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From: EMMANUEL NICHOLAS whitebombom@yahoo.com [NaijaObserver] <NaijaObserver@yahoogroups.com>
Date: 18 June 2015 at 09:40
Subject: ||NaijaObserver|| INDUSTRIALIZATION PROCESS: THE ROLE OF GOVERNMENT
The activities of a regional or national economy are commonly divided into five components. The primary sector includes activities directly involving the physical environment; occupations such as agriculture, fishing, forestry, hunting and mining. The secondary sector involves the processing of raw materials and manufacturing. Most workers in North America are in the tertiary sector where they provide services. The service sector includes wholesale and retail sales, transportation, and finance, insurance, real estate. Finally, the expansion of the knowledge economy has necessitated the term quinary sector to refer to higher order, complex, and specialist tasks of control, production and management.
During the electioneering period the Akwa Ibom State governor made it clear that he will transforms the State with industries .And most of masses are unaware of how the intended investment will work. Many have already concluded that it was a lie to convince the jobless masses who are eager to have jobs to vote for him. But they are wrong because as soon he began his government his major steps have been projected on this area , the constitution of ten man committee for the actualization of Ibaka Deep Sea-Port, the visit to ailing industries like Peacock Paint are clear indication of his bid to fulfil his election promises on industrialization .
From: EMMANUEL NICHOLAS whitebombom@yahoo.com [NaijaObserver] <NaijaObserver@yahoogroups.com>
Date: 18 June 2015 at 09:40
Subject: ||NaijaObserver|| INDUSTRIALIZATION PROCESS: THE ROLE OF GOVERNMENT
INDUSTRIALIZATION PROCESS: THE ROLE OF GOVERNMENT
By Emmanuel Nicholas
Industrialization is frequently considered as the replacement of farming and resource extraction by manufacturing and service activity. This transition takes different forms in different places at different times. Geographies of industrialization and economic development are important in understanding future growth patterns.
The activities of a regional or national economy are commonly divided into five components. The primary sector includes activities directly involving the physical environment; occupations such as agriculture, fishing, forestry, hunting and mining. The secondary sector involves the processing of raw materials and manufacturing. Most workers in North America are in the tertiary sector where they provide services. The service sector includes wholesale and retail sales, transportation, and finance, insurance, real estate. Finally, the expansion of the knowledge economy has necessitated the term quinary sector to refer to higher order, complex, and specialist tasks of control, production and management.
As a country goes through industrialization or economic development it is possible to see a marked shift in the percentage of the labour force involved in each of the five sectors. Non industrial states have most of their workers involved in the primary sector. When industrialization begins there is great growth in the secondary sector and the percentage of workers involved in primary production decreases. With continued growth in economic activity the labour force shifts toward the third, fourth, and fifth sector. It is not too much to say that industrialisation is the kernel of national development because how much national industry develops directly links with how much national economy develops.
In what way should government contribute to the industrialization process? How can development be achieved? These have been the main questions since Governor Udom Emmanuel has promised to industrialize Akwa Ibom State during his election campaigns .The role of government in industrial development is evolving rapid economic development.
An entrepreneur requires a continuous flow of funds not only for setting up of his/ her business, but also for successful operation as well as regular up-gradation/ modernisation of the industrial unit. To meet this requirement, Government has to undertake several steps like setting up of banks and financial institutions; formulating various policies and schemes, etc. All such measures are specifically focused towards the promotion and development of small and medium enterprises. The public sector banks are the major sources of financial assistance to the industrial sector. They extend credit support to the firms in the form of loans, advances, discounting bills, project financing, term loans, export finance, etc. Some of the major examples of such banks are:-Bank of Industry, Bank of Commerce, Trade Bank and Bank of Industry.
The apex bodies are for promotion and development of both large and small scale industries in the country and major activities include: Advising the Government on formulation of policies and programmes for the small and large scale industries, Conducting periodical census/survey of the large/ small scale industry and generating data/reports on various important parameters/indicators of growth and development of the sector, Maintaining close liaison with other Central Ministries, Planning Commission, State Governments, Financial Institutions and other organisations concerned with the development of small-scale industries, Facilitating linkage of small-scale industries as ancillaries to large and medium scale industries, Developing human resource base through training and skill up-gradation. For achieving its objectives, and devise a comprehensive range of schemes for providing credit facilities, technology support services and marketing assistance.
During the electioneering period the Akwa Ibom State governor made it clear that he will transforms the State with industries .And most of masses are unaware of how the intended investment will work. Many have already concluded that it was a lie to convince the jobless masses who are eager to have jobs to vote for him. But they are wrong because as soon he began his government his major steps have been projected on this area , the constitution of ten man committee for the actualization of Ibaka Deep Sea-Port, the visit to ailing industries like Peacock Paint are clear indication of his bid to fulfil his election promises on industrialization .
The previously , government failure in managing business concern is basically caused by greedy politicians, gloomy –frustrating civil service operation, where there is no commitment to service, and these workers most times collaborate with fraudsters to defraud the ventures . Therefore Akwa Ibom State mission to build cottage industry is to partner the private sector.
Public–private partnership (PPP) describes a government service or private business venture which is funded and operated through a partnership of government and one or more private sector companies. These schemes are sometimes referred to as PPP. PPP involves a contract between a public sector authority and a private party, in which the private party provides a public service or project and assumes substantial financial, technical and operational risk in the project. In some types of PPP, the cost of using the service is borne exclusively by the users of the service and not by the tax payer . In other types (notably the private finance initiative), capital investment is made by the private sector on the basis of a contract with government to provide agreed services and the cost of providing the service is borne wholly or in part by the government.
Government contributions to a PPP may also be in kind (notably the transfer of existing assets). In projects that are aimed at creating public goods like in the infrastructure sector, the government may provide a capital subsidy in the form of a one-time grant, so as to make it more attractive to the private investors. In some other cases, the government may support the project by providing revenue subsidies, including tax breaks or by removing guaranteed annual revenues for a fixed time period.
Typically, a public sector consortium forms a special company called a "special purpose vehicle" to develop, build, maintain and operate the asset for the contracted period.[ In cases where the government has invested in the project, it is typically (but not always) allotted an equity share in the SPV. The cons
In an era of strong global competition, national, state, and local governments are vying to attract and retain investment by international firms by increasing the range and value of public incentives for businessmen to invest in their jurisdictions. These factors are Labour force, transportation, and quality of life, counterpart funding, state low taxation, marketing assistance, security and overall business climate factors as consistently ranked highest by business executives in order to invest in any location of choice. That is why many developing countries at all levels of government engage in either proactive or defensive incentive strategies aimed at attracting investment in competition with other locations, being in direct competition with developed economies. The reasons for this would appear to include at least three limiting factors. The other develop economy have quality infrastructures, security of investment and lives and vast market for their products.
Udom is initiating measures to spur investment and to make Akwa Ibom State more attractive to investors both at home and abroad. His government have put in place reforms to fast track investment through major infrastructural projects. It has fiscal consolidation to take the State higher and stabilize the condition of living of the people. To increase growth and woo back wary investors and new ones and Udom being an expert in investment Banking will formulates prudent polices that will attract investors.
Governor Udom always emphasized that the benefits of rapid growth must necessarily lead to betterment in the lives of the common people, underlining the need for policies and instruments that focus on skill development as a means to empower the people and also gears in investment. He added that Creation of new productive job opportunities for the growing labour force is the most powerful means of empowering the people and cannot do this except with an industrialize Akwa Ibom State.
The Akwa Ibom State knows that Economic development of any State totally depends on industries. Industries play an important role in any economy. Without industries, economic development is not possible and he will do all in his powers to see to the realization of industrial evolution in the State.
The Akwa Ibom State knows that Economic development of any State totally depends on industries. Industries play an important role in any economy. Without industries, economic development is not possible and he will do all in his powers to see to the realization of industrial evolution in the State.
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