6 Solid Reasons Why Countries Needs Industries

Industry

Hello guys, am here again with another fantastic article that will interest you. Today I will be writing on reasons why a country needs industry in the society. We are going to be talking about their importance and the role they play in the country at large.

An industry is where they manufacture goods and service for the use of people in the country. Industry can come in many ways, some industries produce the same goods or provide the same service but follows different strategies and different ideas to run their company. Industry creation has benefited the country and its play a major role in the betterment of the life of the citizen in the country.

Industry however is not an easy organization to run, either small or large industry, thats why some people look for share holders to invest in their company so as to raise fund to run the industry. However the major share holder of an industry holding like 51% shares will have the right to decide major event happening in the company because a share holder holding 51% is the major owner of te company. With that percentage he can decide on major important issues in the company.

Not only industry affect the lives of the people, industry creation has also improves the economy growth of any country either the small scale industry or the large scale industry. Paying of tax, betterment of the citizen, creation of employment opportunity are major importance of an industry in a country whereas this major importance has played major roles in the economy of a country. Taking look at countries all around, they majorly depends of companies for their economy to strive well.

Now am going to list out 6 major reasons why a country needs industry in the society.

1. Employment Opportunities.

2. Tax.

3. Improve Foreign Exchange reserve.

4. Making Use of natural resources.

5. Improve the standard of living of the people in the country.

6. Market Expansion.

Like I always do, I dont just list point but I further explain any point I highlighted. So if you want to know more about the 6 major reasons why a country needs industry in their society, you have to continue reading as I explain the 6 point in details.

1. Employment opportunity

One of the major important of an industry in a country is employment opportunity. A country cannot never give all their citizens work to do, so they need the assistance of private industry to feed  the space of unemployment in the country. Private companies employs more people in the company than government owned companies. Reasons is because private companies are many than government sectors. So they tend to employ more people, and citizen also will have the opportunity to display their talent in te industry. For instance, in a country of 200 million population, atleast up to 5 to 6million student graduate every year. Meanwhile people retiring from government industries in a year is not even up to 100,000 people. How do you think government will provide work for the millions of student graduating every year. And thats where the other industries will come in by employing those just graduating student. Some rich parent sometimes establish industry for their children as soon as they graduate and this kind of graduate owning an industry can also employ others and so on like that till unemployment is eradicated in the society. So this is one of the major importance of industry in the country eradicating unemployment.

2. Tax

Most countries like Dubai, United states, and some other developed countries survive with this industry tax. In this developed countries, they give large opportunity to small scale industry which in turn gives back enough tax to survive and run the economy of their country. In this developed countries, individual pay tax on their properties and all yielding to gain for the country. So industrial tax has play a major role in the development of a country.

3. Improves Foreign exchange reserve

Yes, industry creation both small and large scale industry will greatly improve foreign exchange reserve. Foreign exchange simply means exchanging of currency or good and services. For instance some country will export cocoa to another country and get fuel I'm return as payment. While sometimes we exchange currency like dollar and Naira. Creation of industry will go along way because industries tends to exchange more goods and services on daily basis. For example, some oil companies in Nigeria will extract crude oil from Nigeria lands and export it to another country to refine it or most times sell out the raw crude oil to refineries in other country. During this process, goods and services is being exchanged,curries are also exchange and all this will keep increasing the foreign exchange reserve of the country.

4. Making Use of natural resources

Like I have earlier said, creation of industry will certainly make use of natural resources. What is natural resources, they are resources that reside in the ground, atmosphere and so on. Each country around the world have their own natural resources. For instance, Nigeria have so many natural resources like crude oil, gold, precious stones, coal and many like that. Creation of this industries will make use of this natural resources with the use of their equipment which will in turn help the economy of the country.

5. Improves the standard of living of people in the country.

Industrialization will surely improve the standard of living of the people in the country. An employed graduate will be able to feed his or her family with ease and even have more property or even starting his or her own small industry employing another set of people to work for him or her. Like that industries becomes many in the country and when their is employment opportunity in a country, the standard of living of the citizen will improve.

6. Market Expansion

Their will be market expansion if their is enough industry in a country. The market will begin to expand more and more as industry becomes many in a country.

In conclusion, reading the explained reasons highlighted above, it can surely convince you on reasons why a country needs industries.


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