International journal of economic development research and investment, vol. Its population of around forty million makes nigeria the largest african unit. Nigerian entrepreneurship ecosystem mapping report final. It is a strong force for economic development in the country from the precolonial, colonial and postcolonial eras. Since 1999, we have succeeded in stabilizing the polity, consolidated the democratic governance structure. Students work in groups to identify the differences in development and the issues and challenges this brings for nigeria. It recommends the ways in which nigeria may organize and finance the development effort, sets the goals which can be attained. Economic diversification for sustainable development in. It is by far the most significant source of revenue for modern government hence recently calls for increase in taxation.
A mutual correlation exists between infrastructural development and economic growth in nigeria. The importance, how to, effect causes relationship, comparison, history, role, solutions are discussed. 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. 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. Following an analysis of nationallevel socioeconomic outcomes. Thus, socio economic development is made up of processes caused. Economic development economic development can be referred to as the quantitative and qualitative changes in an. Before the prominence of petroleum industry, nigerian economy was dependent on agriculture. 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. 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. Insecurity and national economic development implications. An empirical analysis of the contribution of mining sector. The role of stock market on nigerias economic development.
The role of cooperative societies in economic development 1. It is also expected to serve as the basis of socioeconomic development in the locality. 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. Economic liberalization policies have been widely acknowledged in development finance literature as a critical factor in economic performance. 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. Consequently, thispaper is intended to determine the extent to which multinational firms have spurred up economic development in nigeria. An endless search for appropria te development strategy iheanacho, e.
Nigeria cannot function effectively with insecurity, and civil unrest like militancy, in the niger delta or the northern nigeria insurgency, occurring. The role of cooperative societies in economic development. The subject matter of inflation has received diverse attention due to its sensitivity to economic issues. Despite the numerous challenges it faces, local government is essentially a pathway to, and patron of national integration, organization and development lawal, 2000. A lot of literature exists on tax revenue and economic growth of nigeria adereti et al. Nigerias negotiators have also highlighted the high tariff regimes of other blocs in africa and south asia. National interest and national development the term national interest is characterized with inconsistency. This indicates that an increasing level of openness will be beneficial, depending on the level of economic development in nigeria. Macroeconomic determinants of economic growth in nigeria.
To examine the impact of multinational corporation sector on nigeria economy. National interest and national development in nigeria. 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. Challenges to economic growth in nigeria michael amati jose ardavin jeanette fershtman 14 may 2004. The economic development of nigeria english abstract.
With a population of 140 million people, nigeria is the most populous country in africa, with a gdp second only to south africas. Socio economic development is a product of development and can be defined as the process of social and economic transformation in a society. In a situation such as this, national interest does have a negative contribution to national development. Hence, the stock market is at that core of the capital market development in any country.
Despite insurance being the second most important financial institution the industry suffers from poor image and low patronage attributed to poor indemnification process and protracted legal tussle akpan, 1994. Insecurity and socioeconomic development in nigeria. National development plans in nigeria we have had series of development plans in nigeria. Olufemi, 2004 found a unidirectional relationship between openness and growth. Nonbank financial institutions and economic development. The study investigated causal relationship between stock market development and economic growth in ghana, kenya and nigeria. In comparison, the average for the 26 african countries in revenue statistics in africa 2019 remained at 17. For example, east african community members, kenya, uganda and tanazania adopted tariff categories of 0% 10% and.
Nigeria capital market operation and economic growth. The relationship between trade openness and economic. Economic growth is a fundamental requisite to economic development. These social menace trigger off a worrisome sense of insecurity that challenge nigerias efforts towards national economic development and consequently its vision 20.
Economic partnership agreements the case of nigeria. To evaluate the nature of the relationship that exist between multinational corporation and economic growth of nigeria. 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. Globalization and nigerian economic development yusuf. Essentially, economic growth is associated with policies aimed at. Problem of this kind of insecurity, has left the country vulnerable and has crippled economic development. Socio economic development embraces changes taking place in the social sphere mostly of an economic nature. The aims of this, is to find out the impact of multinational companies in the economic growth and development. This is best achieved through development planning, which can be described as the countrys collection of strategies mapped out by the government.
Nigerias economic development from 1980 to 2010 which cover the market performance and economic growth in nigeria. 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. This study is undertaken to examine the contribution of the capital market in. Infrastructure development and economic growth nexus in. Nigeria is now at the midpoint of carrying out its development plan 19621968. However, the results emanating from these studies have been inconclusive. 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. Thus, advancement of the financial sector development, including diversification of financial instruments should be pursued to facilitate economic development in nigeria. 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. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. Possible solutions for nigerian national development industry. 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 purpose of this report is to help the nigerian people to decide for themselves how to achieve the desired economic advancement. Effects of nonoil export on the economic development of.
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. 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. This informs why in nigeria growth continuously dominates the main policy thrust of government s development objectives. In these studies, researchers used economic development and economic growth interchangeably. One of the macroeconomic challenges facing nigeria governments in economic history has been the maintenance of price stability. There have been several studies that have investigated the relationship that exist between infrastructure development and economic growth. In nigeria, several authors have attempted to investigate the relationship between stock market development and economic growths. This is a follow up on the objectives of study stated earlier. The national economic empowerment and development strategy needs is the response to the development challenges of nigeria. People do hide under the cover of national interest to project and protect their own individual or group interest. 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.
Multinational corporations and economic development in. Local government administration in nigeria and community. With 356,759 square miles, it is one of the largest african nations. 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. Economic development nigeria product, growth, economic. Management in nigeria, theories and issues, onitsha, africana education publishers ltd. Some researchers estimated the effect of tax revenue on the economic development of nigeria using gross domestic product gdp. The term economic development refers to the improvement in the general standard of living of the people of the society. The economic development of nigeria english world bank. Below are the importances of taxation in nigeria economy. Nevertheless, the niger delta development commission nddc was created to coordinate economic and social development in the oilproducing region. Option for effective development of nigerian capital market seminar organized by nigeria economic society at the institute of. The study also made use of ordinary least square of.
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