...INTERNATIONAL ECONOMICS THEMES AND ISSUES MMN222154-13- AB THE IMPACT OF FOREIGN DIRECT INVESTMENT ON ECONOMIC GROWTH IN NIGERIA BY AZUMONYE M. CHUKWUEMEKE S1344407 INTRODUCTION Over the years, the debate on the role of foreign direct investment (FDI) as a factor that induces economic growth has received the attention of policy makers, researchers and international organizations (Tumala et al, 2011). There is no denying that most countries strive to attract foreign direct investment (FD1) because of its putative advantages as a tool of economic development. Therefore, this essay seeks to ascertain the extent at which growth in foreign direct investments (FDIs) influences economic growth in Nigeria in the long-run and investigated the empirical relationship between FDI and privatization. Nigeria, after independence began with an economy that was mostly driven by the public sector. According to Tumala et al (2007), Nigerian Enterprises Promotion Decree (NEPD) of 1972 imposed several restrictions on FDI entry, thereby earning the tag „the indigenization policy‟. It reserved 22 business activities exclusively for Nigerians, including advertising, gaming, electronics manufacturing, basic manufacturing, road transport, bus and taxi services, the media and retailing and personal services. Foreign investment was permitted up to 60 per cent ownership and provided that the proposed enterprise had, based on 1972 data, share capital of N200, 000 ($300,000) or turnover...
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...MARKET LIBERALIZATION: THE REDISTRIBUTIVE EFFECT OF PETROLEUM PRICE LIB. THE ROLE OF PETROLEUM PRICE LIVERALIZATION IN THE PROCESS OF FINANCIAL AND ECONOMIC DEVELOPMENT OF NIGERIA PETROLEUM PRICE DEREGULATION IN NIGERIA: AN INTRODUCTION TO THEORETICAL, INSTITUTIONAL AND POLICY ISSUES. Nigeria once flush with oil boom revenues, is now a country of unfinished petrol station construction sites, ghost refinery depots, abandoned petrol stations, an unintended monuments to unrealized expectations. It is therefore not a surprise that in such an environment the appetites for risk should naturally abate often such catastrophic losses and situation. ORIGIN OF FREE MARKET IDEOLOGY IN NIGERIA Overview/introduction A careful study of Nigeria’s economic… reveals that… Economic policies in Nigeria have in the last two decades reflected a drive for accelerated economic development through economic and financial liberalizations. The outcomes have been largely disappointing, even in the honest estimates of their designers. Both urban and rural livelihood has become more insecure, and the expected economic development and growth has rarely materialized. Social and political insecurity are etched into the growth pattern. Ironically, the same liberalization policy that has been so deeply adverse to many sectors of the economy, somehow provided new opportunities to some individuals and groups that have the absorptive capacity to embrace, absorb and integrate both the policy and transfer...
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...“Conversion of Community Banks to Microfinance Banks will enhance the assessment of women entrepreneurs to financial resources”. Discuss Evaluate the impact of SEEDS in the implementation of MDGs in Nigeria Analyze the impact of Globalization on the economic Development of Nigeria The incidence of the Niger Delta militants groups and its consequences to entrepreneurial development in Nigeria Evaluate the power, composition and functions of NDDC Assess the impact of the multinationals in the Nigerian Economy with regard to FDI and FPI Youths and entrepreneurial Development: Realty or Myth Evaluate the implementation of MDGs and the realization of the objectives by 2015. The effect of entrepreneurial development on poverty reduction The impact of privatization on Nigerian economic development and growth. Evaluate the impact of different reforms in the Nigerian reforms on the Nigeria economy. Women entrepreneurial development (WED) and poverty: what a paradox The impact of women entrepreneurs in SMEs on poverty alleviation Evaluate the cultural factors in Nigeria and entrepreneurial development. Evaluate the financial factors in Nigeria and entrepreneurial development. Evaluate the environmental factors in Nigeria and entrepreneurial development. Gender, entrepreneurship and globalization: Barriers and prospects. Intrapreneurship and achievement of organizational objectives Evaluate intrapreneurship as a motivational concept in an organization Assess the...
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...1.INTRODUCTION Cursory observation would prove that child labour has increase in Nigeria since the late 1980s.To this end the increase may be related to the changing socio economic structure of the country. It is in this light that this paper seeks to relate the massive increase in the incident of child labour In Nigeria the mid 1980s.Globalisation should be seen as an encompassing process with implications for different sections of socio life (see Anugwom, 2001). Therefore, globalization significantly affected the child labour in Nigeria. Nigeria is reported as having 12million child workers, which is one of the highest in the world (see Siddigi and Patrinos,2001). Moreover the IL0 1996 estimate that 250million children are involved in child labour. This figure shows a problem of major proportion and which is concentrated principally in developing nations of the world. A concern with child labour stem largely out of the stark that realization in spite of the numerous national attention given to the issue, it seems to elude meaningful solution in fact rather than abate, child labour has persisted. Child labour has also attracted international attention and concern. Hence, there have been many declaration on the global arena on how to stem the rising tide of child labour. Among these declarations and conventions are the ILO conventions on the Elimination Of Child Labour, the, ILO Declaration on the Fundamental Principles and Rights of Work, the UNICEF. Declaration on the Right...
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...PRIVATIZATION OF EDUCATION AND THE 6-3-3-4 EDUCATIONAL SYSTEM IN NIGERIA: A CRITICAL (RE)ASSESSMENT By: Paul-Sewa Thovoethin, Department of Political Studies, University of the Western Cape, Private Bag X17, Bellville 7535 Cape Town, South Africa. E-Mail:3168726@uwc.ac.za Or paulsewanu@yahoo.com Phone: +27788580086, Or +2348037258409 Being a Paper Presented at the Open Society Initiative for Southern Africa Organized Conference on Globalization, Regionalization and Privatization in and of Education in Africa, Held at Crowne Plaza Hotel, Johannesburg, South Africa, from 12 th-13th October, 2012 1 Abstract With the dire need for technological development occasioned by the need to move with the trend of globalization the Nigerian government in early 1980 introduced what is now popular referred to as the 6-3-3-4 educational system. Under this system a student is expected to spend six years for primary education, three years for junior secondary education, three years for senior secondary education and four years for tertiary education. The focus of this policy is to build technical capacities of students right from their secondary school level which will prepare them for engaging more in engineering and technological related courses in higher institution. To achieve this, the government was expected to equip secondary schools with modern technological equipments, so that the first three years of students in Junior secondary is concentrated in the teachings of technological related...
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...1 BACKGROUND OF STUDY Breaking away from the shackles of ‘colonialism’ (British control) the oil rich Nigeria got her independence in 1960. Having being plagued by political instability, the negative impact of a prolonged military rule, corruption, unemployment, inadequate infrastructure and poor macroeconomic management for a long period of time, the nation currently undertakes certain reforms under a new reform minded administration. Prior to the present democratic rule, Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 20% of GDP, 95% of foreign exchange earnings, and about 80% of budgetary revenues. The largely subsistence agricultural sector has failed to keep up with rapid population growth - Nigeria is Africa's most populous country - and the country, once a large net exporter of food, now must import food. Following the signing of an IMF stand-by agreement in August 2000, Nigeria received a debt-restructuring deal from the Paris Club and a $1 billion credit from the IMF, both contingent on economic reforms. Nigeria pulled out of its IMF program in April 2002, after failing to meet spending and exchange rate targets, making it ineligible for additional debt forgiveness from the Paris Club. In 2003, the government began deregulating fuel prices, announced the privatization of the country's four oil refineries, and instituted the National Economic Empowerment Development Strategy...
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...The Monetary & Fiscal Policies in Support of Economic Transformation and Inclusive Growth in Nigeria Abubakar M. G 1. Department of Economics, Umaru Musa Yar’adua University, Katsina 2. Central Bank of Nigeria, Katsina. Phone: 08032838408 and 08023563415 Central BanEmail: gazayks@yahoo.com and magarzali@cenbank.org 1.1 Abstract There is a plethora of literature on Monetary/Fiscal Policies - economic development nexus. This has prompted renewed interest in inclusive Growth. This probably explains why governments and policy makers are now tinkering with ways to situate and develop a permanent solution to the widened gap in broad range of financial services which of course are necessary for inclusive growth. Financial inclusion otherwise known as “inclusive growth” can be seen as the delivery of financial services at affordable costs to sections of disadvantaged and low-income segments of society. Due to incessant desire to incorporate disadvantaged segment of the society into financial net, both monetary and fiscal authorities have embarked upon a robust strategy toward addressing the gap. The former (monetary authority) had set out a visible road map necessary for direct effect on savings, investment, rate of interest, pension and general form of financial services. While the later (fiscal authority) have been making a remarkable effort toward achieving sustained economic growth especially in rural areas, this would translate accelerated and friendly society necessary...
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...ECONOMIC GROWTH IN NIGERIA. BY S. O. OLADIPO (M.sc) Department of Economics and Accounting Bells University of Technology, Ota. E-mail address: giftsamniyo@yahoo.com AND PROF. J. O. FABAYO Department of Economics, Obafemi Awolowo University, Ile-Ife ABSTRACT This study investigates global recession and the oil sector, based on its effects on economic growth in Nigeria. No doubt the global economy has been experiencing some disturbances. Major economies of the world have been affected and so has the major sectors of these economies especially the ones that has a direct bearing with international trade been affected. The oil sector particularly has been one of the hit. For a country like Nigeria whose international trade is majorly in oil, the effect has become an issue. Empirical analysis using the Ordinary Least Square (OLS) reveals that there was a negative relationship between GDP and oil produced (domestic consumption and export) which is significant at 5% lever of significance i.e. (P < 0.05). The result also showed that there exists decline in the oil sector due to the global recession despite all measures given by government to curb it effects. It was Jan 2012 recommended that the federal government needs to deregulate the sector for efficient performance, and also come up with more rigorous policies that will reduce this effects on the real sector most especially the oil sector whose contribute the largest portion of income in the Nigerian economy. Keywords: Gross Domestic...
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...UNIVERSITY OF MAIDUGURI DEPARTMENT OF MASS COMMUNICATION PUBLIC RELATIONS AND CONSENSUS BUILDING: An Appraisal of the Public Communication Programmes for the Nigerian Downstream Petroleum Sector Reforms – 2000 to 2010 BY YUSUF MU’AZU I.D. NO. PGA/09/06230 Being a Non-Thesis Based Seminar presented to the Department of Mass Communication in partial fulfillment of the requirements for the award of the Degree of Doctor of Philosophy (Ph.D) December, 2010. ABSTRACT This study seeks an understanding of the role of public relations in building consensus on reforms and engendering public acceptance of government policies. The study attempts to achieve this through an assessment of the public communication programmes for the Nigerian downstream petroleum sector reform being executed by the Federal Government. The study established that there is a nexus between public relations, consensus building and reform success, as demonstrated in a number of countries that have had successful reforms. In the case of Nigerian, the study revealed that absence of strategic communication in the design and implementation of reforms has occasioned poor understanding of some of the reforms leading to lack of consensus and eventual failure of the reforms. The study recommends an effective communication programming for the deregulation of the Nigerian downstream oil sector, which must be based on sound opinion research and analysis, coordinated across Ministries and relevant...
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...CAPITAL MARKET AND MANUFACTURING SECTOR FINANCING IN NIGERIA Ewa, Efa Okoi Department of Business Management University of Calabar, Nigeria +234-8037-796-936 efa_ewa@yahoo.com Abstract This paper discusses mainly the role of the capital market in financing the manufacturing sector in Nigeria. The discussion centered on the state of the Nigerian manufacturers, background, challenges and the imperatives of the capital market meeting the financial and investment challenges of the sector in the face of recent economic reforms and increasing competition posed by globalization. The study sought to determine the extent to which the Nigerian capital market contributes to the development of manufacturing industries. An attempt was made to highlight government intervention in funding the sector and the reality of the country’s manufacturing sector. The study revealed that the Nigerian manufacturing sector has been on the decline owing mainly to government reliance on the oil industry, the decaying infrastructural facilities in the country and non-access to investment fund by local manufacturers. The study concluded that the capital market, despite the problems and challenges it may faced, is a veritable tool in the growth and development drive of the country’s manufacturing sector. 1. Introduction The manufacturing sectors in any country of world rely on medium and long-term fund to carry out its productive activities. Equity capital alone is never adequate and external...
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...The sector was characterized by small sized banks with high overheads; low capital base averaging less than $10million; heavy reliance on government patronage and loss making. Nigeria’s banking sector was still characterized by a high degree of fragmentation and low levels of financial intermediation up until 2004. In the light of the foregoing, banks are compelled by the Central Bank of Nigeria to raise their capital base from N2 billion to 25 billion on or before 31st December, 2005. Most banks resorted to mergers and acquisition as a survival strategy, which saw a reduction in the number of banks from 89 to 25. This study contributes to the concept of bank recapitalization by critically examining the impact of bank consolidation on the performance of banks using a sample of randomly selected Nigerian banks. It is the intention of the researcher to give more validity to empirical evidence that have been obtained by previous researchers on the subject matter. Relevance of the study The earliest set of studies evaluates the effects of bank consolidation through mergers and acquisitions comparing pre- and post- merger performance by measuring performance using either accounting or productive efficiency indicators.The results from both indicators have varied and at sometimes been contradictory. This can be explained by performance-influencing variables like size, brand name, diversification and cost reduction, there is still no reconciliation between these indicators. I intend...
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...Foreign direct investment in least developed countries (LCD’S): Some 850 million people, or 12 per cent of the world’s population, live in the 48 least developed countries (LDCs). These countries are the world’s poorest, with per capita GDP under $1,086,and with low levels of capital, human assets, exports and technological development. The Programme of Action of the Least Developed Countries for the Decade 2001-2010 adopted at the Third United Nations Conference of the Least Developed Countries in 2001 in Brussels stated that foreign direct investment (FDI) was an important source of capital formation, know-how, employment generation and trade opportunities for LDCs and called for accelerating FDI inflows into these countries. Since 2001, both LDC governments and their development partners have indeed pursued proactive FDI promotion policies. Although there was an abrupt interruption of the secular trend in 2009, FDI flows to LDCs grew at an annual rate of 15 per cent during 2001-2010 as a whole to reach an estimated $24 billion by 2010, compared with $7.1 billion in 2001, and their share in global FDI flows rose from 0.9 per cent to over 2 per cent. The Brussels Declaration contained 30 international development goals for LDCs, including the attainment of an investment to GDP ratio of 25 per cent and an annual GDP growth rate of at least 7 per cent in order to achieve sustainable development and poverty reduction in LDCs. The Brussels goal of 7 per cent growth is being...
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...A CRITICAL APPRAISAL ADJUSTMENT PROGRAMME IN NIGERIA Structural Adjustment is the Wrong Policy F. E. Ogbimi* he incorrect perception of a problem can lead to the development of poor theories to solve it. This explains why, a decade after implementing Structural Adjustment Programs (SAP) advanced by the World Bank and the International Monetary Fund (IMF), many African countries have still not made measurable progress. Africa is much worse off today than it was a decade ago because African economists and the world bodies have a poor perception of the African economic problem and so designed SAP—a program which cannot stimulate growth. Why do Structural Adjustment Programs lack growth elements and what should be done to stimulate rapid development? Introduction Most African nations are implementing SAP, an economic `panacea' inspired by the World Bank and the IMF. The objectives of a Structural Adjustment Program are largely the same for most African nations, because the world bodies presume that African economies are at the same level of development and are experiencing similar problems. The stated objectives of the Nigerian SAP are to: • restructure and diversify the productive base of the economy • achieve fiscal stability and positive balance of payments • set the basis for a sustained non-inflationary or minimal inflationary growth, and • reduce the dominance of unproductive investments in the public sector.1 The corresponding program instruments include...
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...2222-6990 234 www.hrmars.com Impact of Foreign Direct Investment on Nigeria Economic Growth Adeleke Kunle M. Department of accountancy Federal Polytechnic, Offa, Kwara State, Nigeria Olowe S.O Department of accountancy Osun State College of Technology, Esa-Oke, Nigeria Fasesin Oladipo Oluwafolakemi Department of Accountancy Osun State Polytechnic, Iree, Nigeria DOI: 10.6007/IJARBSS/v4-i8/1092 URL: http://dx.doi.org/10.6007/IJARBSS/v4-i8/1092 Abstract The study analyzed the impact of foreign direct investment on Nigeria economic growth over the period of 1999- 2013. The main type of data used in this study is secondary; sourced from various publications of Central Bank of Nigeria, such as; Statistical Bulletin, Annual Reports and Statement of Accounts. The regression analysis of the ordinary least square (OLS) is the estimation technique that is being employed in this study to determine the relationship between and impact of the Direct Foreign Investment on economic growth. The findings revealed that economic growth is directly related to inflow of foreign direct investment and it is also statistical significant at 5% level which implies that a good performance of the economy is a positive signal for inflow of foreign direct investment. This implies that foreign direct investment is an engine of economic growth. The paper recommended that government should liberalize the foreign sector in Nigeria so that all barriers to trade such as arbitrary tariffs; import and export...
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...1 THE ROLE OF PUBLIC RELATIONS IN ENHANCING CUSTOMERS’ SATI STATION (A CASE STUDY OF NIGERIAN AIRWAYS ENUGU ) 2 THE IMPACT OF NEWS COMMENTARIES ON RADIO LISTENERS (A CASE STUDY OF FEDERAL RADIO CORPORATION OF NIGERIA ENUGU) 3 HAZARDS OF JOURNALISM PROFESSION UNDER MILITARY REGIME (FROM 1993 – 1998) 4 MASS MEDIA COVERAGE OF RURAL DEVELOPMENT NEWS. A CONTENT ANALYTICAL STUDY OF THE GUARDIAN, DAILY CHAMPION, PUNCH AND DAILY STAR NEWSPAPERS. 5 THE ROLE OF MODERN TECHNOLOGY IN ACHIEVING COMMUNICATION EFFICIENCY IN NIGERIA 6 INFORMATION TECHNOLOGY AND THE CHANGING ROLE OF MASS MEDIA IN NIGERIA A DISCOURSE ON THE IMPACT OF INFORMATION TECHNOLOGY AND MEDIA DEVELOPMENT IN NIGERIA 7 THE ROLE OF THE BROADCASTING MEDIA IN UPLIFTING THE EDUCATIONAL SYSTEM OF ENUGU STATE. (A CASE STUDY OF ENUGU METROPOLIS ) 8 A COMPARATIVE STUDY ON “THE IMPORTANCE OF PIDGIN ENGLISH IN BROADCASTING” (A CASE STUDY OF THE ESBS ENUGU 9 THE IMPACT OF TESTIMONIAL USE ON ADVERTISING EFFECTIVENESS (A CASE STUDY OF KANU NWANKWO IN PEAR MILK ADVERTISMENT) 10 AN A****SMENT OF THE EFFECTS OF TELEVISION PROGRAMMES ON YOUTHS. (A CASE STUDY OF CAMPUS CIRCUIT ON MINAJ BROADCAST INTERNATIONAL) 11 THE ROLE OF RADIO IN DEMOCRATIC SOCIETY (A CASE STUDY OF ENUGU NORTH LOCAL GOVERNMENT AREA) 12 THE ROLE OF PUBLIC RELATIONS IN ENHANCING CUSTOMERS SATISFACTION IN A GOVERNMENT PERASTATTALS 13 THE ROLE OF PUBLIC RELATIONS IN ENHANCING CUSTOMERS SATISFACTION IN A GOVERNMENT PERASTATTALS 14 THE ROLE OF...
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