Back to: ECONOMICS SS2
Welcome to class!
In today’s class, we will be talking about industries in Nigeria. Enjoy the class!
Industries in Nigeria
Introduction to industries in Nigeria
Nigeria is one of the many developing nations of the world. As a result of this, there are quite a number of industries in the country. Although many of these industries are generally located in major cities such as Lagos, Port Harcourt and Kano, they still manage to cut across various sectors of the economy. Most of the manufacturing industries in the country include those in mining, agricultural production, rubber, wood, textiles, cement manufacturing as well as the manufacturing of other construction materials. There are also those involved in food production, footwear, petrochemicals, fertilizer, printing, ceramics, iron and steel etc. Indeed, the Nigerian economy is assorted even though some unfortunate circumstances/situations have consistently hampered growth.
The meanings of plants, firm, industry and factory
- Plant: Also called industrial plant or manufacturing plant, it refers to the necessary infrastructure/facilities used by any manufacturer in [their] daily operations. The operation of these facilities, or the department of an organization which does so, is called Plant operations or facility management. Please note that inasmuch as the word plant may be used interchangeably to mean business or firm, the strict economic use for the plant is in its relationship to a physical production facility. In other words, the industrial plant is not the company itself. Most times, industrial plants are built in separate places, located away from where the administrative offices of businesses are. But it can also happen that due to cost effects, plants and office blocks and built within the same locations.
- Firm: Simply defined, a firm is a corporate [business] entity which may be a limited liability company or partnership. A firm’s major objectives are usually to sell goods/services, satisfy their customers and make profit in the process. While most firms are located in a single place, a single firm may consist of more than one establishment; with the headquarters and several branch offices. Firm may be typically associated with law practice, but in Economics it is also used to represent business concerns or enterprises.
- Industry/Factory: Oftentimes, the terms factory and industry are used interchangeably as though they mean the same thing. In actuality, they both have different meanings. The industry for instance has to do with the production of economic goods which could be tangible products or services. In other words, industry is the integrated production activity of goods/services within a particular economy. A factory, on the other hand, is an is an industrial site made up of buildings and machinery where production activities often carry on 24/7. The two terms are actually intricately related yet very distinct; related in the sense that they both have to the do with the production of end products. But whereas the industry is more encompassing, factory specifically has to do the operation of machines and the use of machines to produce goods.
Types of industries in Nigeria
There are many types of industries in Nigeria, examples of which include-
- Hospitality etc.
In our next class, we will be talking about the Location of Industry. We hope you enjoyed the class.
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