(a) Outline five factors that should he considered in the location of an industry (b)...
(a) Outline five factors that should he considered in the location of an industry
(b) State five benefits of industrialization to a country
Correct Answer:
Explanation
(a) Factors that should be considered in the location of an industry: (i) Government policies. (ii) Raw materials resources.
(iii)Availability of capital. (iv) availability of labour. (v)Availability of market.
(vi) Presence of transport network. (vii) Power or fuel supplies. (viii) Availability of large area of land for expansion.
(ix) Personal preference of the entreprenuer. (x) Political stability.
(xi) Port facilities. (xii) The existence of an industrial estate. (xiii) Pull to existing industrial clusters.
(b) Benefits of industrialization to a country: (i) Employment generation. (ii) Promotes international trade.
(iii) Transfer of technology. (iv) Control of inflation. (v) Provision of goods. (vi) Revenue to government.
(vii) Foreign exchange earning. (viii) Curbing rural-urban migration. (ix) Improvement in standard of living.
(x) Improvement in the balance of trade. (xi) Diversification of economy. (xii) Conservation of foreign exchange.
(xiii) Funding of education and research. (xiv) Development of infrastructure and social amenities.
(xv) Contribute to the Gross National Product. (GNP). (xvi) Skill acquisition and manpower development.
(xvii) Growth of ancillary industries. (xviii) Stimulation of other sectors.
(xix) Income to operators. (xxi) Prestige in the comity of nations.