ABSTRACT
This project work has critically highlighted the participation of Development Banks in industrial development of Nigeria, the problems affecting the participation of development of Nigeria have been identified and how they can be controlled is also includes in the study and ways to solve them are inductive in the study. This work aims at satisfy those who have interests in banks participation in the industrial development of Nigeria especially the bankers throughout the world who are involved in financing industrialization process. For the purpose of the study, the researcher used the following method in collecting data to enable her carryout an effective study related literature were received primary and secondary data such as oral interview, news papers, and journals. This where not enough to supply the information needed and to that effect, the researcher made use of questionnaire which she designed and distributed to the staff of the banks that are currently participating in the industrial development of Nigeria and the general public to test hypothesis using chi-square as a test.
TABLE OF CONTENTS
Title page
Approval page
Dedication
Acknowledgement
Table of contents
Abstracts
CHAPTER ONE
INTRODUCTION
1.0 Introduction
1.2 Background of the study
1.3 Statement of the problem
1.4 Objectives of the study
1.5 Research questions
1.6 Statement of hypothesis
1.7 Significance of the study
1.8 Definition of terms
CHAPTER TWO
THE LITERATURE REVIEW
CHAPTER THREE
3.0 INTRODUCTION
3.1 Research Design
3.2 Area of the study
3.3 Sample size
3.4 Instrument for Data collection
3.5 Reliability and validity of the instrument
3.6 Population of the study
3.7 Distribution and Retrieval of the instrument for data collection
3.8 Method of Data Analysis
CHAPTER FOUR
4.1 Data presentation and Analysis
4.2 Test of research Hypothesis
4.3 Findings
CHAPTER FIVE
5.1 Recommendation
5.2 Conclusion
5.3 Summary of Research findings
5.4 Limitations of the study
References
CHAPTER ONE
1.0 INTRODUCTION
1:1 Background of the Study
Industrial development can be defined as a growth in the manufacturing sector. Like in most other developing countries the government is the main imitator of industrial development in Nigeria. This grant concern has been reflected in the natural development plan adopted so far.
The determinant of industrial development include or information organization and technology progress. It was in recognition of these facts that government has established many financial institutions to accelerate the rate of industrial development of some of the institution are either wholly owned by the government, while some are either partially owned by the government.
These institution includes the Nigeria bank of in industries (N B O I), the Nigeria agricultural and cooperative bank (N A C B) etc.
Industrial financing organizations have undergone a structural transportation during the last three deeds in most developing countries. In the process or transformation, industrial development bank have emerged as catalytic agent of industrial and economic growth. This work is aimed at examine the contribution of the industrial and development of Nigeria.
Industrialization is regarded by the government a Sine Qua non for national effort to achieve the degree of self reliance and confidence when are required to maintain the stability necessary for social place at home and equally master the respectability which serves as an essential ingredient for meaningful involvement in international affairs and interactions.
The bank of industry (BOI) was thus created to vigorously pursue this operation of the government. In fact with the increasing activities of (BOI) and Nigerians position among other African countries especially those of Economic community of West African states (ECOWAS) and a great opportunity to develop the export sector. The United Nations strongly expressed the views that for development to take place, net investment in the country should be increased from 50 percents to at least 10 percent, it could then be argued that control facet of economic development is rapid capital accumulation including knowledge skill.
The main objective of industrial policy is to accelerate the pace an industrial development through the provision of greater employment opportunities increased export of manufactured goods dispersal an industrial increased private sector participation in the manufacturing sector. This service is the provision of soft loan and advance to large medium small scale and cottage type industries on concessionary terms.
Development banks in their effects to industrialized Nigeria are faced with the following problems.
- Acute shortage of fund: The available fund is not enough to satisfy the industrial needs of the manufacturing sectors. This is because NBI does not raise funds directly from the capital market, to increase its raise capital base, NBI raise fund through icon Ltd also it is not in position to source internally.
- The public is not aware of the Operation of bank with the result that most application is rejected on the grounds of being out of the bank scope of operation. This is a public enlightenment campaign is needed to create awareness on the operation of the bank
- NBI area are administrative office is not located in each state are centered head office instead of being restricted to supervisory work. This has undoubtedly decreased the art of contact between the bank and prospective customers’ and has delayed processing of applications.
This study will aim at developing industrial sector through the development of financial institutions in terms of orienting this institution towards providing support in terms of long term finance.
1.2 Statement of the Problem
The concept and aim of development bank in Nigeria is to finance the activities of indigenous business enterprise by providing medium and long term finance and equity funding for industrial project for more realistic growth of the country.
The nature of above is concerned with how development Bank can render adequate finance and equity funding for industrial project of entrepreneurial skilled in providing finance for feasible and viable project development bank suffer and encounter some difficulties which restricted the main aim and objective of their service. These are shortage of financial capital confidence in foreign investor (investment) and shortage of development bank in each federal state.
Shortage of financial capital, these are not available fund to satisfy the industrial need of manufacturing sector. This is because the prospectus of company does not allow them in funding raise in the capital market.
They are only allowed to rise through icon limited.
Shortage of development bank in each federal capital some state lack area administration office which restrict indigenous entrepreneur to sort for finance. However today in Nigeria the development such as Nigeria bank of industry is in existence in Enugu state making the aim and objective of the corporation in operative in indigenous business entrepreneur and the area administration office is not located in the state. This means that all the activities are centered at head office instead of being restricted to supervising work.
Finally the major problems identified in this study is that services provided by development bank, faces inadequate capital of finance feasible and viable project of entrepreneurial and rely on foreign investment project for Nigeria development.
1.3 Objectives of the Study
The objectives of the study are to examine the contribution of the bank of industry to industrial development in Nigeria.
- To find how development bank in Nigeria can employ policies that will enable their capital in order to finance feasible and variable project business of entrepreneur.
- To find out how inadequate capital has affected growth of industrialization employment generation and socio-economic development.
- To find out if the regulatory body of development banks are functional.
1.4 Research Questions
- Can development bank employ policies that will enable their capital in order to finance feasible and viable project business of entrepreneur?
- How can inadequate capital affect the growth of industrialization employment, Generation and socio-economic development?
- Is regulatory body of development bank functional?
1.5 Statement of Hypothesis
Ho: Nigeria bank of industry has no significant impact on the industrial production.
Hi: Nigeria bank of industry has significant impact on the industrial production.
Ho: Bank participation in industrial development of Nigeria has no effect in the people’s welfare.
Hi: Bank participation in industrial development of Nigeria has effect in the people’s welfare.
1.6 Scope of the Study
This study covers the entire development effort of Nigeria bank of industry particularly in the industrial sector and in the economy as a whole.
In view of numerous difficulties associated with data collection and financial constraints duration of twenty nine years (1980-2010) be considered the coverage embodies to number of sanctions and disbursement during the period sub-sectarian disbursement will consider particular attention will be paid the attempt made by the government in the first supply.
1.7 Significance of the Study
This particular topic is useful and beneficial because of the point below development bank and other corporate institutions are very peculiar for civil industrialization and socio – economic development a given country like Nigeria. There should be enormous need for government to encourage this prospective organization with embodiment of heavy capital which will not only reduce unemployment of Nigeria but also inevitable bring rapid growth of the country.
This study envisage valuable contributions to development banks participation in industrial development of Nigeria and ineffective of their expected attribute of industrial development in Nigeria and how to eradicate acute shortage of funds and accelerated rapid growth.
1.8 Definitions of Terms
Industrialization: Is a process by which a nation can produce gross domestic product (GNP) in order to satisfy and accelerate economic growth.
Industrial development: Is concerted on the facilities that allow economic nation to go beyond traditional production of a variety of goods and services using modern technology and management techniques.
Development Bank: Is a financial institute partly or wholly organized the government for the purpose to encourage and finance feasible and viable project of an entrepreneur.
Libraries: Here the data has being collected through textbooks, periodical journals, etc.
Professional and trade organization: This provides information relating to research e.g. banks.
Internet services: Here the data had being collected through the help of computer website, browsing which is known as Google.
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