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THE
INFLUENCE OF MULTINATIONAL COMPANIES IN THE ECONOMIC DEVELOPMENT OF NIGERIA
CHAPTER ONE
1.0 INTRODUCTION
1.1 Background of the Study
Available
literature on world history reveals that nothing bothers national leaders more
than the thought of economic development. Hence outstanding world leaders are
always formulating and carrying out policies aimed at economic development of
their nations. No prospect is more alluring to nation leaders than the thought
of bringing in businesses to develop their nations economy.
Nation leaders
have never ignored economic field in their quest for development. Fleet wood
feels that most people would despise "the pains that are taken in making
collection ' of so mean things as the price of wheat and oats (Chronicon
Preciosum 1707). Mean things have however assumed dignity as they increasingly
contributed to the economic power of the state.
During the
first three decades of the 20th century, the development of the Nigerian
economy was shaped primarily by Nigerian Farmers and Trader's response to
changing conditions in national markets.
Agriculture
and trading were the major economic activities. Apart from mining and
handcraft, there was practically no industrial production in Nigeria. The
government played a conservative and essentially passive role in the economy.
Except for a few major budget and trying not to interfere with the market
system. The 1950's witnessed the beginning of industrial development and the
increasing government participation in nearly all sectors of the economy.
Available
information unfortunately does not permit one to measure changes in the total
level or the sectoral composition of economic activity in Nigeria with much
precision, although data on external trade and on the budgets of different
levels of government and of various public corporations do reveal absolute
changes on these particular activities for example exports of goods and
services increased in value by 11.7% between 1950 and 1962 while import rose by
24.6% during the same period. This situation supposes is now hanging with
reverse being the case. The main reason for Nigeria's present backward
condition and indeed much of Africa compared with the rest of the world is
simply lack of money for development.
Development
in Nigeria could not possibly be so rapid if we have to depend solely on the
internal building up of capital. In fact much of the economic development found
in Africa today is the result of capital imported from Europe and America,
surplus capital produced by industries elsewhere brought from Europe to America
and Austria in the past to develop these nations.
We are
presently in the midst of a kind of regionalism in this country. States and
regions are beginning to act like corporations biding for new businesses,
trying to improve their capacities for economic growth, exploring new
technologies and working a good deal about their public image.
Obviously
speaking the development of modern nation states depended so much on the
transformation spread? On the technological activities of multinational
organisations.
(Imaga
E.U.L. 1980). So many authorities are now seeing development plus change in the
activities of multinational companies. Few developments have played as critical
a role in the extraordinary growth of international trade and capital flow
during the past two decades as the rise of multinational corporations. The
multinationals corporations are seen as carriers of foreign technological know
how, culture and social context hence their ability to help develop a nation.
However these companies are not father Christmas and so have their own
entrepreneurial goals plus their parent country's goals which they seek to
attain alongside with the objective of providing the needed development goals
of their host country.
In most
cases their goals may not tally with that of their host countries hence the
investor countries tries to protect themselves with restraints against their
own enterprises as these firms react to meet the demands of their nation
alongside that of their host country's.
1.2 Statement Of The Problem
Economic and
political developments are the goals of any modern state. The yearning for
these goals has in recent time dominated the literature of the economies of the
developing nations of which Nigeria is one. The lopsided arrangement of the
world's capitalist order under which the third world economy and its periphery
components constitute a major obstacle to economic growth and development of these new nations in general.
In view of
this, the project work is design to look into the performance of the economy
and observe how the activities of the Multinational Corporations have
contributed to an increase in the Gross Domestic Product (GDP) and economic
development. Nigeria has been experiencing some problems in the area of
transfer of technology, employment, economic inequality and balance of payments
problems. This work will also aim at examining whether these problems are
functions of the Multinational Corporations or whether there are intervening
variable responsible for these problems.
1.3 Objectives Of The Study
The aims of
this, is to find out the impact of multinational companies in the economic
growth and development.
The specific
objectives are:
1. To evaluate the nature of the
relationship that exist between multi-national corporation and economic growth
of Nigeria.
2. To examine the impact of
multi-national corporation sector on Nigeria Economy.
3. To offer some recommendations
based on the findings of the study.
4. Highlights ways Nigeria could
maximize the benefits from the multinational corporations and minimize their
negative and anti-development objectives.
1.4 Significance Of The Study
Multinational
Corporations are institutions which lead to economic corporation among nations.
There has been wide acceptance of economic corporation as the most effective
method of enhancing economic development into the less developed countries,
Mutharika (1972:20). This research work is important in the sense as it has to
in lighten the government on the role of the Multinational Corporation Oil
Sector (MNCs) play in the economy towards growth and development.
Enlighten
students and researchers on the economic importance of the oil sector
Multinational Corporation and their contribution to economic growth and
development of the Nigeria economy.
1.5 Research Question
1. To what extent does
Multi-national Corporation helps in the development of Nigeria?
2. To what extent does
multi-national corporation transfers their technological skill to Nigerians?
3. How has multi-national
corporation help in creating job opportunity in Nigeria?
4. What constraints will hinder
Multi-national Corporation in their contributions to the economic development
of Nigeria?
5. To what extent does the
company attract government assistance?
6. To what extent does
Multi-national Corporation re-invest their profit in Nigerian Economy rather
than repatriating it abroad?
1.6 Research Hypothesis
H0: Multi-national Corporation as one of the non
oil sector GDP growth has significant impact on economic development (GDP)
growth in Nigeria.
H0: Multi-national Corporation as one of the non
oil sector GDP growth has no significant impact on economic development (GDP)
growth in Nigeria.
1.7 Definition Of Terms
1. Multinational National Enterprises (MNE)
This is a
cross border national business organisation or aggregate of organization that
are aggregate of organization that are characterized mainly by the disposal of
their managerial ability among several nations.
This
section, deals with the definition of some important terminologies in this
work.
2. Undeveloped Country: A situation where
some of the following feature. Absolute poverty, low per capital income, low
rate of economic development, poor health, high death rate, high dependence on
importation, balance of payment deficit eg Nigeria.
3. Economic Development: The process of
improving the quality of all human living. It comprises the following economic
growth, self esteem and economic freedom.
4. Capital Intensive: A method of production
whereby capital proportion is relatively higher than labour or land.
5. Indigenization Policy: Measure aimed at
localizing ownership and control of the economy by Nigerians. An example is the
Nigerian Enterprises Decree of 28th
February,
1972.
6. Balance of Payment: A statement of a
national's financial transactions with the outside world over time period
usually a year.
7. Cartel: A group of firms which enter into
an agreement to set mutually acceptable prices for their products and this is
often accompanied by output and investment.
8. Production Function: A technologically or
Engineering relationship between the quantity of a goods produced and the
inputs required to produce it.
9. Economic Growth: A process by
which the productive capacity of the economy is increase over time to bring
increase in the levels of national income.
10. GDP: This means Gross Domestic product of
a country
11. D.P.R: Department of Petroleum Resources
12. N.N.O.C: Nigerian National Oil Company
13. N.N.P.C: Nigerian National Petroleum
Corporation
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