1.1 BACKGROUND TO THE STUDY
Industrialization is a term that is mostly associated with the development experience of countries in Western Europe and North America during the 19th and 20th centuries (Purma, 2001). According to Perkin, Radalet, Snodgrass Gillis, and Roema,(2001), Industrialization refer to a part of a wider modernization process where social change and economic development are closely related with technological innovation, the application of science to the problems of economic production leads to industrialization, urbanization and improved quality of the population. Consequently, a high premium is placed on the development of the industrial sector of developed economies. Quite often, it is argued that the developed countries of the world attain this level of development because of the technology that increases the number of industries within their economies.
Industrialization broadly refers to the transformation of agrarian-rural societies to industrial-urban societies that are dominated by manufacturing and services (Maddison, 2007). The beginning of this transformation often referred to as the industrial revolution, is conventionally traced to the late 18th Century England. Industry is also more narrowly equated with manufacturing and industrialization is specifically associated with the growth of manufacturing with the so called factory system that began to proliferate at this time (Angus, 2001). In this early sense, it refers to a marked departure from a subsistence economy that is largely agriculture towards a more mechanized system of production that entails more efficient and more highly technical exploitation of natural resources in highly formal and commercialized economic settings (John, 1997). Industrialization is a process of social and economic change whereby a human society is transformed from a pre-industrial to an industrial state (Nove, 2005). In the early sense,it was referred to as a marked departure from a subsistence economy that is largely agricultural towards a more mechanized system of production that entails more commercialized economic settings (John, 1997). Industrialization was understood purely on economic terms particularly the physical presence of industrial plants that were involved in manufacturing capital goods as well as processing raw materials into finished goods either for industrial use, general commercial use or purely for domestic use or purposes (Todaro, 1989). Further definition of industrialization during the later part of the 20th century expanded to refer to a process of development that is balanced and sustained as far as the economic as well as socio-economic realm of any society is concerned (Oyenga, 1988). Industrialization is a critical key to economic growth that calls for improvement in systems, technologies and processes that utilizes natural resources more effectively. Interestingly, about a fifth of global income is generated from manufacturing industry and nearly half of household consumption relies on goods from industrial processes (Ibbih and Gaiya, 2013)
Mineral exploration has supported the social and economic development of many developed countries (Akande and Idris, 2005). For example, the uranium mining in Canada and iron ore extraction in Germany have helped the two countries to develop infrastructurally as well as quality jobs creation invariably improving the countries standard of living. More so, the impact of industrialization on socio- economic development cannot be overemphasized (Aribigbola, Fatusin and Fagbohunka, 2012). In developing countries, it will continue to produce technological development and employment. According to Imasiku (2008), large scale mineral exploitation has contributed to over 90% of all foreign exchange earnings, 60% of Gross National Domestic Product (GNDP), 50% of total government revenue and 30% of total employment in some southern African countries. Similarly, small scale mineral exploitation provides a source of livelihood in rural and semi-urban Nigeria in particular and Africa in general.