The Contribution Of Bank Of Industry (BOI) To Industrial Development In Nigeria

BACKGROUND OF THE STUDY

Industrial financing organizations have undergone a structural transformation during the last three decades in most developing countries. In this process of transformation, industrial development banks have emerged as catalytic agent of industrial and economic growth. This work is aimed at examining the contribution of the Bank of Industry (BOI) to the industrial development of Nigeria. Industrialization is regarded by the government as a sine qua non for National effort to achieve the degree of self reliance and confidence which 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 aspiration of the government. In fact with the increasing activities of (BOI) and Nigerians position among other African Countries especially those of the 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 percent to at least 10 percent, it could then be argued that control facet of economic development is rapid capital accumulation including knowledge and skill.

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