INTRODUCTION
1.1BACKGROUND OF STUDY
A country wealth development and advancement by its level of industrialization, a country becomes famous among other countries of the world when it has been able to attain to a remarkable degree in industrialization. In view of the above we have deemed it necessary to embark on a research project on “Banks participation in industrial development of Nigeria. This is an attempt and effort to draw the mind of every Nigeria to ask himself certain silent questions like.
1.2STATEMENT OF PROBLEM
How far has our country advanced in industrial development
What are the things necessary for the industrial development of our country?
Why have certain financial bodies not participated fully in the exercise?
If we are able to give answer to these question and if we are able to identify the problem I encountered in the process and also to give solutions to these problem both collectively and individual then, there is hope that within a short time. Our country Nigeria will be able to develop ten times more than it has done in the long past.
A developing country as Nigeria is characterized by a high degree of subsistence products with very limited application of technology. As a result manufacturing industries are relatively low and the agro- based industries are paramount.
Industrialization should apply to all sector of an economy implying the application of science and technology to raise the worker, in other words all sectors of the economy (mining, agriculture, manufacturing, industries, commercial service should advance.
LITERATURE REVIEW
2.0INDUSTRIALIZATION AND AID TO INDUSTRIALIZATION
2.1 INDUSTRIALIZATION
Industrialization mean the development of manufacturing industries applying science and technology in order to provide work for the growing population and to raise the standard of living b increasing per capita income and to improve balance of payment position, according to Alma B. mount joy in his book, industrialization and development of countries.
Industrialization I n also aimed at input restrictions and increasing export. Developing countries are characterized by a high degree of substance production with very limited application of technology as a result of which manufacturing industry is relatively low and agricultural industry is paramount. Industrialization should apply or extend to all sectors of the economy so as to raise the worker’s productivity and for the development and full utilization of both human and material resources. In other words, all the sectors of the economy should be advancing.
It should be know that there is a no ceiling to the degree of possible industrial development but once the resources in a given economy are still under utilized, no matter the degree of industrial development; it still has the need to develop more which should involve the existence of financial institutions such as banks which are at any given time supposed to participate fully in the exercise by way of granting loan and advance; whether a country is industrialized or not, depend on the existing level of wealth and material welfare.
The fastest possible means of industrialization is the only sensible target for any government considering various ways in which industrialization can be achieved as fast as possible. We need to make several assumptions about the political / natural conditions to which industrialization process take place, since there are many different methods fast industrialization as many different political system, socialist and capitalist system of government.
In socialist economy, it is the state that owns the industrial means of production which is also controlled by the state but in case of capitalist economy individual have the right to own industries taking into consideration the returns they are able to make in any given period. There are also the mixed economy and communism, so in some developed countries they practice it.
Industrialist aim more at making abnormal project than seeing to helping the whole country to become highly industrialized and developed. This particular behavior of the industrialist tells seriously on the assistance given by the financial bodies. As time goes on in any of the subsequent chapters, we will come to examine how this behaviors affect the execution of industrialization with particular referace to our country Nigeria.
In the course of a nation’s socio –political evaporated, economic self – reliance should be an industrial development of that nation. The primary aim of any government as to maintain peace and stability to provide for basic essential infrastructures in order to enhance the performance establishment and maintenance of the nation second economy. It is also expected to promote other activities that may improve the general living standard and welfare of the whole populace. To be able to achieve these lofty objectives as well as sustain a bought economy in developing nation such as Nigeria requires a stable and radical but ell planned industrial revolution.
Finally and in defining industrialization or industrial revolution an attempt is made to do that within the context of a developing country such as Nigeria and it is defined to be a massive recommendation of all available resource both human and material toward developing the industrial technology that is suitable for local environment in an endeavor to make the country economically elf relient in such areas as manufacturing serving commercial and agronomic sectors.