Skip to content

INDUSTRIES IN NIGERIA

economics

Meaning Industry

An industry consists of a group of firms producing broadly similar commodities. Examples are the shoe industry, the transport industry, the cement industry, etc.

The production side of business activity is referred as industry. It is a business activity, which is related to the raising, producing, processing or manufacturing of products.

The products are consumer’s goods as well as producer’s goods. Consumer goods are goods, which are used finally by consumers. E.g. Food grains, textiles, cosmetics, VCR, etc. Producer’s goods are the goods used by manufacturers for producing some other goods. E.g. Machinery, tools, equipment’s, etc.

Expansion of trade and commerce depends on industrial growth. It represents the supply side of market.

Firm

The firm is an independently administered business unit carrying out production, construction, or distribution activities. Examples of firm in Nigeria are Dangote cement, Cadbury Nigeria Plc.

PLANT

This is the same as the factory. It consists of the tools, equipment, machines and buildings of a business concern. It is a business establishment or the actual place where production is organized. E.g Aladja steel plant, etc.

                                           Types of Industries

1. Primary Industry

Primary industry is concerned with production of goods with the help of nature. It is a nature-oriented industry, which requires very little human effort. E.g. Agriculture, farming, forestry, fishing, horticulture, etc.

2. Genetic Industry

Genetic industries are engaged in re-production and multiplication of certain spices of plants and animals with the object of sale. The main aim is to earn profit from such sale. E.g. plant nurseries, cattle rearing, poultry, cattle breeding, etc.

3. Extractive Industry

Extractive industry is concerned with extraction or drawing out goods from the soil, air or water. Generally products of extractive industries come in raw form and they are used by manufacturing and construction industries for producing finished products. E.g. mining industry, coal mineral, oil industry, iron ore, extraction of timber and rubber from forests, etc.

4. Manufacturing Industry

Manufacturing industries are engaged in transforming raw material into finished product with the help of machines and manpower. The finished goods can be either consumer goods or producer goods. E.g. textiles, chemicals, sugar industry, paper industry, etc.

5. Construction Industry

Construction industries take up the work of construction of buildings, bridges, roads, dams, canals, etc. This industry is different from all other types of industry because in case of other industries goods can be produced at one place and sold at another place. But goods produced and sold by constructive industry are erected at one place.

6. Service Industry

In modern times service sector plays an important role in the development of the nation and therefore it is named as service industry. The main industries, which fall under this category, include hotel industry, tourism industry, entertainment industry, etc.

 

See also

IMPERFECT MARKET

MARKET STRUCTURE

SUPPLY OF LABOUR

LABOUR MARKET

ECONOMIC SYSTEMS

 

Related Words

  • industries in nigeria
  • industries in nigeria and their location
  • industries in nigeria and their raw materials
  • industries in nigeria and what they produce
  • industries in nigeria are classified into
  • industries in nigeria in economics
  • industries in nigeria ss2
  • industries in nigeria and their products
  • what are the main industries in nigeria
  • what are the major industries in nigeria
  • types of industries
  • types of industries in business
  • types of industries to work in
  • types of industries on linkedin
  • types of industries in the us
  • types of industries pdf
  • types of industries in tech
  • types of industries in marketing
  • types of industries in stock market
  • types of industries in economics
SUBSCRIBE BELOW FOR A GIVEAWAY

More Suggestions

Leave a Reply

Your email address will not be published. Required fields are marked *