Current Volume 8
Abstract
The paper investigates the constraints to industrial development in Anambra - Nigeria. It starts by conceptualizing industry and industrialization as well as a brief on the various challenges hindering the nation from attaining industrial development. With the aid of primary data sources, basically survey findings from focus groups within the industrial settlements in Anambra Sate, the paper assesses the performance of the industrial sector in the state. It was observed that not much has been achieved as the major industrial indicators are not faring well. The poverty level, unemployment and rate of closure and distress of companies in Anambra buttressed those findings. To that effect, a number of constraints to industrial development in the State have been identified ranging from low return on investments due to infrastructural deficiencies (especially power), supply chain and product development issues, lack of capital and bankruptcy. In order to address these problems, the paper recommends among others that government policies/incentives should be fine-tuned to converge with economic progress, data analytic-driven approach should be deployed to solve supply chain problems. With the solutions provided in this study in solving the industrial problems identified in Anambra State, the State and the country (Nigeria) can adjust and work towards attaining industrial sufficiency.
Keywords
Industrial development, constraints, incentives, industrial sector, product development, industrial sufficiency.
Citations
IRE Journals:
Okeagu Fredrick Nnaemeka , Nwamekwe Charles Onyeka , Nnamani Blessing Precy
"Challenges and Solutions of Industrial Development in Anambra State, Nigeria" Iconic Research And Engineering Journals Volume 7 Issue 11 2024 Page 467-472
IEEE:
Okeagu Fredrick Nnaemeka , Nwamekwe Charles Onyeka , Nnamani Blessing Precy
"Challenges and Solutions of Industrial Development in Anambra State, Nigeria" Iconic Research And Engineering Journals, 7(11)
About IRE Journals
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