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Quest for Industrialization in Nigeria: The Role of the Development Bank of Nigeria

Author

Listed:
  • Jonathan E. Ogbuabor

    (Department of Economics, University of Nigeria, Nsukka, Nigeria)

  • Anthony Orji

    (Department of Economics, University of Nigeria, Nsukka, Nigeria,)

  • Charles N. Anumudu

    (Department of Economics, Michael Okpara University Umudike, Umuhia, Nigeria,)

  • Josaphat U. Onwumere

    (Department of Banking and Finance, University of Nigeria, Enugu Campus, Enugu, Nigeria,)

  • Charles O. Manasseh

    (Department of Economics, Coal City University Enugu, Enugu, Nigeria.)

Abstract

The benefits of industrialization in employment generation, poverty reduction, improved living standard, improved economic growth and development, balance of payment stability, self-reliance, stimulation of other sectors of the economy, and development of skilled manpower have been well established in the literature. However, access to finance for industrial development has remained a key challenge in Nigeria. In view of this, this paper describes what the structure and operations of the Development Bank of Nigeria (DBN) should be so that the Bank will not only deliver on the core mandate of empowering MSMEs but also support the nation's quest for industrialization by adequately funding national priority projects in the areas of infrastructure, basic industries, energy, transportation, and the likes. The paper argues that limiting the mandate of the DBN only to facilitating credits for MSMEs in the informal sector will not go far in advancing Nigeria's quest for industrialization.

Suggested Citation

  • Jonathan E. Ogbuabor & Anthony Orji & Charles N. Anumudu & Josaphat U. Onwumere & Charles O. Manasseh, 2018. "Quest for Industrialization in Nigeria: The Role of the Development Bank of Nigeria," International Journal of Economics and Financial Issues, Econjournals, vol. 8(3), pages 23-28.
    • Handle: RePEc:eco:journ1:2018-03-4
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    References listed on IDEAS

    as
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    3. Louis N. Chete & John Olatunji Adeoti & Foluso M. Adeyinka & Olorunfemi O. Ogundele, 2014. "Industrial Development and Growth in Nigeria: Lessons and Challenges," WIDER Working Paper Series wp-2014-019, World Institute for Development Economic Research (UNU-WIDER).
    4. Michael, Bryane & Zhao,Simon & Wojcik, Dariusz, 2015. "What Role Can an International Financial Centre’s Law Play in the Development of a Sunrise Industry? The Case of Hong Kong and Solar Powered Investments," EconStor Preprints 112700, ZBW - Leibniz Information Centre for Economics.
    5. Chete, L. N. & Adeoti, J. O. & Adeyinka, F. M. & Ogundele, O., 2014. "Industrial development and growth in Nigeria: Lessons and challenges," WIDER Working Paper Series 019, World Institute for Development Economic Research (UNU-WIDER).
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    Cited by:

    1. Blessing C. Arize, 2023. "The Challenges of Industrialization in Nigeria and The Way Forward," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(5), pages 691-704, May.

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    More about this item

    Keywords

    Industrialization; Development Banking; Economic Development; Nigeria;
    All these keywords.

    JEL classification:

    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development
    • N17 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Africa; Oceania

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