Assessment of Problems Associated With Some Selected Local Industries in a Depressed Economy
Assessment of Problems Associated With Some Selected Local Industries in a Depressed Economy
ABSTRACT
Local industries are faced with many problems which make the sector perpetually uninteresting and undeveloped in the country.
Among which are inadequate storage facilities, undeveloped infrastructure facilities, unstable political environment, not having access to credit facilities etc.
This study is aimed at assessing the general problems associated with some local industries in a depressed economy, and to examine the problems facing Nigerian businessmen in establishing manufacturing industries.
Data was collected through the use of questionnaires and extract from textbooks, journals, Newspapers, Official reports and documents and other relevant related work on the topic under study.
To analyze the information collected, descriptive and discursive techniques of data analysis was adopted. Research findings revealed that local industries in Nigeria suffer financial weaknesses in setting up, management and sustenance of the enterprises.
BACKGROUND OF THE STUDY
Adejo (1976) defined an industry as “any grouping of business that share a common method of generating profits, such as the “music industry”, the “automobile industry”, “textiles industry”, “food industry” etc. In the same vain,
Anyanwu et al (1997) defined an industry as a number of firms producing broadly similar commodities”. A Local industry on the other hand, consist of many indigenous producers,
home workers who are engaged in a task such as sewing, lace-making, agriculture, to large centralized factories, whose ownership, management, controls and source of raw materials are in greater percentage from the local environment.
It is very common in the time when a large proportion of the population is engaged in agriculture, manufacturing and other related activities for the economic development of any society. (Websites Wikipedia, the free encyclopedia 2006).
In Nigeria, the need to initiate and encourage development of local investment activities cannot be overemphasized.
As rightly put by Adegoke (2001) “The failure of government dominated economic activities during the oil boom era indicated that sustenance of a developing mono-economy cannot depend on the vagaries of international market forces.
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