What has the government done to encourage industrialization in Nigeria?
Explanation
Government has done the following to encourage Industrialization:
(i) A reasonable level of infrastructure is evident in Nigeria :- There are better systems of road networks, especially the express roads, efficient telecommunications, electricity and water supply systems.
(ii) The Federal Government gives tax concession to pioneer industries for a specified number of years during which the company will not pay tax.
(iii) The governments protect infant industries through high import duties, outright bans or quotas on imported Commodities which compete with those of home industries.
(iv) The government has also established industrial estates, and thus reduced the problem of locating industries in urban towns.
(v) The Nigeria Enterprises Promotion Decree of 1972 was an attempt by the Federal Military Government to transfer part of the profits generated in Nigeria to the local people.
(vi) The government has established financial institutions to aid private enterprises e.g. Nigeria Bank for Commerce and Industry and Nigerian industrial Bank.
(vii) The development of human resources through the establishment of universities and Colleges of Technology.
(viii) Relaxing of industrial laws such as the Indigenization policy.
(ix) Nigeria has undertaken development plans aimed at controlling the resources allocation.
(x) Increase of industrial loans that have enabled more businessmen to obtain loans and establish more industries.