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List the significance of the manufacturing industry

List the significance of the manufacturing industry

Answers

Faith
One of the major importance of manufacturing industry is to boost the economic
development of Africa, as well as economic growth in all sector of economy.

This means:

(i) Industrial growth is cumulative and can stimulate progress in other sectors of
the economy. For instance, fertilizers are industrial products, which if well
used in the improvement of impoverished soils will not only improve the soils
fertility but also enhance agricultural productivity and consequently improve
food security in the region.

(ii) Where industry is concerned with the processing of commodities for export, it
increase foreign exchange by increasing the value of the commodities.

(iii) Where raw materials are found locally, the finished products are less expensive
than their imported substitutes.

(iv) Industrial sector could surplus population in the agricultural sector and at the
same time improve the marginal productivity of the people left behind.
Titany answered the question on January 18, 2022 at 06:05

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