DEFINITION OF INDUSTRY

The word industry is often used to describe the factories that change raw materials into finished goods. Industry is primarily concerned with the creation of form (utility) or the production of goods that are used either by the consumers and are therefore, called consumer goods or by other industries in the further production of other goods, and therefore called producer or capital goods.
Generally, industry can be divided into extractive, manufacturing and construction industries.
Extractive industries are those industries concerned with the extraction of natural resources from the soil or sea. They include mining, and quarrying, agriculture, and fishing. They produce the raw materials for the manufacturing industries. Extractive industries are often called primary industries and thus they make up the first stage of production.
Manufacturing industries are also called secondary industries.
They change one type of material into another. Thus, manufacturing industries are involved in the changing of raw materials or secondary products into a more useful form. The change from a basic to a more advanced form may be physical or chemical. Manufacturing industries include those involved in steel-making, food, beverage, tobacco, textiles, footwear and weaving apparel, paper and printing products, leather, rubber, chemicals, machinery, electrical appliances, transportation equipment and hundreds of other industries engaged in the manufacture of goods of various types.
Construction industries have to do with putting together or assembling of parts. Thus, construction industries may range from builders of multi-million naira highways, airports and storied skyscrapers to the more humble dwellings and residences we live in.