THE EFFECT OF UNBIDLE IMPORTATION ON INDEGINEOUS INDUSTRIES

Project Abstract

The effect of unbridled importation on indigenous industries is a topic of significant concern in the global economy. This research aims to investigate how the unrestricted importation of goods and services impacts local industries in various countries. The study will explore the challenges faced by indigenous industries when competing with imported products, including issues related to price competitiveness, quality standards, and market share. Through a comprehensive review of existing literature and empirical data analysis, this research will examine the various factors contributing to the negative effects of unbridled importation on local industries. These factors may include unfair trade practices, lack of government support, inadequate infrastructure, and limited access to capital and technology. By identifying and analyzing these factors, the study seeks to provide valuable insights into the mechanisms through which unbridled importation undermines the growth and sustainability of indigenous industries. Furthermore, this research will investigate the potential consequences of the decline of indigenous industries due to unbridled importation, such as loss of employment, reduced economic development, and increased dependency on foreign goods and services. By understanding these consequences, policymakers and stakeholders can develop strategies to mitigate the adverse effects of unbridled importation and promote the growth of local industries. The findings of this research are expected to contribute to the existing body of knowledge on the impact of international trade on indigenous industries and provide practical recommendations for policymakers, industry players, and other stakeholders. By shedding light on the challenges and opportunities associated with unbridled importation, this study aims to raise awareness about the importance of supporting and protecting local industries to ensure sustainable economic development and prosperity for all. In conclusion, the effect of unbridled importation on indigenous industries is a complex and multifaceted issue that requires careful analysis and strategic interventions. This research seeks to deepen our understanding of this issue and offer insights that can inform policy decisions and industry practices. Ultimately, by addressing the challenges posed by unbridled importation, we can create a more balanced and sustainable global economy that benefits both local industries and the broader community.

Project Overview

<p> </p><p>&nbsp;</p><p><strong>INTRODUCTION</strong></p><p>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 &nbsp;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 &nbsp;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 &nbsp;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 &amp; 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?</p><p>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. &nbsp;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” &nbsp;award in the year 200.</p><p>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 &nbsp;or expansion, the little token that &nbsp;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 &nbsp;and how to curtail its excesses. It will make a steep further to put forward measures towards revamping the &nbsp;vandalized state of our indigenous industry.</p> <br><p></p>