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PLANT AND MACHINERY
In our first meeting we discussed about the meaning of plant and machinery valuation. I was meant to understand that following meaning such as
v PLANT: this refers to the total of all machines used in a company for the production purpose
v MACHINE: simply means a device having a unique purpose that augment or replace human or animal effort for accomplishment of physical task
v MACHINERY: the word machinery means divers definitions but the 1967 companies act defined the term plant and machinery as fixed asset of a company other than land and building, motors vehicle, mobile plant, ships, airplanes and similar associations(which are not physically fixed to be plant and machinery
v PLANT AND MACHINERY VALUATION :the valuation of plant and machinery is a specialized fixed of valuation, the valuation of plant and machinery is concerned with the estimation of capital value or the rental value of plant and equipment for a particular purpose at a certain point in time
2. I also understand that the valuation of plant and machinery is a specialized subject and normally under taken by valuation with the corporation and advice of an engineers or a particular trade specialist.
3. We highlighted some asset that must be include in plant and machinery valuation which are as follows:
v Office equipment
v Motor vehicle
v Furniture and fittings
v Land and buildings
v Civil infrastructure e.g. water work, road and drainage.
3. We discussed of sectors of Nigerian economy: I understand that the major sector of the Nigerian economy are:
1. Transport sector: which are vehicle, ship, boat, bicycle e.t.c.
2. Oil and gas sectors: refineries, power plant, gas plant
3. Manufacturing sector : (food processing, iron, and steel, textile, building materials)
4. agric sector : crop production, Animal husbandry
5. Alti-culture sector :(fish farming)
6. Education sector: (training schools, publishing research, innovations)
7. Financial sectors: (banks, mortgage financial institution housing e.t.c
Finally I was meant to understand the factors responsible for growth of industrialization in Nigeria and also factor responsible for low growth of economy in Nigeria industries which will be included in the 2nd
PART A
Factors responsible for the growth of industrialization in Nigeria are as we highlighted in our last lecture, than below are the other factors.
1. The industrial revolution which will lead to improve technology.
2. The discovering of oil and gas in Niger delta of Nigeria.
3. Rapid urbanization arising from rural urban migration.
4. increase or improve educational level
5. The division of Nigeria into several state and creation of several local governments.
6. Increase and improve provision of infrastructural facilities.
Factor responsible for low growth of Nigeria economy and industrialization as we listed some of them in our last lectures below are other factors
1. High level of corporation among the leaders of Nigeria economy
2. Neglect of Agricultural sector
3. low capacity utilization in the oil and gas manufacturing sector
4. Lack of competitiveness of local manufacturing industries
5. Heavy reliance on imported goods and services.
6. Low level of technology
7. Poor state of infrastructural facilities in term of roads, railways e.t.c
8. Poor energy infrastructure in term of generation and distribution
PART B
FACTORS THAT AFFECT PLANT AND MACHINERY
Plant and machinery valuation can be affected due to the following research (in our view) such as
1. Inadequacy of expert: this is when there is poor sufficient skill to do the work by the people involved.
2. Low industrial capacity: such industries closing down and no new industries are coming up.
3. Corruption and over in invoicing: this affect plant and machinery when the people to do the job are mostly interested in their own pocket by giving over invoice to other people.
4. Under pressure from client: if the client is mounting pressure on the workers. It will make them not to concentrate by doing the job well or even it can lead to destruction of the equipments since they are not carefully with it
5. Lack of proper record or access to the available one
6. Rivalry between professional for instance professional delivering into other profession.
7. Lack of proper description
8. Improper record keeping
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