The influence of multinational companies in the economic development of nigeria includes abstract and chapter one, complete project material available the influence of multinational cooporation in the economic development of nigeria a case study of guninness nigeria plc, benin city. This report assesses the progress nigeria has made in improving the socioeconomic conditions of its citizens during the recent period of high economic growth and significant oil revenues. It is a strong force for economic development in the country from the precolonial, colonial and postcolonial eras. Nigerian entrepreneurship ecosystem mapping report final. Consequently, thispaper is intended to determine the extent to which multinational firms have spurred up economic development in nigeria. Economic growth is a fundamental requisite to economic development. To evaluate the nature of the relationship that exist between multinational corporation and economic growth of nigeria. Essentially, economic growth is associated with policies aimed at. Since 1999, we have succeeded in stabilizing the polity, consolidated the democratic governance structure. This has become worrisome in the face of nigerias preparedness to be ranked among the twenty 20 developed countries of the world by the year 2020.
The subject matter of inflation has received diverse attention due to its sensitivity to economic issues. Nigeria cannot function effectively with insecurity, and civil unrest like militancy, in the niger delta or the northern nigeria insurgency, occurring. Economic liberalization policies have been widely acknowledged in development finance literature as a critical factor in economic performance. This indicates that an increasing level of openness will be beneficial, depending on the level of economic development in nigeria. Students work in groups to identify the differences in development and the issues and challenges this brings for nigeria. This is a follow up on the objectives of study stated earlier. Macroeconomic determinants of economic growth in nigeria. One of the macroeconomic challenges facing nigeria governments in economic history has been the maintenance of price stability.
This study is undertaken to examine the contribution of the capital market in. Stock market and economic growth in ghana, kenya and. The economic development of nigeria english world bank. The economic situation of nigeria nigeria is a monoeconomic nation with its economy heavily dependent on petroleum revenue which accounts for about 80% of government revenue and 90% of foreign exchange earnings. Thus, socio economic development is made up of processes caused. Get free research paper on transaction costs and economic development in nigeriaour project topics and materials are suitable for students in nigeria with case studies. The economic development of nigeria english abstract. The paper is a descriptive survey, which involves the collection of data for the purpose of describing the role of cooperative societies in economic development. National interest and national development in nigeria.
This informs why in nigeria growth continuously dominates the main policy thrust of government s development objectives. A mutual correlation exists between infrastructural development and economic growth in nigeria. Despite the numerous challenges it faces, local government is essentially a pathway to, and patron of national integration, organization and development lawal, 2000. Before the prominence of petroleum industry, nigerian economy was dependent on agriculture. There have been several studies that have investigated the relationship that exist between infrastructure development and economic growth. With 356,759 square miles, it is one of the largest african nations. A lot of literature exists on tax revenue and economic growth of nigeria adereti et al.
The term economic development refers to the improvement in the general standard of living of the people of the society. The role of cooperative societies in economic development 1. Challenges to economic growth in nigeria michael amati jose ardavin jeanette fershtman 14 may 2004. Economic diversification for sustainable development in. Nigerias negotiators have also highlighted the high tariff regimes of other blocs in africa and south asia. Nevertheless, the niger delta development commission nddc was created to coordinate economic and social development in the oilproducing region. Economic development in nigeria, although has been rocked back and forth by various political, socio cultural, financial and infrastructural setbacks, the economic development of a country like nigeria cant be said to have totally been where it used to be, or to have back tracked as some people insinuate. This is best achieved through development planning, which can be described as the countrys collection of strategies mapped out by the government.
The reason for the assumption of this greater role in the development of nigerias economy after independence was to consolidate the political independence and to maintain control over national resources and foreign enterprises which tended to be monopolized curulen in obadan 2000. International journal of economic development research and investment, vol. Economic development nigeria product, growth, economic. National development plans in nigeria we have had series of development plans in nigeria. The study investigated causal relationship between stock market development and economic growth in ghana, kenya and nigeria. In 1999, most people grossly underestimated the extent of social, political, and economic decay of the country.
The study also made use of ordinary least square of. However, the vital role of the capital market in economic growth and development has not been comprehensively investigated thereby creating a research gap in this area. The national economic empowerment and development strategy needs is the response to the development challenges of nigeria. Insecurity and national economic development implications. Management in nigeria, theories and issues, onitsha, africana education publishers ltd.
The purpose of this report is to help the nigerian people to decide for themselves how to achieve the desired economic advancement. In these studies, researchers used economic development and economic growth interchangeably. The word development according to schumpeter cited in jhingan 2003, is defined as the discontinuous and spontaneous change in the stationery state which forever alters and displaces the equilibrium state previously existing. An empirical analysis of the contribution of mining sector. Problem of this kind of insecurity, has left the country vulnerable and has crippled economic development. Economic development in nigeria 393 the country is big and diversified, and the present federal constitution reflects the history as well as the diversification of the country. Following an analysis of nationallevel socioeconomic outcomes. It is by far the most significant source of revenue for modern government hence recently calls for increase in taxation. Its population of around forty million makes nigeria the largest african unit. Some researchers estimated the effect of tax revenue on the economic development of nigeria using gross domestic product gdp. The importance, how to, effect causes relationship, comparison, history, role, solutions are discussed. For example, east african community members, kenya, uganda and tanazania adopted tariff categories of 0% 10% and.
Multinational corporations and economic development in. Effects of nonoil export on the economic development of. Hence, the stock market is at that core of the capital market development in any country. An empirical analysis of the contribution of mining sector to economic development in nigeria david, oladipo olalekan university of south africa, pretoria, south africa noah, oluwashina afees kwara state polytechnic, ilorin, nigeria agbalajobi, sunday ayodele kwara state polytechnic, ilorin, nigeria 1. However, the results emanating from these studies have been inconclusive. Nigerias economic development from 1980 to 2010 which cover the market performance and economic growth in nigeria. Notwithstanding, nigeria is today identified as one of the 30 of the worlds most important economies and the 7 th fastest growing economy in the world during 2009 6.
It recommends the ways in which nigeria may organize and finance the development effort, sets the goals which can be attained. The aims of this, is to find out the impact of multinational companies in the economic growth and development. Socio economic development is a product of development and can be defined as the process of social and economic transformation in a society. An endless search for appropria te development strategy iheanacho, e. Nigeria capital market operation and economic growth.
Globalization and nigerian economic development yusuf. Thus, advancement of the financial sector development, including diversification of financial instruments should be pursued to facilitate economic development in nigeria. It is also expected to serve as the basis of socioeconomic development in the locality. Economic development economic development can be referred to as the quantitative and qualitative changes in an. The role of stock market on nigerias economic development. Option for effective development of nigerian capital market seminar organized by nigeria economic society at the institute of. Local government administration in nigeria and community. Nonbank financial institutions and economic development. Insecurity and socioeconomic development in nigeria. Possible solutions for nigerian national development industry. Fifteen years ago the assumption would have been that it was a book about the planned development of the socalled underdeveloped countries, where the idea of national economic planning. These social menace trigger off a worrisome sense of insecurity that challenge nigerias efforts towards national economic development and consequently its vision 20.
Infrastructure development and economic growth nexus in. Below are the importances of taxation in nigeria economy. The role of cooperative societies in economic development. In comparison, the average for the 26 african countries in revenue statistics in africa 2019 remained at 17. Economic partnership agreements the case of nigeria. In a situation such as this, national interest does have a negative contribution to national development. The shabby performance of technical education graduate is no longer news as very important projects in the country, particularly, the construction industry are now run by technicians and craftsmen from neighbouring west african countries nworlu elechi,20. Yet, following several years of military rule and poor economic management, nigeria experienced a prolonged period of economic stagnation, rising poverty levels, and the decline of its public institutions. Nigeria is now at the midpoint of carrying out its development plan 19621968. Falodun, omogiator and ezeaku 1997 observed that economic development is the attainment of ideals of modernization such as the rise in productivity, social and economic equity, improved institution and values. Socio economic development embraces changes taking place in the social sphere mostly of an economic nature. National interest and national development the term national interest is characterized with inconsistency.