Import substitution industrialization refers to?

Assessment: JAMB UTME - Economics - 1999 Subject: Economics

Question 1 Report

Import substitution industrialization refers to?
Answer Details
Import substitution industrialization refers to a situation in which local industries are set up to produce goods that were previously imported. This strategy is adopted by some countries to promote the growth of local industries and reduce their dependence on imported goods. The idea is to substitute locally produced goods for imported ones in order to save foreign exchange and promote economic development.
Read lesson note on Industry And Industrialization (JAMB)
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