IMPACT OF INDUSTRIALIZATION ON ECONOMIC GROWTH IN NIGERIA (1983-2019)

📄 Project Abstract

The structure of Nigerias economy is typically an underdeveloped one. More than half of the Gross Domestic Product (GDP) is accounted for by the primary area where agriculture continues to play a vital role. In particular, the oil and gas quarter remains the main driver of the economy, accounting for more than 95 percent of export earnings and approximately 85 percent of government revenue. The sector contributed 14.8 and 13.8 per cent of GDP in 2011 and 2012 respectively. Reservations also increased from 37,119 billion barrels (bbs) in 2012 to 36,042 pounds (bbs) in 2011. In Nigeria 's industrial area (including production, mining and utilities) money owed for a small percentage of financial activity (6 percent) while the production area contributed best to 4 per cent of gross domestic product in 2011.This is despite political initiatives that have sought to promote the process of industrialization over the last 50 years and in particular, more recently. The country adopted import-sub...