THE EFFECT OF UNBRIDLE IMPORTATION ON INDIGENEOUS INDUSTRIES

THE EFFECT OF UNBRIDLE IMPORTATION ON INDIGENEOUS INDUSTRIES
 
CHAPTER  ONE
INTRODUCTION
1.1  GENERAL BACKGROUND TO THE SUBJECT MATTER
The President of Manufacturing Association of Nigeria, Rufus Giwo (2010) defined industry thus:  “Industry, particularly, manufacturing, is the motive force for development.  In fact industrialization is more than engine of growth.  It is also the catalyst for technological, financial and socio-economical advancement”. Trade, and more specifically foreign trade have astronomically been instrumental in man’s bids towards betterment of his life on earth.  Today, we can enjoy and make use of automobiles made in far away Japan as if they grow in our gardens.  Other artier as which we cannot dream of producing even in the next millennium liters our markets as if they were going out of fashion.  All these are courtesy of foreign trade and broadly on one of its two-pronged division; “importation”.  A very important concept it is, but like a two-edged sword.  It can destroy if not carefully handled.
A study on how foreign products crowd our market, and how our local industries are wise-divine into oblivion show that we are already receiving a fair dose of rough handing under the sharp clones of this excessive importation.  “The Nigeria trade journal” of March/April 1980, analyzing our trade statistics put the local of beer and stout importation atN7,562,315 people shouted and rose dust over it that it is excessive, but what have we to say today that people zoom off from the country just to import too the picks and toilet tissues?
The millions of graduates that our academic institutions turn out annually have their faith hanging over the balances with hands supporting their cheeks and all hope on divine intervention.  They helplessly watch as our few industries fold up in their hundreds. Retrenchment and counter retrenchment of workers have become so common at the few existing ones battle to break even and remain in contentious.  Consequently, unemployment and poor standard of living cannot be more adventurous. An idle man they said is the devils tool.  Coupling with the fact that both ends must meet arm-robbery.  Corruption and other social vices exert dominion.  Hence our country cannot help winning the inglorious “most corrupt country” award in the year 2000.