Industrialisation is the period of social and economic change that transforms a human group from an agrarian society into an industrial society, involving the extensive re-organisation of an economy for the purpose of manufacturing.
It is a process that involves the development of industries in a country.
- Import Substitution Strategy: As defined by Todaro and Smith (2000), this is a deliberate effort to replace major consumers import by promoting the emergence and expansion of domestic industries such as textiles, shoes, and household appliances.
- Local Resources Utilisation: This involves the use of available local raw materials and other available resources in the production of goods and services.
- Indigenisation Policies: An indigenisation programme was carried out in the 1970s and together with further phases which were implemented before 1980; it resulted in Nigerians taking over the control of several businesses hitherto controlled by foreigners. Adopting indigenisation policies is one way of achieving industrialisation in Nigeria.
- Technology Transfer Policy: This policy was formulated to complement the industrial policy whose strategy is import substitution. The technology transfer policy (1986) relied on the transfer of foreign technology development as vehicles for achieving the nation’s industrial goals and objectives. There are different means of promoting technology transfer for a country’s industrial development. These include: setting up of export processing zones (EPZ) and industrial zones (IZ), attracting Foreign Direct Investments (FDIs), etc.
- Export Promotion Strategy: As defined by Todaro et al (2006), export promotion refers to government’s effort to expand the volume of a country’s export through incentives (public subsidies, tax holidays, and different kinds of financial and non-financial measures designed to promote a greater level of economic activity in export industries) and other means in order to generate more foreign exchange and improve the current account of its balance of payment.