IMPACT OF FOREIGN INVESTMENT ON THE DEVELOPMENT OF NIGERIA ECONOMY
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IMPACT OF FOREIGN INVESTMENT ON THE DEVELOPMENT OF NIGERIA ECONOMY
INTRODUCTION TO CHAPTER ONE OF THE IMPACT OF FOREIGN INVESTMENT ON THE DEVELOPMENT OF NIGERIA ECONOMY
1.1 STATEMENT OF THE PROBLEM AND THE PURPOSE OF THE STUDY
In general, investment is a result of saving. There can be no investing without saving. Saving, on the other hand, is determined by income. This is due to the fact that an excess of income over expenditure leads to savings.
However, the average income in Nigeria is extremely low. Given this, the level of investment is quite low in comparison to what is required to build the economy.
As a result, there is a need for foreign investment to fill the void. When this is accomplished, the economy will be able to grow at a reasonable rate.
Unfortunately, foreign investment in the economy is also extremely low. In light of this, the economy appears to remain sluggish. Foreigners have not been sufficiently driven to invest in the economy. The level of corruption in the country appears to be one of the issues frightening tourists away.
The goal of the research
The study’s goal is to discover the factors that have been impeding foreign investment in the economy. These factors, if recognised and eliminated, will provide a favourable environment for foreign investment in the economy.
1.2 THE RATIONALE FOR THE STUDY
If this study is effective and the recommendations are adopted, the country’s economy will be more conducive to investment. This can help to attract much-needed foreign investment to the economy.
1.3. SIGNIFICANCE OF THE STUDY
The study is required to serve as a guide for policymakers in order for them to develop clear policies that will attract foreign investment to the country. The study would also help Nigerians to collaborate with foreigners in order to capitalise on the country’s existing investment prospects.
1.4 BACKGROUND OF THE STUDY
Nigeria need a large number of enterprises and investment to keep a large number of idle hands engaged. This country’s populace has no access to income-generating activities. As a result, the unemployment rate continues to rise year after year.
As more people graduate from high school with no career prospects, the rate of employment rises while there is no matching increase in investment.
Despite the fact that the government appears to be making an effort to attract foreign visitors. These efforts to attract much-needed foreign investment by investors through liberal financial policies are not yet sufficient.
This study focuses on this environment to see if there is anything that can be done to produce a positive shift that will attract much-needed foreign investment.
1.5 DEFINITION OF THE TERM
Economic development / growth
This is the process through which a country’s real capital income increases (grows) over time as a result of increased productivity in various sectors of the economy.
Private foreign investment
This is the entrance of capital and managerial know-how from foreign corporations and individuals. Such inflows may be accompanied by the inflow of contemporary technology and capital.
Industrialization
This is the economic development process in which a growing portion of national resources is mobilised to develop a technically advanced, diverse, domestic economic structure characterised by a dynamic manufacturing sector with and producing means of production at a high rate of growth for the economy as a whole and achieving economic and social progress.
Technology
This refers to the embodiment of usable scientific knowledge that has been effectively evolved and adapted to practical use and is ready to be employed to meet his key immediate economic and social needs.
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