Thesis Abstract

Abstract
The effect of unbridled importation on indigenous industries has been a topic of great concern in the global economic landscape. This research study aimed to investigate the various ways in which unbridled importation impacts indigenous industries, with a focus on developing countries. The research employed a mixed-methods approach, combining both quantitative and qualitative data collection methods to provide a comprehensive analysis of the issue. The findings of the study revealed that unbridled importation poses significant challenges to indigenous industries in various sectors. One of the key impacts identified was the erosion of market share for local businesses, as cheap imported goods flooded the market, making it difficult for indigenous industries to compete. This led to a decline in production levels, profitability, and ultimately, the sustainability of many indigenous industries. Furthermore, unbridled importation was found to stifle innovation and technological advancement in indigenous industries. With easy access to imported goods, there was less incentive for local businesses to invest in research and development, leading to a stagnation of technological progress in key sectors. This lack of innovation not only hindered the growth of indigenous industries but also limited their ability to diversify and adapt to changing market demands. In addition to economic impacts, the study also highlighted the social consequences of unbridled importation on indigenous industries. The decline of local businesses due to competition from imports often resulted in job losses, reduced income for workers, and increased poverty levels within communities reliant on these industries. This, in turn, had a ripple effect on the overall socio-economic fabric of the society, leading to social unrest and instability in some cases. Based on these findings, the study recommends a multi-faceted approach to addressing the challenges posed by unbridled importation on indigenous industries. This includes implementing trade policies that protect local businesses, promoting entrepreneurship and innovation in key sectors, and providing support mechanisms such as subsidies and incentives to help indigenous industries remain competitive in the global market. Overall, this research contributes to the ongoing discourse on the impact of unbridled importation on indigenous industries and underscores the importance of implementing strategic measures to safeguard the interests of local businesses in the face of increasing global trade pressures.

Thesis Overview

 

INTRODUCTION

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 be more adventurous. An idle man they said is the devils tool. Coupling with the fact that both ends must need, am-robbery, fraud, bribery, corruption and other social vices exert dominion. Hence our country can’t help winning the inglorious” most corrupt country”  award in the year 200.

From the lamentable figures they post in their annual report as profit after exuberant tax from a government that don’t spare their selves thought about their welfare. Instead of re-investment  or expansion, the little token that  will succeed in dropping into their confer went into unreasonable advisement which they6 see as their last resort to remain in contention in their ever growing competitive market. These and many more have been the plight of our indigenous industries consequent upon excessive importation. This work try to look into the effect of this practice  and how to curtail its excesses. It will make a steep further to put forward measures towards revamping the  vandalized state of our indigenous industry.