Which of the following will be the effect of allowing only economic factors to dedicate the location of industries in Nigeria?

Answer Details

If only economic factors are allowed to determine the location of industries in Nigeria, there will likely be an unbalanced spread in the distribution of industries. This is because economic factors such as access to markets, raw materials, and skilled labor are not evenly distributed across the country. Some regions may have more favorable economic conditions for industrial development, such as proximity to ports or natural resources, while other regions may lack these advantages. As a result, if only economic factors are considered, industries will naturally gravitate towards regions with the most favorable economic conditions, leading to an unbalanced distribution of industries. This may result in some regions becoming industrial hubs, while others are left behind. However, it is possible that allowing only economic factors to determine the location of industries could lead to the less developed parts of the country being able to attract more industries. This could happen if these regions have untapped economic potential, such as natural resources or a large labor force, that makes them attractive to investors. In terms of financing, it is not necessarily the case that only the government will be able to finance the establishment of industries. Private investors may also be willing to finance industrial development if they see the potential for a profitable return on their investment.