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Bullion

Authors

O. E. Essien

Keywords

Development finance, Financial Institutions, Industries

Abstract

The post-independence Nigerian government adopted the import-substitution large-scale industrialisation strategy to accelerate the country's industrial development. Industrial output as well as industry's contribution to the gross domestic product (GDP) declined in the face of the strong national aspiration for the restructuring of the economy and reduction of the dependence on petroleum. Small and medium scale industries have since become the focus of national industrial policy. ln order to put our discussion into proper perspective, we need to know what we mean by SSls in the Nigerian context. The following are the current official definitions of industrial enterprises adopted by the 13th Meeting of the National Council on industry (NCl-13) in Makurdi, Benue State, in July, 2001. The author concludes that the future of Nigeria's industrialisation process is largely dependent on the fortunes of the SSls sub-sector considering its inherent benefits to a developing economy. lt is the sub-sector that holds the promise of meeting Nigeria's industrialisation challenges in this century. Consequently, all the parties involved in the promotion of the sub-sector (government, private sector, and the banking system) must jointly ensure that the subsector is given all the support it needs to play its role effectively.

Author Bio

The Author is a staff of Nigerian Industrial Development Bank Limited.

Publication Title

CBN Bullion

Issue

3

Volume

25

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