Industrial development in nigeria

Studies however have had their focused on manufacturing activities across the nation, and most of which, are largely focusing on few aspects of manufacturing particularly, within the small-scale industries plus local crafts at regional level.

Industrial development in nigeria

A — Per thousand like births B — Average number of children a woman would give birth to between age of C — Data for period closet to specified years. Social indicators of development, World Development Reports and staff estimate.

Industrial development in nigeria

It sells bonds and other debt securities to other banks, corporations, pension funds, insurance companies, and individuals around the world. Other sources of bank funds are capital contributions from the member countries and retained earnings.

Maintenance of a high credit rating also requires prudent financial policies, together with a strong portfolio of performing projects backed by timely repayments on funds loaned out. As a matter o policy, the bank does not reschedule interest or principal payment on its loans, or participate in debt rescheduling agreements with respect to its loans.

The Bank needs to maintain a solid credit rating so that it can borrow at the best intertest rates, and thus pass the savings on to its borrowers countries come to the bank for economic research, policy and technical advice, and for capital loans with the understanding that these will be repaid.

The Bank is a co-operative, not Industrial development in nigeria profit maximizing institution. A portion of 2 Against this background, the Bretton-Woods conference set up the international bank for reconstruction and development IBRD — Commonly called the world bank to use global backing to reconstruct post war Europe and Japan and to assist lesser developed economics everywhere.

The Bretron woods conference also set up the international monetary fund at the same time.

THE ROLE OF BANKS IN INDUSTRIAL DEVELOPMENT OF NIGERIA

Outstanding commitments to Nigeria — where the bank is now funding 32 ongoing project are the largest in sub-saharan Africa. Since it began over fifty years ago, the international Banking for reconstruction and development.

IBRD has added four affiliated institutions: The Bank founded in has been described as the single largest provider of development loans to middle income developing countries and a major catalyst of similar financing from other sources.

To date nation are members of the world bank. The other countries are grouped into 19 constituencies, representing over 61 percent voting power. To this end, it has increasingly supported programmes designed to provide basic social services to help build the human capital o the poor, and to empower the poor to reap the gains of economics growth.

In the area of loan went to the agricultural sector. Based on this, the world bank can be seen as believing agriculture to be the main vehicle to development.

They pointed out that Japan and the Soviet Union were back ward until large — scale industrialization to place is it out possible to repent the Japanese, miracle in the poor countries today? According to Echeeom Chinedum, B.

Professor Daku then Dr. According to him industrialization generates employment, contributes significantly to GDP, improve the standard of living and social basis for growth.

Industrial development in nigeria

While the development of industries is important from the economic point of view of development, setting up and operating industries involves enormous finance that can hardly be provided by the industries coupled with this is the fact that industrialization limited access to funds.

In supporting this view, Diaku has this to say: But on the other hand, the small scale industries which are of enormous importance are abdly hit.

According to him, evidence indicate that apart from acute shortage of financial and managerial skills and poor financial management, capital remains the source of great concern to the entrepreneur in this sector. Therefore, finance is the life-blood of every organization. Against this back ground as stated earlier on, the world Bank mobilizes financial resources from the surplus units of the world economy and channels them to the deficit units through the extension of loans, though given the level of our development industrially, the world bank may not be scored well in the work done so far.

For adequate understanding of the issues involved in this study, it is imperative to review what essentially. Though a generally accepted definition is not available but it industrialization has been described as the engine of economic growth.

To began with a tautology, industrialization is the process by which a non-industrialization economy be comes an industrialized one. Further more, industrialization may be defined as the process by which industries are established, replicated, and sustained with a view to increasing the share of industrial output while also enhancing the national productive capacity to process raw materials and to manufacture both consumption and capital goods.Industrial development provides employment, foreign exchange, and domestic earnings.

UNIDO | United Nations Industrial Development Organization

2 An industrial policy matrix outlining the distinct phases in Nigeria’s industrial evolution is presented in. Prospect Of Industrial Development In Nigeria. The prospect of industrial development in Nigeria is looked at in this angle, where there is bound to be reconstruction of efforts, and these efforts are aimed at making Nigeria a united, self-reliant and strong economy.

An Act to repeal and re-enact, with major changes, the Industrial Development (Income Tax Relief) Act and to make provision for tax relief for certain industries that may be issued with pioneer certificates by the Minister and other matters ancillary thereto. Nov 23,  · The federal government and the United Nations Industrial Development Organisation (UNIDO) have signed a $60 million new country programme for inclusive and sustainable industrial development in.

Although Nigeria is now spending on industrial projects, the stage of industrial development is still at its lower level. Nigeria is still developing and so it is per both in income and in capital and its resources are not yet fully tapped.

PROSPECTS FOR THE NIGERIA INDUSTRIAL DEVELOPMENT: Haven analysed the industrialization experience of Nigeria so far, and the attending problems, we shall now look at the future and what it holds for the country’s industrialization needs.

Notwithstanding the bad experience Nigerian has undergone and the not – too – good .

Nigeria | UNIDO