Banks Participation In Industrial Development Of Nigeria (a Case Study Of Union Bank Nig. Plc)

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.