GENERAL BACKGROUND TO THE SUBJECT MATTER.
The president of manufacturing association ofNigeria, Rufus giwa(2000 .p 16) defined industry thus:
“ Industry particularly, manufacturing, in the motive force for development. Infact, industrialization is more than engiues of growth. It is also the catalyst for technological, financial and socio- economical advancement.”
Trade and more especially foreign trade have astronomically been instrumental in mans bids towards betterment of his life on earth. Today, we can enjoy and make use of author mobile made in far awayJapanas if they grow in our garders. Other articles which we cant dream of producing even in the next millennium liters our market as if they were going out of fashion. All these are courtesy of foreign trade and broadly on one of its two- pronged division: “ impastation”. A very important concept it as, but like a two edged sword, it can destroy if not carefully handled.
A student on how foreign products crowd market and how our local industries are nose. Divine into oblivion show that we are already receiving a fair dose of rough handling under the sharp claws of this excessive importation.
“ TheNigeriatrade journal” of March/April 1980, analyzing our trade statistics put the total of bear and stout importation at N7,562,315. people shouted and rose dust over it that it is excessive, but what have we to say today that people zoom off from the country just to import tooth picks and toilet rolls?
The millions of graduates that our academic institutions turn out annually have their fate hanging over the balance. With hands supporting their checks, and all hope on divine intervention they helplessly watch as our few industries fold up in their hundreds.
Retrenchment and counter retrenchment of workers have become so common as the few existing owns battle to break even and remain in contention. consequently, employment and poor standard of living can’t be more adventurous.
An idle man they said in the devils tools. Cooping with the fact that both ends must meet, arm-robbery, fraud, bribery corruption and other social vices exert dominion. Hence our country can’t heap winning the inglorious “most corrupt country” award in the year 2000.
Our surviving industries virtually are at the end of this letter forgery, from the lamentable figures they post in their annual report as profit after exuberant tax from a government that don’t spare their selves a thought about their welfare instead of re-investment or expansion, the little token that will succeed in dropping into their coupes went into unreasonable advisement which they see as their last reset to remain in contention in the ever growing corporative market.
These and many must have been the plight to our indigenous industries consequent upon excessive importance. This work try to look into the effect of this practice and to curtail it’s excesses. It will make a step further to put forward, measures towards revamping the vandalized state of on indigenous industry.
1.2 PROBLEMS ASSOCIATED WITH THE SUBJECT MATTER
The subject matter is that which have a hamper of problems under it’s care. Below are some of them.
- DEPRESSION AND DUMPING: With more and more goods from abroad finding their ways undisturbed and unrestricted into the country, compiling with the locally made ones, a situation where supply will exceed demand will emerge. And nor only will on wobbled economy and indigenous industries Sutter a great depression, but also the nation will be into a dumping ground.
- EXCESSIVE COMPETITION: Our weak industries became so much endangered by the menace of their vibrant foreign counterparts. Much of the market share from day to day fell to these foreign goods. And to fight back in their own effeminate way in order to still remain in contention, our indigenous industries resort to aggressive promotion which drain their merger income and adversely affect their level of operation.
- UNEMPLOYMENT: With a generous portion of the worker under the control of these goods, mass retrenchment of workers becomes
Our gradates will then, day in and day at continue parading the street with the files in search of work that never exist.
- FOLDING UP/ EXTENTION: The heart breaking stage of it all is that after so many years of struggling with their Herculean foreign opponents, majority of these indigenous industries inevitably end up kissing the dust of bankruptcy and liquidation.
- BLEAK FUTURES FOR INDUSTRILIZATION: The subject matter even posed a sinister signal to our country’s dream towards industrializing the economy. Judging this, who will wish to invest in the industrial sector while the government will just fold their hands and watch indifferently as foreign goods fly as foes as weaver.
Bird in and out of the country’s boundary? How will the dream be realized while the merger number of industry already in existence keep on droindling geometrically? With such a situation end up as a more mirage and our country, will perpetually remain a dependent and parasitic country where foreigners will for dernity rely on as a fertile ground for marketing their wares.
1.3 PROBLEMS THAT THE STUDY WILL BE CONCERNED WITH.
- The study will occupy itself with how to systematically X- ray the date of harms that will be the lot of our country and their industries with the continuous imperialism of this ugly practice under these marquees.
- To identify the magnitude of damage which on indigenous industries have been subjected to die to excessive importance.
- To inculcate in the muld of our country men the need for then to have faith in our local produces and pipe line at the rate by which they scramble over foreign goods.
- To ensure that the excessive importation goods are controlled.
1.4 IMPORTANCE OF STUDYING THE AREA:
The aspiration and zeal of writing this project work was drawn from the alarming rate of importance, and our country’s obsession for unprotect goods which on local industries are at the receiving end of.
This study will facilitate in a small measure the drastic reduction if nor completely, the fearful rate of importation in the country and the much inclination of the people of our dear country to foreign goods.
The problem of unemployment, with the increment in the operation level of our industries will be curbed. Retrenched work as will have smiles dotting their once desperate faces. And on graduate will have their ambition of contributing their quota towards the development of our country fulfilled with such a development, more industries will be established, people will have more places to invest standard of living will be enhanced, and our poor economy will be rejuvenated
1.5 DEEFINATION OF IMPORTANT TERMS
Before we delve deeper into thin study, let us try to illuminate some terms and words that will keep on occurring in this cause of study.
IMPORTATION: This is the act of bringing or causing any good to be brought into a country’s territory. It an also be seen as a branch of foreign trade which deals on procurement of goods into a country. These goods in question under a normal circumstances suppose to be under the import quota’s stipulation and actual requirement of the country.
EXCESSIVE OR UNRESTRAINED IMPORTATION: Importation can be as stipulated by the excessive when the import quota as stipulated by the government are being violated or not adhered to it. Can also mean when emphasis on importation nor strongly laid on what a country actually cant produce if their basic necessities.
INDUSTRY: This refers to the coming together of firms producing similar goods or are not engaged in the same line of operation. It can be said to involve the transformation of materials from original states to new forms.
And it may refer to a group of firms producing different ports of a product.
IMPORT QUOTAS: This is quantitative for a specific produce during a given period.
FIRM: This is an economic mind of an organization involved in a definite production process.
INDUSTRIALIZATION: This can be said to be synonymous with technology. And technology refers to these tools and machines used in the production of both capital and consumer’s goods.
OZUCHI CHIDI (2000), Economics A simplified Approach, Enugu Fabson Graphics productionNigeria.
AMAHALU, A. C. (1997) Basic economic for schools and colleges,Enugumaker and publication.
GIWA RUFUS” Nigerian industrial sectors on over view” Daily times, vol. 8, No.3 march 16 2000, p. 16
TRADE STATISTIC” (1999) The Nigeria trade journal, vol. 27 No.2 March/April 1980.
NWOGU IJEOMA (1999 ) “Importation of goods and services inNigeria: it’s impact on the economy”Enugu. I.M.T..