Relevance of Industrial and Science Parks to Industrial Development in Nigeria
The generation and adoption of new technologies in the industrial sector is considered a prime factor for economic development. This could be possible with commensurate investment in infrastructure. Here, we reviewed the impact of Industrial and Science Parks on industrial development in Nigeria and discussed the influence of enabling institutions, good policy, government and private partnership on industrial growth. Using multiple linear regressions, we found that manufacturing capacity and institutional factors are the major explanatory variables for industrial growth in Nigeria. There was a positive relationship among Park establishment, industrial growth and overall economic development. Thus, the major focus of policy should be to enhance the competitiveness of made-in-Nigeria products, encourage industrial output and linkages for both domestic and export markets, increase value-addition by creating a few niches for competitive advantage, and stimulate the development of small and medium size enterprises as a base for cheaper inputs. In order to achieve these, emphasis should be on establishing Industrial and Science Parks, the improvement of infrastructure, especially power and road, air, and rail transportation activities.
Key words: Technology transfer, industrial park, Science Park, industrial development, innovation, knowledge-based economy, infrastructure, employment.