BANKS PARTICIPATION IN INDUSTRIAL DEVELOPMENT OF NIGERIA (A CASE STUDY OF UNION BANK NIG. PLC)

CHAPTER ONE

INTRODUCTION

1.1            BACKGROUND 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.

1.2            STATEMENT 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.

1.3            OBJECTIVE OF THE STUDY

Industrialization means the development of industries, applying science and technology in order to provide work for the growing population and raise the standard of living by increasing per capital net income and improve balance, of payment situation. Industrialization is aimed at impact restriction and increasing export.

For our country to attain any degree of industrialization, it must overcome a series of obstacles and difficulties because it has had its development plans disrupted by series of military interventions and civil war. It should be noted that there is no limit to the degree of development a country can attain if and only if its reserves are full y utilized. Whether our country is developed or not depends on the existing level of wealth and material welt are. The measure of development of any country is based on its per capital income. That is dividing net national income by the total population to get capital income.

Nigeria has high rate of population increase but has land still available for agriculture expansion. Its per capital income are as a result of its chronic under-utilization of resources rather than substantial utilization. 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. It is therefore most patient to state at the juncture that for nations resources to be fully utilized the aid of science and technology must be sought.