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Mineral resources are the primary
raw materials for industrialization. Nigeria has abundant minerals for a wide
range of industries. Iron ore and a host of other locally available
metallurgical raw materials are being utilized for the local iron and steel
industry. Crude oil and natural gas are the basic for the petrochemical and fertilizer
industries.
In addition to these heavy
industries, the availability of a large number of minerals has supported a
dynamic building and construction industry, the chemical industry, and the
manufacture of glass, ceramic products as well as other manufacturing
processes.
But with all these, Nigeria is still
far from actualizing her true potential. What? With an epileptic electricity
supply, industrialization can only be a dream and far from reality. Examples
are there like in countries like Ghana, Senegal, South Africa etc. where
electric power supply is very stable a rapid industrial revolution is going on
in these places though it might not be so glaring, but it’s there. Just imagine
Nigeria having a steady power supply like one of these nations, what the effect
on industrialization in Nigeria will be.
Government to a very large extent
has the will power to encourage industrialization by providing an enabling
environment to do business. Government does not necessarily have to dole out
money to support companies to spring up, but just needs to provide infrastructures
like good roads, portable water, security, electricity, and also very
importantly a fair tax regime, for industries to start springing up and
flourishing. At least that’s what the Ghanaian govt used in woeing some of
these companies to its shore, by offering them a 10years tax break.
Nigeria can also boast of one very
important factor for massive industrialization, this is a very large population
which ensures that the market is always there. Little wonder despite how tough
it is to do business in Nigeria considering our security, electricity and other
infrastructure problems, foreign companies still rush to come into the Nigerian
market.
Finally, there is a tremendous
growth potential for industrialization in Nigeria, to meet local demands and that
of the Economic Community of West African States. But the Nigerian government
will have to step up its game of providing the necessaries and the industries
will start rolling in big time. Like is said, “Government has no business in
doing business.” So if Nigeria hopes to join the industrialized nations of the
world in the near future her government just needs to provide the enabling
environment, and her people will take it from there.
By Okunamiri ChineduF
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