THE EFFECT OF UNBIDLE IMPORTATION ON INDEGINEOUS INDUSTRIES
CHAPTER ONE
INTRODUCTION
1.1 GENERAL CONTEXT OF THE SUBJECT MATTER
Rufus Giwa, president of the Nigerian Manufacturing Association (2000, p 16), defines industry as follows:
“Manufacturing, in particular, is the driving force behind development.” In fact, industrialization is more than just a growth engine. It is also a catalyst for technological, financial, and socioeconomic progress.
Trade, and particularly foreign trade, has played a massive role in man’s quest to improve his lot in life on Earth.
Today, we can enjoy and use automobiles made in faraway Japan as if they grew in our gardens, while other items that we can’t imagine producing even in the next millennium liters our markets as if they were out of style. All of this is courtesy of foreign trade, and is broadly based on one of its two prongs.
Importation is a critical concept, but like a two-edged sword, it can be lethal if not handled carefully.
A study of how foreign products crowd our market and how our local industries are nose-divined into oblivion shows that we are already getting a rough deal from the sharp claws of this excessive importation.
According to “The Nigerian Trade Journal” of March/April 1980, analyzing our trade statistics, the total importation of beer and stout was N7, percent 62, 3/5. People should and rose dust over it that it is excessive, but what do we have to say today that people zoom out of the country just for tooth picks and toilet tissues?
The millions of graduates that our academic institutions produce each year have their fate hanging in the balance, with hands supporting their checks, and they helplessly watch as our few industries fold up in the hundreds. Retrenchment and counter-retrenchment of workers has become so common that the few remaining ones are fighting to break even and remain competitive. As a result, unemployment and a low standard of living are unavoidable.
They claimed that an idle man is the devil’s tool. Am-robbery, fraud, bribery, corruption, and other social vices wield power as a result of the fact that both ends require them. As a result, our country can’t help but win the ignominious “most corrupt country” award in the year 200.
According to the deplorable figures they post in their annual report as profit after exorbitant taxation from a government that doesn’t spare thought for their welfare. Instead of reinvestment or expansion, the small token that made it into their conference went into unreasonable advice, which they6 see as their last resort in order to remain competitive in their ever-growing competitive market.
These, and many other examples, have been the plight of our indigenous industries as a result of excessive importation. This work attempts to investigate the impact of this practice and how to limit its excesses. It will take a significant step forward to put forward measures to revitalize our indigenous industry, which has been vandalized.
1.2 PROBLEMS CONNECTED WITH THE SUBJECT MATTER
The subject is that which is in charge of a slew of problems. Here are a few examples:
i. DEPRESSION AND DUMPING: As more and more disturbed and unrestrained goods enter the country, combining with locally produced goods, a situation where supply exceeds demand will emerge. Not only will our shaky economy and indigenous industries face a severe downturn, but the entire country will be turned into a landfill.
ii. EXCESSIVE COMPETITION: Our weakened industries have become enraged by the threat posed by their vibrant foreign counterparts. These foreign goods took a large portion of the market share from day to day.
And, in order to remain competitive, our indigenous industries resort to aggressive promotion, which drains their meager income and has a negative impact on their level of operation.
iii. UNEMPLOYMENT: With a sizable portion of the market under the control of these foreign goods, and the plight of our indigenous industries deteriorating, mass retrenchment of workers becomes unavoidable; our graduates will then continue parading the streets with their files in search of work that never materializes.
iv. DISAPPEARANCE/EXTINCTION: The most heartbreaking aspect of it all is that, after so many years of battling Herculean foreign opponents, the majority of these indigenous industries inevitably end up kissing the dust of bankruptcy and liquidation.
v. BLEAK FUTURES FOR INDUSTRIALIZATION: The subject even posed a sinister signal to our country’s dream of industrialization the economy. After all, who will want to invest in the industrial sector if the government simply tells them to sit on their hands and watch foreign goods fly as freely as a weaver bird in and out of the country boundary?
How will the dream be realized while the meager number of existing industries continues to divide geometrically? With such a situation, the nations’ dream will be a mere mirage, and our country will forever remain a dependent and parasitic country on which foreigners will forever rely as a fertile ground for marketing their waves.
1.3 PROBLEMS WITH WHICH THE STUDY WILL BE CONCERNED.
i. The study will be concerned with how to systematically x-ray the rate of harms that will befall our country and its industries as a result of the continued imperialism of this heinous practice under these banners.
ii. Determine the magnitudes of damage caused by excessive importation to our indigenous industries.
iii. To instill in our countrymen the importance of having fourth in our local products and pipe-low in the rate at which they scramble over foreign goods.
iv. To ensure that the excessive importation of goods is controlled
1.4 THE CRITICAL IMPORTANCE OF STUDYING THE AREA:
The alarming rate of importation, as well as our country’s obsession with imported goods, which our local industries are subjected to, inspired and energized the writing of this project work.
This study will help to drastically reduce, if not completely eliminate, our dear country’s fearful rate of importation of foreign goods.
With an increase in the operational level of our industries, the problems of unemployment will be alleviated. Retrenched workers will wear smiles on their previously desperate faces. And our graduates’ ambition of contributing their quota to the development of our country will be realized;
with such development, more industries will be established, people will have more places to harvest, the standard of living will be raised, and our poor economy will be stabilized.
1.5 DEFINITION OF IMPORTANT TERMS
Before we delve deeper into this study, let us try to clarify some terms and words that will appear throughout it.
IMPORTATION: The act of bringing or causing goods to be brought into the territory of another country. It can also be viewed as a branch of foreign trade that deals with bringing goods into a country. Under normal circumstances, the goods in question are assumed to be subject to the country’s import quotas and actual requirements.
IMPORTATION THAT IS EXCESSIVE OR UNBRIDLED
Importation is said to be unbridled or excessive when the government’s import quotas are not met or are not followed. It can also refer to when the emphasis of importation is not placed firmly on what a country cannot produce or on its basic necessities.
IMPORT QUOTAS: These are quantitative figures for a specific product during a specific time period.
INDUSTRY: This is a grouping of companies that produce similar goods or operate in the same industry. It can be defined as the transformation of materials from their original state to new forms.
FIRM: This is the economic mind of a company involved in a specific manufacturing process.
INDUSTRIALIZATION: This term is synonymous with technology. Technology, on the other hand, refers to the tools and machines used in the production of both capital and consumer goods.
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THE EFFECT OF UNBIDLE IMPORTATION ON INDEGINEOUS INDUSTRIES
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