1.1 Background of the Study
Industrialization has not only changed the way the world do business but also changed the world itself. Fortunately, Nigeria is one of the countries that did not escape its impact. Industrialization is the process of social and economic change that transforms a human group from a pre-industrial society into an industrial one. It is a part of a wider modernization process, where social change and economic development are closely related with technological innovation, particularly with the development of large scale energy and metallurgy production. It is the extensive organization of an economy for the purpose of manufacturing.
Industrialization also introduces a form of philosophical change where people obtain a different attitude towards their perception of nature and a sociological process of ubiquitous rationalization. The key positive factors identified by researchers that is facilitating industrial modernization and enterprise development have ranged from favourable political-legal environment for industry and commerce through abundant natural resources of various kinds, to plentiful supplies of relatively low cost, skilled and adaptable labour.
During the process of industrialization level of income per person (per capita income) rises and productivity level increases, there is wide spread replacement of manual labour by machines and this began in great Britain in the 18th century and is still continuing in some parts of the world. This process was the result of many fundamental interrelated changes that transformed agricultural economies into industrial ones. The most immediate changes were the nature of production; what was produced as well as where and how.
Studies of countries in Africa, Latin America, the Caribbean, the Middle East and the rest of Asia in the late 20th century found that high levels of structural differentiation, functional specialization and autonomy of economic systems from... [continues]
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(2011, 03). The Impact of Foreign Direct Investment on Nigeria Economic Growth. StudyMode.com. Retrieved 03, 2011, from http://www.studymode.com/essays/The-Impact-Of-Foreign-Direct-Investment-627288.html
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