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MULTINATIONAL CORPORATIONS AND ECONOMIC DEVELOPMENT IN NIGERIA
Abstract
The objective of the study is to determine the extent to which multinational firms have spurred up economic development in Nigeria. Multinational Corporations (MNCs) are those having operations in more than one country. They are subjects to changes in international exchange rates, tariffs, duties, and restrictions on trade. The most successful ones have established production points where labour is cheap, and secures affordable transportation to deliver to their markets. The study used scholarly journals, articles, and textbooks to review the activities of multinational firms in relation to Nigeria’s economic development, in relation to growth and development, technology transfers and policy issues. From the exploratory literature, the study discovered that multinational corporations have contributed to the economic development of Nigeria, though varies, the extent of technology internalization and transfers still remains a mirage, while some of the MNCs still engage in unethical business practices that soils their image and the image of Nigeria. Specifically, the gap in technology intensities from MNCs in Nigeria seemed to be widening despite the recent comparative improvement in FDI inflows into the country. Consequently, there is urgent need to upgrade learning and capabilities of the local firms in the country, through the formulation of strategic FDI and technology transfer policies to safeguard the possible negative impact of the declining FDI inflow from MNCs. However, to further attract foreign investors, Nigeria should strengthen and broaden policies to facilitate cost effectiveness by reducing tariffs on imported inputs, as well as, improvement in telecommunications and transportation infrastructures, to further attract inward FDI from developed and newly industrialized countries. Furthermore, since this study highlighted some of the benefits, linkages and relationship between MNCs and economic development; this may give Nigerian policy makers some helpful facts to bring to the negotiating table.
Keywords
Multinational Corporation (MNCs),
Economic Development,
Foreign Direct Investment (FDI),
Nigeria