The Challenges of Industrialization in Nigeria and The Way Forward

Industrialization is a major factor in economic growth and development of any nation. The availability essential goods services, improved living standard, stimulation other sectors the economy, poverty reduction, job creation, skilled manpower are all elements nation’s level industrialization. In Nigeria’s case, plethora policies, programs strategies have been formulated towards advancement industrialization process since its independence 1960. One key considerations for these industrial policies Nigeria gained from conviction that industries would provide avenue employment labour, thereby reducing to lowest level. These proved abortive due myriad challenges, including incessant power outages, lack finance/capital, multiple government taxations, insecurity. This study, therefore, aims highlight challenges Nigeria, as well way forward. To achieve this, study adopts qualitative methodology which includes narrative descriptive analysis data, involved investigations eliciting relevant information secondary sources. adoption Schumpeter’s Innovation Theory was used explain importance entrepreneurs catalysts through their innovative activities. concludes creation business-enabling environment required needed base order diversify economy. recommends should formulate adopt encourage trade performance, local manufacturing, self-reliance entrepreneurship among citizens promote growth. Since facilitate activities entrepreneurs, range financing instruments available SMEs be expanded enable them continue role investment, growth, innovation, employment.