There is no gain saying the fact that every economy of the world tries to achieve a maximum level of economic growth and development. The ultimate goal of economic growth and development is to raise the level of Gross Domestic Product (GDP) and the standard of living in the society. It is because of this that the term has become a key one to all countries most especially developing ones like Nigeria (Onwumere, 2006). The process of achieving economic growth and development involves a number of approaches, one of which the adoption of an industrialization strategy at a point in time relevant to the prevailing needs of development. Economic development involves not only the meeting of basic needs among several others, but also includes the development of different sectors of an economy that provides the necessary goods and services. in this way, therefore industrialization, economic growth and development are said to be interwoven, in the sense that industrialization brings development which leads to an increase in Gross Domestic Product (GDP).

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