Industrialization is the period of economic and social change that turns a human group from an agrarian to an industrial society. Industrialization entails the complete re-organization of an economy and has many advantages.
We have experienced industrialization in Africa over the last decade, bringing many advantages to the continent. Africa is a land full of opportunities and is well equipped with the necessary resources. Arise is common in African countries as it finances, designs, and conceives industrial ecosystems.
Africa also has many natural resources like rivers, minerals, fisheries, and forests, all having a significant valuation. The African population is always active and has manifested updated consumption habits in search of modernity.
Industrialization has a significant role in the economic development of third-world countries. Africa is the youngest continent in the world and is going through a significant demographic transition. Africa has a working-age population representing 60% of its population, and it does not face a domestic labor shortage.
Role of Industrialization in Africa’s Economic Development
Below we discuss the role of industrialization in Africa’s economic development.
1. Increased National Income
Industrialization enables under-developed African countries to maximize their rare resources. They also enhance the quality and quantity of goods, contributing significantly to GNP.
Workers in industrialized societies have higher labor due to high productivity. This boost in income increases the typical living standards for ordinary citizens.
2. Economic Stability
Countries that only depend on exporting and producing raw materials cannot have a fast economic growth rate. This is because of the fluctuating and restricted demand for raw materials and agricultural products. Industrialization has played a crucial role in enabling economic stability in these under-developed countries.
It also alters a country's foreign trade by boosting manufactured items' exports. Industrialization also helps African countries to conserve their foreign exchange by processing these materials at home.
3. Causes Progress in Other Sectors
Industrialization oversees progress in almost all sectors of an economy. Remember, development in one sector makes other related industries develop further. This, in turn, increases employment opportunities in all-sized industries.
Industrialization plays a crucial role in promoting specialized labor. Remember, work division increases labor, and this is more profitable. By providing machinery to farmers, industrialization causes a rise in agricultural production.
Increased use of the latest technologies has increased the harvests per hectare. Countries can also regulate and control industrial activity better than agricultural activity.
4. Reduced Population Growth
Industrialization branches to smaller families in a roundabout manner. Surplus staff shift to the industries and most are found in urban areas. These areas have good sanitation facilities, and the workers can easily access healthcare.
Individuals can lower the population growth rate by adopting various family planning methods. As stated above, industrialization enhances a worker's income, putting them in a better position to save.
Industrialization is the development of industries in a region or country, which has many benefits. The above article has discussed its top factors in Africa, and you can reach out for more information.