- Import substitution: This approach is very popular. It consists of importing components of a product from foreign countries and finally assembling the parts together in a country that imported the product e.g KIA cars, Peugeot automobile. This approach is good because it saves a lot scarce foreign exchange, it promotes local employment opportunities, it also supplement the imported product and helps the development of the technological know how of the people.
- Export substitution: This approach geared effort towards the establishment and promotion of industries that are into the production of goods that will be exported to other countries and earn foreign exchange. This approach increases the foreign exchange earnings of a country, it solves the problem of balance payment, it increases employment opportunities because the people will be employed in the companies and it also facilitate the transfer of technology from foreign countries.
- Small scale industries: These are small companies within a country that produces goods and services on small scale with limited capital.
YOU CAN DO IT