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Bullion

Authors

C. M. Anyanwu

Keywords

Industrial financing, Small-scale industries, Economic development

Abstract

The importance of small-scale industries in promoting industrialization and economic growth has been recognized globally. This paper discusses the concepts and issues that are associated with the financing and promoting of small scale industries. Nigeria is blessed with vast natural resources, including oil, gas and solid minerals, already confirmed to exist in commercial quantities. Small-scale industries development can be used for achieving the objectives of the poverty alleviation programme of the Government, given that they are highly labour intensive. Nigeria is blessed with vast natural resources, including oil, gas and solid minerals, already confirmed to exist in commercial quantities. She also has enormous electric power resources; a large human population, forming a very big market; and substantial idle capacity in all industrial sectors (CBN, 2000). Many small scale industries are known to exist in the country, majority of which were established since the mid- '1980s, with the inception of the structural adjustment programme (SAP). All these indicate great potentials for the emergence of a vibrant industrial sector, particularly the small-scale segment. ln this context, a well focused SSI development programme in an investment-friendly environment can achieve the long-sought industrial transformation which the programme of large-scale capital intensive industrialisation failed to deliver.

Author Bio

The Author is a staff of Central Bank of Nigeria

Publication Title

CBN Bullion

Issue

3

Volume

25

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