Industrial Development in Nigeria

Description

– Industrial Development in Nigeria –

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Abstract

Industrial Development has been a major cornerstone of economic development of any nation. The success of such a programme can be attributed to the methods and modes of financing the policy.

The study is therefore focused on industrial Development financing in Nigeria. Since NIODB is at the apex of industrial development financing, this study is essential concerned with the role Nigerian industrial Development Bank Limited (NIDB) in the industrialization of Nigeria

Apart from the government of the day which must take certain position as regards the economic path of the country, hardly are there institutions that dedicate the growth of industries in the country.

It is because of this that the author is motivated to carryout this research on the role of Nigerian industrial Development Bank Limited (NIDB) in financing the industrialization of Nigeria.

Introduction

1.1 Background of the Study

The major reason for the existence of public enterprises by various governments in this country is to serve as instrument of economic development of the country. However, this history of industrial development by this government of this country is as old as that of colonization.

Prior to the establishment of the Central Bank of Nigeria, the Nigeria financial system was characterized by the absence of interdependence currency and machinery for industrial management.

Domination of expatriate industries, the industries were predominantly owned and controlled by foreigners, and the lack of local investment outlets resulting in excess funds being repatriated for investment overseas.

The result of this phenomenon was the obeisance of any effective machinery for industrial development financing both for the government and the private sector.

There were no capital markets, or any markets, no stock exchange, no development banking institution, and a conspicuous absence of development bank habit.

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