutions to aid private enterprises. (iii) tax incentives to industries; (iv) training of manpower relevant to the industrial sector; (v) sound economic policies; (vi) direct government participation; ((vii) stable political environment; (viii) removal of administrative bottlenecks which will hinder industrial growth.
