The president of manufacturing association of Nigeria, Rufus Giwa (2000.p 16) define industry as 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 bid 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 articles which we can’t 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 cam destroy if not carefully handled.
A study on how foreign product crowd our market, and how our local industries are nose-divine into oblivion show that we are already receiving a fair does of rough handling under the sharp claws of this excessive importation.
“The Nigerian trade journal” of March/April 1980, analyzing our trade statistics put the total of beer & stout importation at N7, %62, 3/5. people should 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 tooth picks and toilet tissues?
The millions of graduate that our academic institutions turn out annually have their fate hanging over the balance with hands supporting their checks, and all hoe 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 is the few existing ones battle to break even and remain in contention. Consequently unemployment and poor standard of living can’t b
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