Key Word Corner:
Primary Sector
This involves getting raw materials. For example, metals and coal have to be mined and foodstuffs farmed.
Secondary Sector
This is the manufacturing process. It involves converting raw materials into products, for example, making plastics from oil. It also involves assembling the product, e.g. building houses, bridges and roads.
Tertiary sector
This refers to the services that support the production and distribution process, e.g. insurance, transport, advertising, warehousing and other services such as teaching and health care.
Primary Sector
This involves getting raw materials. For example, metals and coal have to be mined and foodstuffs farmed.
Secondary Sector
This is the manufacturing process. It involves converting raw materials into products, for example, making plastics from oil. It also involves assembling the product, e.g. building houses, bridges and roads.
Tertiary sector
This refers to the services that support the production and distribution process, e.g. insurance, transport, advertising, warehousing and other services such as teaching and health care.
Nigeria has moved towards a balanced economy- agriculture, industry and services are now balanced.
Why has Nigeria's economy developed?
- Rapid advances in technology
- Investment in science and technology training
- IT is beginning to drive the economy more than oil
- Many speak English giving a possible growth in telecommunications
How is manufacturing affecting economic development?
- Regular paid work gives a more secure income
- People then have a bigger income to spend on purchasing products
- Lots of manufacturing industries are linked together so growth in one sector encourages growth in other areas
- People then have a bigger income to spend on purchasing products
- More people are employed so income from taxes increase
- Industry attracts more FDI which further increases economic growth