IMPERATIVE OF INDUSTRIAL DEVELOPMENT IN NIGERIA

Abstract

While some countries have attained industrial development and working hard to maintain their status, several others are striving to attain the same feat. Nigeria ranks among countries working towards the attainment of industrial development. The issue of industrial development in Nigeria has attracted a large volume of quantitative examination. However, limited studies are focusing on a qualitative investigation of industrial development in Nigeria. The lack of qualitative studies on Nigerian industrial development constitutes a gap. Hence, this study became necessary, so, as to address the gap. The study’s adopted methodology was an exploratory approach, whereby secondary sources constituted the prime retrieval avenue. Findings from the qualitative investigation indicated that the benefits associated with industrial development are enormous which includes a structural shift in the economy in favour of the industry. The study concludes that industrial development is a necessity. The recommendations that arose from the investigation include a concentric revisit of the industrial development policy in Nigeria. More so, a close monitoring of the proper implementation of industrial policy will serve a concrete purpose. In addition, improving the ease of doing business, enhancing security, and promoting innovation and research can contribute to the growth and competitiveness of Nigerian industries. Businesses must conduct feasibility studies to assess the suitability of potential sites. The optimal location should align with the industry's specific needs, objectives, and growth strategies while considering the broader economic, social, and regulatory context accordingly. If the suggestions provided above are implemented articulately, industrial development is imminent.