(a) Explain the following strategies of industrialization:
(i) import substitution (ii) export promotion
(b) Highlight any four objectives of industrial development programmes in your country.
Explanation
(a)(i) Import substitution strategy is a deliberate government effort which entails the local manufacture of goods which otherwise would have been imported.
(ii) Export promotion strategy is a deliberate government effort geared towards the establishment and deliberate promotion of industries that engage in the manufacture of goods for exports.
(b)The objectives of industrial development programmes are:
(i) To add value to products which were formerly exported in the crude state.
(ii) To create jobs for the unemployed.
(iii) To restructure the economy from an agricultural to an industrial one.
(iv) To conserve foreign exchange through import substitution industrialization.
(v) To provide the environment for the adoption of advanced technology to speed up the development process.
(vi) To take advantage of the ability of an industrial economy to provide high incomes and high standard of living.
(vii) To generate additional foreign exchange through export promotion.
(viii) To promote the development of skilled man power.
(ix) To generate more govemment revenue.