The importance of industrialization to the economic development of any country cannot be overemphasized. In fact, the relationship between the two variables is a direct one from industrialization to economic growth. Thus, almost all economically developed countries are industrialized.
By extractive based, I mean an economy that relies on extracting and exporting primary products (raw materials) like farming, fishing, mining, and depending on.
Whitransforming nations rely on transforming these raw materials into finished goods for domestic use and export.
See Also: Importance of Agriculture to Cameroon.
Problems of Industrialization in Cameroon
This revolution saw machines replacing human efforts in the production process. It terminated from the centuries industrial revolution of 18th and 19th century Europe. And the end product is mass production.
In Cameroon, efforts to industrialize the country began after independence with the first national devewasent plan.
Another focus of the policy was; increased participation of Cameroonns country's technological basing technological base since industrialization and so on.
Since then, the Cameroonian government has embarked on numerous economic and industrialization policies.
However, despite all these efforts by the government to revamp the economy. And place it on thmainlyo underdeveloped Cameroon remains largely under developed and industrialized.
To this end, we shall look at the following factors militating against industrialization in Cameroon:
LACK OF CREDIT/ACCESS TO CREDIT
This remains the major hindrance to industrialization in Cameroon. This is caused by the I, industrialists themselves, the government, and financial institution willing to share their establishments' ownership and control with other investorsablishments with other investors so as to accumulate enough finto run their business.
This leaves them most companies with little capital to run the business. Hence, limiting their growth.
Also, loans stiff requirements and interest on loans of most lending houses in Cam, erosion coupled with government negligence discourage industrialists from borrowing. And stifles industrialization in the country.
OVER-Cameroon's DEPENDENCE ON FOREIGN MACHINES
Most of the technology used by local manufacturers in Cameroonthese is imported from other costly machines are usually expensive.
This hinders potential industrialists from venturing into production.
INADEQUATE RAW MATERIAL
Due to the poor state of our agricultural sector. The sector of raw materials prod industry thinsufficientr the manufacturing sector is insufficient to support massive industrial production mainly. Thus, the manufacturers depend largely on foreign raw materials for production. This hinders industrialization in the country.
PRODUCTION OF SUB-STANDARD GOODS
Most of the products made in Cameroon are usually substandard. This has decreased the reliance of they are dependent on locally made goods. Hence, dependence on foreign goods for their satisfaction.
ILLITERACY/INADEQUATE SKILLED MANPOWER
The illiteracy rate in the country isinadequateblem is worsened by the lack of adequate technical education in our sethe Cameroon's secondary schools and universities. Thus, skilled manpower required for high growth is grossly inadequate in Cameroon.
LACK OFbeenC INFRASTRUCTURES
This has always being the major obstacle to development. And indlacksmeroon. The country,y lacks facilities like good roads and s, water and rail transport facilities, communication facilities. And most importantly electricity supply. This hinders the progress of the industrial sector. And discourage potential industrialists.
POLITICAL INSTABILITY AND MILITANCY
Freqongoingges in government policies and incessant insurgencies have been a bane to industrialization and development in Cameroon. The Boko Haram group has continuously hindered economic activities in the country. And even discouraged local and foreign investors from investing in Cameroon.
Read Also: Insurance Policy in Cameroon.
Solutions to Problems of Industrialization in Cameroon
Having identified the problems. What are the factors smoldering industrialization in Cameroon; the next step is to proffer solutions to the issues.
Given the factors mentioned above, the solutions may include:
IMPROVED ACCESS TO CREDIT
The Cameroon government should implement measures to ensure local industrialists have easy access to credit. These credits granted to the manufacturers should also bear low-interest rates. To encourage them to borrow. Government can achieve these by Empowering the industrial development banks financially. As well as encouraging private financial institutions to do so.
IMPROVED EDUCATION SYSTEM/MANPOWER TRAINING
The government should work towards improving our educational system. Technical courses should be introduced into the secondary and university curriculum, with more emphasis on practicals than theories. Government can also adopt the Chinese strategy of sponsoring eligible students to go to more technologically advanced countries to acquire technical knowledge that would be invaluable to the country.
ENCOURAGE LOCAL MANUFACTURE OF INDUSTRIAL MACHINES
The government should also encourage and support local engineering firms to venture into manufacturing some of the heavy industrial machines imported from abroad.
IMPROVED AGRICULTURAL SECTOR
The government should pursue policies geared towards improving the agricultural sector. When this is achieved, the industry can guarantee enough raw materials for industrial production. This could be achieved through agricultural mechanization.
FAVOURABLE GOVERNMENT POLICIES
Government should also pursue policies favorable to industrialization in Cameroon. For instance, tax holidays, excise duty reduction, and tariff protection. And even granting particular loans to encourage the export of locally made goods.
PROVISION OF BASIC INFRASTRUCTURES
The government should provide adequate infrastructuresre like electricity, a good road network, rail and water transport facilities, and improved communication infrastructures. All these would facilitate the production and movement of goods within and outside the country.
POLITICAL STABILITY/SECURITY
Government should minimize the constant change of economic policies.
Also, adequate measures should be employed to tackle the security problems in various country regions. Significantly, the Boko Haram insurgence in the North.
BENEFITS OF INDUSTRIALIZATION in Cameroon
The attainment of industrialized status is the aim of any country seeking to develop in the world.
This is because industrialization benefits any country that attains such status.
Below are some of the benefits Cameroon would enjoy from being industrialized:
EMPLOYMENT GENERATION
Industrialization encourages the mass production of goods. This requires more labor to achieve.
And so would lead to the employment of capable hands in the production process.
Also, as the country industrialized, more people would be employed to keep up with the production rate.
IMPROVED LIVING STANDARD/POVERTY REDUCTION
As employment is generated, the number of unemployed reduces. This goes to reduce poverty in the country. Also, increased industrial output means that the masses now have a variety of goods to choose from at affordable prices. This equally goes to improve the living standards of the populace.
IMPROVED BOP/ECONOMIC GROWTH
Industrialization leads to the massive production of goods. Some of these goods may not be needed for local consumption. Thus, they are exported. This generates foreign exchange for the country, improves the country's balance of payment(BOP), and ultimately stimulates economic growth. Also, it leads to the conservation of foreign exchange. Because funds that would have been used to purchase foreign gods are reserved. Since such goods are made locally.
STIMULATION OF OTHER SECTORS
The growth of the industrial sector would also stimulate the growth of other sectors. For instance, the growth of the industrial sector would create a ready market for agricultural producers who supply raw materials.
DEVELOPMENT OF SKILLED MANPOWER
As a country industrializes, more people are trained in different managerial and technical areas to acquire the knowledge needed to manage the firms and machines. This improves the knowledge base of the country.