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FOREIGN DIRECT INVESTMENT CHALLENGES AND PROSPECTS IN
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254 PEAR Foreign Direct Investment 255, This extremely low share of solid minerals contribution to GDP is further Purpose of Study. attributed to the underdevelopment of the mining sector due to inadequate and. insufficient policies for solid minerals exploration and development The purpose of this study is to analyze how Nigeria s solid minerals sector. Nevertheless over the past decades possibilities for growth in the solid can attract FDI Despite being a major oil producer oil wealth alone has not. minerals sector have been vigorously examined Based on this the Federal improved living standards among the Nigerian population According to the. Ministry of Solid Minerals Development was created in 1995 Also reviewed United Nations Conference on Trade and Development UNCTAD FDI. and amended was legislation guiding mining activities which led in 1999 to has been prominent in oil and gas development 4 Sectors like solid minerals. the Minerals and Mining Decree MMD 3 All these efforts were structured to however remain underdeveloped A lot needs to be done therefore this. provide alternatives to petroleum as a foreign exchange earner and contribute research will assess policies towards Nigeria s foreign investment drive and. towards the overall economic development of Nigeria what can be done for solid mineral development In addition this research will. It is crucial to develop the solid minerals sector for Nigeria s economic address the challenges and prospects in the solid minerals sector and provide. growth through foreign direct investment because these minerals potential policy recommendations. can generate additional internal revenue as well as increase foreign exchange. employment opportunities capital and technology transfer Despite this great Objectives of Study. potential however how much has been done to attract investment to this. sector What are the factors hindering the development of the solid minerals This research will focus on the solid mineral resources in Nigeria It will analyze. sector in Nigeria Against this backdrop this study has developed the following the challenges and prospects in this sector evaluate policies and evaluate the. questions as its roadmap past and present development agendas of Nigeria s institutions and agencies. responsible for the development and promotion of FDI The three key objectives. Research Questions of this paper are, 1 What are the constraints to foreign direct investment in the solid minerals 1 To articulate the general challenges facing solid mineral development in. sector Nigeria, 2 What are the prospects for prospective investors in this sector 2 To highlight the potential and showcase the prospects of investing in solid. 3 What are the economic initiatives to generate investments in the solid minerals. minerals sector 3 To examine the past and present policies and legislations in mining its. 4 In addition to the improved investment policies to attract FDI in the solid forward looking prospects and the implications for Nigeria s economy In. minerals sector how can Nigeria address key antagonistic socio economic addition the paper will constructively discuss and give recommendations. and political issues in order to realize these policies for policies and the future development. This study will attempt to answer the questions above considering the peculiar. socio economic and political challenges of Nigeria Research Methodology. This study adopts the approach of qualitative data collection Data collection. was based on in depth review and analysis of secondary information research. and data collection in the form of socio economic data and information. 3 Anike Mariam Lawal Constraint To Small Scale Mining In Nigeria Policies and Strategies For. Development 2002 1 27 http www dundee ac uk cepmlp car assets images Nike pdf accessed August. 22 2010 4 United Nations Conference on Trade and Development Investment Policy Review Nigeria Ge. neva UNCTAD 2009 1 159,256 PEAR Foreign Direct Investment 257. from journal articles Also local international and government reports have enterprise or affiliate enterprise or foreign affiliate 7 This implies that the. informed this research investors have significant control or certain level of influence in the operations. of the investment in the host economy Be it incorporated or unincorporated. Significance of Study FDI can be undertaken by business entities or individuals This paper supports. and adopts the definition of the OECD8 and the UNCTAD 9. The significance of this paper is its contribution of original findings to academic When securities or bonds are purchased by a foreign investor without. literature in the field of foreign direct investment While academic scholars controlling the firms this type of investment is called a portfolio investment. state officials NGOs human rights and environmental activists have provided a Whether it is a greenfield operation construction of new production facilities. plethora of scholarly works on FDI in many sectors of the Nigeria economy for or the acquisition and control of existing local firm this type of investment is. solid mineral resources and its impact on the Nigeria economic development regarded as direct investment 10 Once investment is identified by an enterprise it. there is a dearth of research Therefore the successful completion of this study becomes important to define the form of capital flow from that enterprise to the. will be invaluable to provide insight on these issues entities in other countries because the main characteristic of FDI is anchored. on the lasting interest of investor in the enterprise the capital provided by the. Literature Review investor either directly or through other related enterprises is classified as FDI. Therefore capital flow for FDI investment comprises three components. Definitions and Economic Importance of FDI The first is equity capital the second is reinvestment of profit earnings and third. are long term and short term intra company loans between the parent investment. According to the US Department of Commerce FDI includes all foreign company and its affiliate enterprises 11 Alfaro further states that regardless. business organizations in which a U S Citizen organization or affiliated group of measurement difficulties the desire to achieve partial or complete control. owns an interest of ten percent or more 5 However Okomo notes that there over a firm in another country distinguishes FDI from portfolio investment 12. are limitations in the scope of the definition since it considers foreign direct Multinational Corporations MNCs which are sometimes referred to as. investment solely on shared capital and not ownership by corporate control On transnational corporations TNCs are firms that own and control production or. the other hand the OECD views foreign direct investment in terms of equity assets generating income in at least two countries 13 Foreign direct investment. and corporate control with the objective of obtaining lasting investment entity is a fundamental feature of MNCs Based on this theory it can be argued that. by investing in a foreign company with at least ten percent ordinary shares or FDI is not simply an international transfer of capital rather it is the extension of. through voting power of the enterprise This should be done in parallel with enterprise from the investor s home country to the host country 14 This extension. intention of establishing lasting interest in the host economy and long term involves the flows of capital technology entrepreneurial and management skills. relationship through significant influence in the management of the firm 6 and practices for improvement and production of goods and services. In addition UNCTAD defines FDI as investment involving a long Likewise the OECD states that a preponderance of studies show that. term relationship and reflecting a lasting interest and control by a resident entity FDI triggers technology spillovers assists human capital formation contributes. in one economy foreign direct investor or parent enterprise in an enterprise. resident in an economy other than that of the foreign direct investor FDI. 7 United Nations Conference on Trade and Development World Investment Report Transnational. Corporations Extractive Industries and Development New York and Geneva UNCTAD 2007 274. 8 OECD 1999,9 UNCTAD 2007, 5 Peter Friday Okomoh The Role of Business in Society Foreign Direct Investments FDI and 10 Laura Alfaro Foreign Direct Investment Harvard Business School 2005 1 12.
Their Impact on Sustainable Development in Nigeria World Bank Institute 2004 1 26 http info world 11 Alfaro Foreign Direct Investment. bank org etools docs library 57480 nigeria finalist pdf accessed August 23 2010 12 Ibid. 6 Organisation for Economic Co operation and Development Benchmark Definition of Foreign Di 13 Ibid. rect Investment Third Edition Paris OECD 1999 14 Okimoh The Role of Business in Society. 258 PEAR Foreign Direct Investment 259, to international trade integration helps create a more competitive business how and MNCs are undesirably able to influence patterns of local consumption. environment and enhances enterprise development 15 FDI acts as a catalyst that Regardless of these concerns fears of negative impacts are diminishing. stimulates economic growth through competition cutting edge innovation and in light of the positive impacts of FDI For instance Mabey and McNally s study. improvement to export performance 16 Also Sjoholm s 1999 study agrees that as cited in Ogunkola and Jerome argue that the impacts of FDI on domestic. FDI contributes to economic growth he notes that Spillover effects could be economy are the main reason for the intense political focus on FDI in most. observed in the labor market through learning and its impact on the productivity countries which has led to unprecedented levels of public subsidies diplomatic. of domestic investment 17 In this sense through transfer of technology and efforts and promotional activities to attract investors 21 Further analysis. spillovers of technology to unaffiliated firms in the host country MNCs can shows that FDI has dramatically grown and now serves as the most stable and. speed up the development of new intermediate products raise quality of new largest source of private capital for the developing world and economies in. varieties and facilitate international collaborations on research and development transition FDI accounted for nearly 50 percent of total capital flows in 2002. R D with new types of human capital Other authors like Obwona concur This increasing role of FDI is attributed to a change of attitudes in host countries. with the literature that spillovers of FDI depend on the host economy s ability from critical wariness towards the MNCs to sometimes uncritical enthusiasm. to absorb foreign technological transfer and investment climate 18 regarding their role in the development process Having said this the domestic. Conversely FDI also has negative impacts such as anti competitive policy framework is a fundamental determinant of the net effect of FDI be it. and restrictive business practices by foreign affiliates tax avoidance and positive or otherwise 22 In other words empirical evidence has shown that some. abusive transfer pricing 19 Moreover some FDI is seen as transferring pollution countries have been more successful in implementing and designing a policy. Also fear exists that FDI may generate excessive power and influence on a mix that harnesses and maximizes FDI s potential benefits while minimizing. host country s economic and internal affairs with negative impacts on genuine potential negative effects 23 If FDI is properly managed it can contribute. industrial development and national security Alfaro along with Ogunkola and positively to national economic and political development. Jerome corroborated negative impacts by asserting the critics point that foreign. firms tend toward monopolization instead of diffusing their know how capital Foreign Direct Investment The Nigeria Case. and technology which may not have a positive impact on local development 20. Furthermore they assert that MNCs preference for foreign inputs rather than FDI in Nigeria is highly concentrated in the oil industry In 1960 the oil. local ones has negative effects on trade balances In addition Alfaro maintains industry was not so independent because there was substantial FDI presence. the critics belief that research and development with positive externalities are in the Nigerian economy However policy design narrowed the scope of. kept at headquarters a strategy which limits technology transfer In the case of FDI Additioally subsequent decades of political instability economic. international acquisitions they believe it potentially destroys the local know mismanagement and endemic corruption further reduced Nigeria s chances of. attracting and retaining FDI 24 While oil plays a significant role in Nigeria s. 15 Organization for Economic Co opearation and Development Foreign Direct Investment for De economy poverty is endemic data shows that over 70 percent of the Nigerian. velpment Maximising Benefits Minimizing Costs Paris OECD 2002 5. population of about 150 million lives on less than one dollar per day The. 16 E O Ogunkola and A Jerome Foreign Direct Investment in Nigeria Magnitude Direction and. Prospects in Foreign Direct Investment in Sub Saharan Africa Origins Targets Impact and Potential S manufacturing sector has hardly progressed and only three percent of. Foreign Direct Investment 253 FOREIGN DIRECT INVESTMENT literature in the field of foreign direct investment While academic scholars state officials NGOs human rights and environmental activists have provided a plethora of scholarly works on FDI in many sectors of the Nigeria economy for solid mineral resources and its impact on the Nigeria economic development there is a dearth of

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