(a) Explain any four benefits of industrial development in an economy (b) Outline any four...

Explanation

(a)(i) Provision of employment opportunities;

(ii) diversification of the economy;

(iii) saving and earning of foreign exchange;

(iv)a high standard of living;

(v) increased government revenue;

(vi) it reduces the country's balance of payments problems;

(vii) it aids expansion in infrastructure;

(viii) technological progress;

(iv) increase in Gross Domestic product;

(x) controls inflation;

(xi) encourages the agricultural sector to pro-duce raw materials.

(b)(i) Development of infrastructure;

(ii) establishment of financial institutions to aid private enterprises.

(iii) tax incentives to industries;

(iv) training of manpower relevant to the industrial sector;

(v) sound economic policies;

(vi) direct government participation;

((vii) stable political environment;

(viii) removal of administrative bottlenecks which will hinder industrial growth.