The Nigeria Industrial Development Bank (NIDB) originally known as ICON; an acryonym for Investment Company of Nigeria was a prominent national development finance institution in Nigeria. It was originally a privately managed firm involved in development financing in Nigeria and was then the major buyer and seller of stock on the Lagos Stock Exchange, while it also operated the exchange. A reconstructuring that began in January, 1964, creaed an outgrowth of ICON and a new firm, the Nigerian Industrial Development Company emerged. It was then the firm became fully a national development fianance company along with other firms such as Nigerian Bank for Commerce and Industry (NBCI), Nigerian Agricultural and Cooperative Bank (NACB) and Federal Mortgage Bank of Nigeria (FMBN).
Functions Of The Nigerian Industrial Development Bank
1. To examine critically the contributions of the bank towards the economic development of the country.
2. To ascertain, it any, the problems hindering the bank from performing it’s duties.
3. To assess the level of contribution which the banks receives from the government.
4. To determine if any, the consequences of the bank’s failure on the Economy.