Inaugural Lecture Series

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Browsing Inaugural Lecture Series by Author "Adejuyigbe, M. O. A"

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    The Nigerian Derailed Industrialisation: Causes, Consequences and Cures
    (University of Lagos Press, 2006-03-29) Adejuyigbe, M. O. A
    Industrialisation means the application of mechanical power to production and transport. It describes the process of harnessing human and material resources through rapidly increasing application of science and technology to boost production; it involves the mechanisation and automation of tasks that were previously manually performed. It is concerned with specialisation, mass production and mass movement of goods and services. The need for transport development, particularly transportation modes that are most suitable for masses of people and goods, is crucial and indispensable. The developments of the railway and waterways are of far greater importance than any other system. In a nascent developing economy, sustainable industrialisation must converge on domestic resources or skills, while industrial production must largely converge on popular domestic needs. Industrialisation is narrowly defined as the manufacturing sector, excluding construction and mining. Industrialisation constitutes the pivot, around which economic development revolves. The overriding factor in economic growth centres on the use of continually advancing technology in the production of increasing proportion of the nation's manufactures, so that economic growth is internally generated. This is in contradistinction to such economic growth that is attained through the sale of "fortuitous gifts" of nature. To wit, the export of crude oil, gold, or other minerals will not pass for economic growth or development. These are changes in the economy that are thrust upon it from the outside world and which are incapable of generating economic development.