CHAPTER ONE
1.0
INTRODUCTION:
Nigeria has
been a victim of a monopolist economy and has been enjoying the so called
“PETRO NAIRA†since the oil boom in the early 70s without involving adequately
in a sound policy that will keep the nation’s economy in a firm foundation for
study growth. The effect was that the
non-oil producing sector of the economy was abandoned and the hope to Nigeria’s
sustainable economic growth and development was shattered with the monopolist
economy she embraced.
Knowing this,
an economy developing like Nigeria cannot afford to allow the industrial sector
to fade away. Hence, it is pertinent
that we explicably manifest how the role of banks can be employed to the
development of these industries.
It has been
proved beyond every reasonable doubts that industrialization is very crucial
for a nation to survive. It
(industrialization) ensures high quality and quantity of goods and services,
provides employment to many people, both professionals and non professionals,
skilled and unskilled labour.
The programme
of industrial development bank and commercial banks in helping Nigerians will
be brought into focus, the problems and challenges facing industrial
development in Nigeria and the shortcomings of banks in providing the essential
services to industrialization in Nigeria.
1.1 PURPOSE OF STUDY:
The purpose
or the objective of these research work is to explicably manifest how bank
contribute toward the development of industries in Nigeria through their
participation, how the roles of banks can be employed to the development of
industries in Nigeria. These objectives
are:
i.
Identification of the roles and need for
industrialization.
ii.
It also set out to establishing banks involvements in
industrialization.
iii.
Furthermore the problems of industrialization and
industrialist in Nigeria.
iv.
Finally, the research work aim at suggesting and
recommending possible ways of improving the efficiency of the industrial
development in Nigeria through the bank.
1.2
SIGNIFICANT OF THE STUDY:
The
significant of this study is to create a great awareness of the participation
of bank in the development of the economy and its effect on the economy is
essential for all the economic units, industrials business organization etc.
The degree of
industrialization indirectly show the stage an economy is in. For example, for industries to be worthwhile,
the government has to set up institutions
(banks) to fund potential investors.
The course of
this study will also go a long way in addressing the issues of economic
stability by the way of establishment of industries. Also to identify with and evaluate the
adequacy of services rendered by banks as to ascertain the adequacy of
industrialization in Nigeria.
1.3
SCOPE OF THE STUDY:
The scope of
this research work will undertake the project work by making a case study of
Enugu State where industrialization has helped to develop the state and as well
her citizens.
In pursuance
of this industrialization, I employ the use of primary and secondary technical
know-how of data collection. It was
observed that some of the service existed in the theory shortcomings and the
services of these banks in the state.
1.4
LIMITATION OF THE STUDY:
In the course
of the study, a lot of problems were encountered consequently led to the
confinement of the research result to the final outcome.
Most of these
problems are as follows:
(a) Financial Constraint:
As a student,
there was not enough capital to spend in transport and fact finding and
borrowing of necessary literature that would have helped in the writing of this
research work.
(b) Most academic institutions restricted the use of the library
during academic period.
(c) The researcher encountered the problem of getting adequate
literature material as it relates to the topic under study.
1.5
DEFINITION OF TERMS:
Bank: An organization or institution that provides
various financial services.
Participation: To take part or become involves in an
activity.
Industry: The production of goods from raw material
especially in factories.
Industrialist: A person who owns or runs a large factory or
industrial company.
Industrialized: {Area, society} An area where industries are developed, the
society heavily depend on industry.
Development: The gradual growth of something, so that it
becomes more advanced and stronger.
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