Positive and negative effects of globalization on the Nigerian economy

The Positive and Negative Effects of Globalization on the Nigerian Economy.

Background to the Study

There have been phenomenal metamorphose in virtually all aspect of society the world over, Communication have become more rapid, working patterns are changing, markets for goods and services have transformed immensely and money can be moved freely and instantaneously from one country to another with little or no hitches at all. Again, the ace of change seems to have accelerated Continue reading Positive and negative effects of globalization on the Nigerian economy

Loan Administration To Agricultural Co-Operative Societies

Loan Administration To Agricultural Co-Operative Societies By Nigeria Agricultural Co-Operative And Rural Development Bank In Enugu.

                            ABSTRACT

This research project is a very crucial study on the analysis of loan administration to agricultural co-operative society by Nigerian agricultural co-operative and rural development bank. The study is motivated by the necessity to establish the extent of agricultural co-operatives.

To solve the research problem, primary and secondary data was collected. The data were questionnaire and oral interview.  The respondents comprised of personnel from the bank. In organizing and presenting data collected, tables, frequencies and percentages were used. Data analysis and interpretation gives the following findings.

–           Criteria for granting loan to co-operative is that they should have an account holder have viable and bankable project and should be credit worthy.

–           Collateral securities do no pose much problem to give facility to farmer.

–           Insurance cover is necessary to cover some degree of risk involved in co-operative failure.

–           The level of response towards loan facilities is very satisfactory.

–           Loan management by co-operatives are very satisfactory.

Based on the findings the researcher recommends that banks should constitute a feasible alternative for providing financial assistance to support all effort for further development of co-operative sector. Banks should develop their farmers by allowing agricultural loan to cover all stages of agricultural production, consultation of agricultural specialist by farmer if need be lending should be basically for agricultural activities.

The conclusion of the study is the role NACRDB has played to enhance agricultural sector in Enugu and Nigeria in general. It has proved to be an important channel in providing financial services particularly credit to small farmers.

CHAPTER ONE

1.0   INTRODUCTION

Banks are financial house with the authority to guide groups and individuals who could be having monetary transaction to do. The provision of sound financial regulations that make for economic well being is very essential and the assistance of financial house in building up a safe terrain of monetary reserves is very important.  The well directed influence of vital banks on the larger society, as a whole is always something to admire every time. The need to have economic group well tested and approved of with the education of members of the society in forming a financial variable social ground belong in the part to the intelligent services rendered by banks.

In agricultural cooperation societies where individuals who hold agricultural stock could amount to a greater gain to the advancement of their individual well being and collective aspiration. Government has whole lot of work load to carryout financially or otherwise and so has not much moment to supervise minor economic units. She has to assign a duty to her agencies, these agencies as the dog in the wheal of the success of such co-operative societies and of the same time supply the necessary materials for the improvement and standard procedure. Special agro-allied banks have been set up under the auspices of the Apex bank to grant material aid to agro-stock holders. Example- Commercial Bank Limited Nigeria-agricultural co-operative and rural development bank.

These financial institutions have the authority to deal on multiple problems traumatizing agriculture. The bank of agriculture is becoming so highly modernized so that it will take a lot of money to produce food and cash crops in much profitable abundance. If it is with these in mind that government has arranged with her many agencies to bring some relief to aspiring agro stockholders.

Banks in any nation have the keynote to play on unfolding the financial success in the economy.

  • BACKGROUND OF THE STUDY

Agricultural co-operative society is a venture by some farmers who hold agricultural stock and are seeking to uplift their collective and individual agricultural standards. These standard range from planting tag techniques to seed procuring and from financial subsidization to produce display in proper places. Agricultural co-operatives provide useful services where none exist especially one that would be uneconomic for individual ownership. To induce excessive cost of middlemen help farmers get a fair share of national income, direct agriculture towards the goals of national economic planning and generally to  improve the economic and social conditions of rural people. They seek for favourable trends such as loan, scheme, banking services and general market safety regulations. Ignorance of new method, benefits and possible support from responsible agencies have killed an idea to turn agriculture around for the better. Bank being organized financial units that can monitor research, cash flow and general economic trends happen to be a greater case to deal with farmers.

The ideal relationship between the financial institutions and farmers as individuals or as co-operatives could not be over emphasized.  Individual farmers could find relative bank services fit for a great initiative transformation. Financial scheme that enable peasant transformation into giants in agriculture are abundant such as a loan in agricultural cooperative society where many   individuals pull resources together. The level in individual maturity and productivity capacity could not be reckoned with.

Nigerian Agricultural Co-operative and Rural Development Bank (NACRDB) has been selected as a case organization. The Nigeria agricultural and co-operative bank is a specialized bank primary set up to enhance investment in agriculture. It was established in 1973 and was commissioned in 1975. it was later merged with people bank and the family economic advancement  programme (FEAP) in 2002. It grants loan to small holders and large investment holders. Its major problem is inaccessibility of credit by small scale farmers, this problem is solved by putting emphasis on co-operative formation.

Its objective include efficient and effective credit administration with target beneficiaries being rural poor. The minimum percentage of interest rate emerges when loan is granted and 8% maximum loan amount are revised upward depending on timely repayment of previous loans and client  investment.

  • STATEMENT OF THE PROBLEM

The ability of the agricultural co-operative society to develop rapidly depends on the extent to which loan are being provided.  These have been concentrated effort by government to enhance agricultural productivity in Nigeria. For instance the federal and state government have set up some agencies like Nigerian Agricultural Co-operative and Rural Development Bank, to help small stockholders by granting them loan to improve agricultural production.

But inspite of all the effort being made, farmers still experience low or decrease in production, due to the fact that farmers do not have collateral to offer. List of crop failure can be very high, interest charged an be too high for the returns economic activities, records are not properly kept for lack of insurance  coverage.

What are the causes of this low productivity in agricultural co-operative. What can be done to remedy the situation to make recommendation as to how banks can increase it effectiveness towards agricultural production.

Co-operative development in Nigeria have so many problem like improper funding both within and outside the co-operative complex government stifling control leading to over dependence on government handout. Government in Nigeria do not give concession to specialized banks which will enable them to extend adequate funds to co-operative societies.

1.3       OBJECTIVES OF THE STUDY

The general purpose of this project is to undertake a study and analyze how loan are being granted/administered to agricultural co-operative societies.

With the recent drive for higher efficiency by the co-operative societies and consequent effort being put in by banks and government in strengthening the existing co-operative enterprises.

The study will address the following objectives:

  • To determine the causes of low productivity in agricultural co-operatives
  • To determine what can be done to enhance agricultural production.
  • To appraise the contribution of banks to the profitability of agricultural development.
  • To make recommendation as to how bank can increase its support in agricultural co-operative.
  • To determine the level of involvement of co-operative as a business outfit and the overall management of their own co-operative enterprise.
  • To explore other possible ways in which cooperative can be assisted or supported.
  • To identify the problems that always confront co-operative societies which prevent them from meeting their financial obligations.

1.4       SIGNIFICANCE OF THE STUDY

This study is very timely, especially now that the entire societies hands are on deck to enhance the development and growth of Nigerian economy.

This study will help farmers to know immense benefit of banks in financing agriculture; in addition lack of credit is a major factor. For the lack of development of agro business, hence it is required to buy input and improved technology. It is expected that this findings will help us to know that credit is a major accelerator of development. If other essentials needed for development are available. Through this investigation, therefore both banks and co-operative will undertake their short coming and will subsequently adopt measure aimed at enhancing agricultural effectiveness and development.

It will also help government to adopt the right agro business credit policies to enhance credit effectiveness. This study will help us to know the constraints in credit availability to farmers.

This work also intends to provide an adequate information about the technicalities and strategies involved in improving co-operative business enterprise which can serve as a guide to those people who mighty wish to get involved in this type of business and those already in it.

  • SCOPE AND LIMITATION OF THE STUDY

This research work will entail basic understanding about the contributions of banks to co-operative development. The research study is limited to the geographical and political boundaries of Nigeria in general and Enugu Metropolis in particular. It involves only Nigerian agricultural co-operative and rural development bank. Among other financial institutes, this study is to ascertain and analyze how loans are being administered to agricultural co-operative. How they have been able to facilitate the development of agricultural co-operative and to boast small stockholders and large –scale investors Nigeria agricultural co-operative and rural development bank (NACRDB) is being used as the case study.

This work also points out the relevance in a clear understanding of the meaning, need and essence of co-operative movement. It will concentrate on blending the importance of co-operative society.

1.6       LIMITATION OF THE STUDY

It would have been ideal to involve other financial institution but for constraints of time, finance and other material resources, which makes it difficult as regards these projects only Nigerian agricultural co-operative and rural development banks were studied.

In the course of accomplishing this study the researcher faced so many limitations.

TIME

Its certain that time waits for no man , the period at hand is not enough to gather data from paper analysis, other academic responsibility and curriculum activities, all these has been an obstacle to this study.

FINANCE

A good project needs current and relevant information and they are just available in a place. So, one need to search from one place to other which require a lot of money, due to financial handicap as a student one have to channel all resources to one base.

Lack of relevant literature is also one of the problems because there was not much information about the project work. Another problem is the attitude of the respondents especially when it comes to being questioned, orally, filling returning the questionnaire. All these slowed the general pace of the progress.

1.7       RESEARCH QUESTIONS

  1. Have banks been able to improve the efficiency of agricultural production in large scale?
  2. Does Nigerian government give concession to specialized banks which will enable them to extend adequate funds to co-operative societies?
  3. Have bank inputs been able to increase the volume of yield and manpower resources?
  4. Has it been able to increase the income of farmers?
  5. has it been able to make for easy access availability of credit to farmers?

1.8    DEFINITION OF TERMS

AGRICULTURE- Can be broadly defined as the art and science of production of plant and animals that are useful to man.

CO-OPERATIVE SOCIETY- Is an association f persons  who have voluntarily joined together to achieve a common end through the formation of a democratically controlled business organization, making equitable contributions to the capital required  and accepting a fair share of the risks and benefit of the undertaking in which the member actively participate.

GROUP LOAN/ CREDIT

     Non individuals credit in which funds for productivity purpose are extended to group of farmers.

COLLECTIVE FARMING

     This implies the entire members pooling resources and land together for coo-operative farming.

RETURNS ;These are monetary value resulting from scale of  output

BUDGETING ;Planning for future with respect to expenditure and income.

 

 

An Empirical Analysis Of The Relationship Between Inflation And Government Expenditure In Nigeria

An Empirical Analysis Of The Relationship Between Inflation And Government Expenditure In Nigeria (1980 – 2005)

Abstract

This research work “An empirical analysis of the relationship between inflation and government expenditure in Nigeria is design to find out if there is any relationship between inflation and government expenditure. Continue reading An Empirical Analysis Of The Relationship Between Inflation And Government Expenditure In Nigeria

Bank-Recapitalization And The Growth Performance Of Nigerian Banks

Bank- Recapitalization And The Growth Performance Of Nigerian Banks (1986-2007)

Abstract

This paper reviews the perspective of banking recapitalization and growth performance in Nigeria, since 1986 to date. It notes four eras of banking sector reforms in Nigeria, viz: the post-SAP (1986-1993), the Reforms Lethargy (1993-1998), Pre-Soludo (1999-2004) and post Soludo (2005-2007). Using both descriptive statistics and econometric methods, three sets of hypothesis were tested: firstly that each phase of reforms  culminated in improved incentives; secondly that policy reforms which results in increased capitalization, exchange rate devaluation; interest rate restructuring and abolition of credit rationing may have had positive effects on real sector credit and thirdly that implicit incentives which accompany the reforms had salutary macroeconomic effects. The empirical results confirm that eras of pursuits of market reforms were characterized by improved incentives. However, these did not translate to increased credit purvey to the real sector. Also while growth was stifled in eras of control, the reforms era was associated with rise in inflationary pressures. Among the pitfalls of reforms indentified by the study are faulty premise and wrong sequencing reforms and a host of conflicts emanating from adopted theoretical models for reforms and above all, frequent reversals and/or non sustainability of reforms. In concluding, the study notes the need to bolster reforms through the deliberate adoption of policies that would ensure convergence of domestic and international rate of return on financial markets investments.   Continue reading Bank-Recapitalization And The Growth Performance Of Nigerian Banks

ECONOMICS PROJECT TOPICS

Economics Project Topics and Materials

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Role of information communication technology in family economic development and environmental management

The Positive and Negative Effects of Globalization on the Nigerian Economy.

The implication of globalization for the Nigerian economy

An Empirical Analysis Of The Relationship Between Inflation And Government Expenditure In Nigeria

Bank-Recapitalization And The Growth Performance Of Nigerian Banks

Loan Administration To Agricultural Co-Operative Societies

 

 

ROLE OF INFORMATION COMMUNICATION TECHNOLOGY IN FAMILY ECONOMIC DEVELOPMENT AND ENVIRONMENTAL MANAGEMENT

THE ROLE OF INFORMATION COMMUNICATION TECHNOLOGY IN FAMILY ECONOMIC DEVELOPMENT AND ENVIROMENTAL MANAGEMENT IN ISIUZO L.G.A ENUGU STATE

 ABSTRACT

The research was designed to find out the role of information communication Technology in family Economics Development and Environmental management in Isiuzo L.G.A in Enugu state. The Design of the study is the survey method. The subjects for the study comprised of number of people or items considered to be representative of the entire family Economic development and Environmental management. The research adopted this design because its result would permit generalization and it will allow the use of number of subjects to increase its generalizability. A structured questionnaire was used to collect the Data for the research. It was Analyzed using simple percentage. From the funding, it was observed that information communication Technology in family economic development and Environment management we find that children using computers and Electronic games may adopt the kinds of sustained and awkward postures that are associated with minuscule skeletal disorder in working adult. We observed from the data in above that information communication technology have both negative and positive effects. On the basis of finding the government regulatory agencies must also come to the tore in this important fight against the negative effects of information communication technology. It is with the overall   effort of all that the society can really benefit more from information communication technology.

CHAPTER ONE

INTRODUCTION

1.1   BACKGROUND OF THE STUDY

In recent times, information communication technology (ICT) which basically involves the use of electronic gadget especially computers for storing, analyzing and distributing data, is having influence on almost all aspect of individual families, lives, the national economy and the entire human environment. Continue reading ROLE OF INFORMATION COMMUNICATION TECHNOLOGY IN FAMILY ECONOMIC DEVELOPMENT AND ENVIRONMENTAL MANAGEMENT

The Positive and Negative Effects of Globalization on the Nigerian Economy.

The Positive and Negative Effects of Globalization on the Nigerian Economy.

CHAPTER TWO

LITERATURE REVIEW AND THEORETICAL FRAMEWORK

2.1 Literature Review

There has been a consensus among the scholars of the Third World extraction that globalization is not a new phenomenon. The new phase has however assumed new dimension to further undeveloped and entrench dependency in Africa. According to Stiglitz (2002:62), globalization is:- A new social architecture of cross-border human interactions – in which the integrity of the national territories state as a coherent political economy is eroded, as the functions of the state became re-organized to adjust the domestic economic and social policies…

Again, Nabudere (2000:16) sees globalization as an unequal process of capitalist development. He posits that uneven and unequal economic opportunities are characteristics of the present capital modernization. This process is reflected in the unequal integration and fragmentation of many communities, especially, what came to be called the “The World”, in the process f the unfolding economic, political, social and cultural activity.

More concretely, Ake (1994:22) views globalization as a March of capital all over the world to search for profits, a process reflected in the rich and power of MNCS. He asserts that; It is about growing structural differentiation and functional integration in the world economy; it is about growing interdependence across the globe; it is about the national-state coming under pressure from the surge of transnational phenomenon, about the emergence of a global mass culture driven by mass advertisement and technical advances in mass communication, (Ake, 1994:22-23)”.

The foregoing has shown that the roots of African underdevelopment and Dependency lie with the capitalist expansion globalization are therefore a phase in the process of this expansion. Hoogvelt (2001:68); submits that as an instrument of imperialism, globalization is linked systematically with social exclusion. This means that as globalization proceeds, more and segments of populations as well as whole areas and regions are being excluded from its benefits.

In the same vein, Nnoli (2000:173) consider globalization as imperialism. According to him, globalization is a dynamic phenomenon, which changes in accordance with the laws of capitalist expansion. Consequently, it has assumed different focus in the past such as slave trade, legitimate trade, colonialism and nee-colonialism today, it is simply globalization.

It is implicit therefore that globalization is a relation of domination and exploitation between nations and groups of nations. This relationship takes place at different levels of economic, political, social and so on. In this contribution, Oyebody (2002:48) maintains that the different economic and political strategies such as globalization, liberalization. Privatization, foreign aid and the activities of MNCS are instruments of under-developing and entrenching Dependency in Nigeria and the whole of the developing world. Continue reading The Positive and Negative Effects of Globalization on the Nigerian Economy.

Implication of globalization for the Nigerian economy

The Implication of Globalization for the Nigerian Economy

CHAPTER ONE

INTRODUCTION

Background to the Study

There have been phenomenal metamorphose in virtually all aspect of society the world over, Communication have become more rapid, working patterns are changing, markets for goods and services have transformed immensely and money can be moved freely and instantaneously from one country to another with little or no hitches at all. Again, the ace of change seems to have accelerated sharply since the end of the cold war and the emergence of the New World Order (NOW), characterized by unipolarity. This development is called “globalization”. Through the term is relatively new, the process is an old one. The globalization process has been defined by Camdessus (2001:2) as “The growing economic interdependence of countries worldwide through the increasing volume and variety of cross-border transactions in goods and services and of international flow of capital through the more rapid and widespread diffusion of technology” More so, Woodward (1996:16) sees globalization as the rapid integration of trade relations productive and investment decisions across the globe.

The economic agents who employ investment capital and technology around to take advantage of environments where their competitive edge can manifest in high returns to accomplish this.

Globalization is therefore a very complex phenomenon. In this light, Nnoli (2002:174) associates it with “the increasing concentration of power and influence over the world economy by groups of corporations, international financial institutions and countries”, globalization interfaces with variations, uncertainties and incompatibilities. Its manifestation and effects are not uniform and unpredictable.

Furthermore, the most important and unique feature of the current globalization according to (Khor, 2000:4), is “the globalization of national polices and policy making mechanisms”. This has therefore led to the erosion of national sovereignty and narrowed the ability of governments and people to make choices from options in economics and all other aspects of national life. Most developing countries have therefore seen their independence policy-making capacity eroded and have to adopt policies made by other entities which on balances have been detrimental to the countries conceived. In other words, the World Bank, International Monetary Fund (IMF) and World Trade Organization (WTO), have become major makers of an increasingly wide range of policies that were traditionally under the jurisdiction of national governments. Governments, especially of the developing countries, now have to implement policies that are in line the decisions are rules of these international financial institutions. This process of globalization has therefore created and perpetrated dependency in the former colonial territories.

The inescapable truth, according to Toyo (2000:10) is that “globalization is neo-colonialism”. The reason for such an assertion include that lack of tangible benefit to most developing countries like Nigeria, the economic looses and social dislocation, the growing inequalities of earth and opportunities arising from globalization and other problems associated with and made worst by the working of the global free market economy. The history of Nigeria’s political economy, on the other hand, explains to a larger extent how she participated in the globalized international system. As Okpe (2000:50) submits, Nigeria is marginally significant in the global economy. The reason for this is that the scope and magnitude of the crises of dependence and underdevelopment which faces the country has denied it the opportunity to take it rightfully place in the progress of humanity. This dependency status has therefore placed Nigeria into a tight corner where she can hardly reap the net benefits of globalization.

This work focuses generally on the process of globalization but specifically, as it affects the economy of Nigeria. In spite of the accelerated gains of economic globalization, the Nigeria economy seems not to be benefiting from the process, but rather perpetually dependent. This work therefore sees to investigate the problems and prospects of Nigeria economy in a globalized international system.

statement of the Problem

Globalization seen to the phenomenal increase in the socio-economic and political integration of nations of the world both nationally and supra-nationally, again, there has been an apparent celebration of the gains and benefits of globalization by its proponents in the countries of the North, but a contended by Scholars of the South, do not benefit significantly from the gains and opportunities of globalization.

There is no gain saying the fact that the Nigerian economy is in crises. The economy has been under developed, distorted and disarticulated by the same forces of capitalism, which are propagating globalization today. The economy lacks the capacity to compete favourably and adequately in the globalized economic system.        The researcher is therefore constrained to ask;

  1. What does globalization mean to a developing national like Nigeria?
  2. What is the nature of economic relations in the global economic system?
  3. Has Nigeria participated significantly in the global economic system?
  4. Has Nigeria made the sustained independent economic policies under globalization?
  5. What is the impact of globalization on Nigeria?
  6. How can Nigeria become a significant stakeholder in the globalization process?

The effort in this research work is to answers to the above questions which constitute work is to answers to the above questions which constitute our problem.

Objective of the Study

The purpose of every scientific research is to discover new data even to investigate an already know fact; and to add to the existing knowledge. Thus it is only when the researcher has come to terms with himself about what he wants to do that the objectives of this study is to examine the positive and or negative effects of globalize on the Nigerian economy. Specifically, the study will among other things;

  1. Examine the nature and character of the current economic globalization.
  2. Examine the implication of globalization for the Nigerian economy. Examine how best Nigeria can minimize costs and maximize the benefits of globalization.
  • Explain globalization as the same process that has underdeveloped Nigeria and created dependency in Nigeria since colonialism.
  1. Contribute to the existing knowledge and literature about the nature and character of globalization as it affects Nigeria.

Research Questions

It is usual in a scientific research to make a tentative proposition or hypotheses about the empirical relationship between the variables. Such an informed guess or conjecture provides a clear guide for the collection of data that may agree or disagree with the hypothesis. This will also help to provide a focused research. This will also help to provide a focused research. More so, the independent variable in this research is globalization, while the dependent variable is the Nigerian Economy.

Globalization is an imperialist policy meant to further underdeveloped poor countries like Nigeria.

Nigeria’s participation in the global economic system has been insignificant and marginal. Nigeria have not been able to make and sustain independent economic policies under globalization. Globalization has created and perpetrated a dependent economy in Nigeria. These propositions will guide the researcher to streamline the collection of data that will address the research problem.

Significance of the Study

The pervasive nature and character of globalization and its glorification to the status of a panacea especially by the developed countries of the North has made it more interesting as a case study. Globalization has its tentacles in almost all dimensions of human life. Thus for a nation to be termed developed in this epoch such development and growth will be measured by how the nation accepts and adapts to the principles of globalization.

The significance of this work is therefore underscored by its objective to answer the questions posed in our statement of the problem. This is so because the question will identify economic problems of Nigeria and the answers and solutions proffered will help in solving them. Again, the work is significant because it draws attention to the subtle nature of globalization and the deepening economic underdevelopment and dependency perpetuated by globalization.

The work is also important because the recommendations made will be useful to policy makers especially on how to face inescapable economic reality. The study is also significant due to the fact that it add to the existing literature on globalization and the Nigeria economy especially on how the two relate.

Finally, the study will help other researchers in carrying out further studies in the areas by providing them with background information.

Scope and Limitations of the Study

This study is focused on the globalization process as it affects the Nigeria economy. It will examine the strengths, weakness, and opportunities and threats of the Nigerian economy in a globalized economic order. By the mid 1980s, Nigeria embarked on the IMF and World Bank Imposed Structural Adjustment Programme (SAP), as a result, economic policies in Nigeria are tailored along the guidelines of these Bretton Woods Institutions. In this light, this study will cover the Nigeria economy from 1986 to 2006, the period under which Nigeria has been under serious economic crises.

Research Methodology   

This research work relies mainly on secondary sources of data. These sources will provide relevant information from textbooks, magazines Academic Journals, Newspapers, Internet, material and unpublished works. This method of data collection is known as content analysis. It entrails the review of works written by scholars, policy makers etc. All secondary data gathered will be reviewed and analyzed in conformity their relevance to the subject.

Conceptual Clarification

  1. Dependency

Dependency is submitted by Offing (1980:53), is a situation that the history of colonial imperialism has left and that modern imperialism creates in underdeveloped countries. He also asserts that dependency is a conditioning situation in which the specifics histories of development and underdevelopment transpire in various societies. To Hoogvelt (2001:38), dependency is created as a result of penetration by colonial capital. Thus a distorted structure which would reproduce overall economic stagnation and extreme pauperization of the masses for all times. Consequently, dependency implies that the development alternatives open to the dependent nation are defined and limited by its integration into the functions within the market. Thus the dependent nations must make choices in a situation in which they do not set the terms nor parameters of choices. In Ake’s (1981:55) perspective, an economy is dependent to the extent that its position and relations to other economies in the international system and the articulation of its internal structure make it incapable of auto-centric development.

  1. Development

According to Ake (1996:125), development is the “process by which people create and recreate themselves and their own choices and values”. More so, Nonsin (2001:52) asserts that development in this direction entails fundamental changes in the institutional and ideological apparatus of society and the strengthening of these so that members of society would develop the capacity for autonomous and efficient management of their affairs for their own welfare and happiness.

  • Economy

The economy of all counties, according to Onwuka and Idehai (1996:80) refers to the complex of individuals and organization which produces goods and services at an ever increasing tempo, except in time of crises, thereby leading to the satisfaction of wants.

  1. Globalization

Globalization is defined as increasing integration of nation’s economics with the rest of the world. According to Shonekan (2000:23), its features are economic integration through trade and capital flows (Investment) increasing adoption of common relations between sovereign nations. Afolayan (2002:23), see globalization as the intensification of global interconnectedness and intensification”. This blurs national borders and policies in the shadow of global relations. It implies that globalization is a process in which the world’s   countries and their economics are cross–border economic activity; it is not only the integration of world economics but other dimensions of world life, technology, governance, social development and culture across national borders.

Globalization seems to be slipper and elusive concept. This is because it is used to refer variously to a process, a policy marketing strategy, a predicament or even an ideology. Thus it is not a single process but a complex processes, sometimes overlapping and interlocking processes but also at times contradicting and oppositions ones. To Ohmae (1989:29), globalization is a borderless world that, it does not only refer to the tendency of traditional political borders, based on national and state boundaries to become permeable, it also implies that divisions between people previously separated by time and space have become less significant and are sometimes entirely relevant. Scholter (2000:19) argued that globalization is linked to the growth of supra-territorial relations between people, a reconfiguration of social space in which territory matters less because an increasing rage of connections have a trans-border character.

Organization of the Chapters

Chapter one consists of the background, statement of the problem, objectives of the study, research questions, significance of the study, scope and limitations of the study, research methodology, conceptual clarification and organization of chapters. Chapter two contains the literature review on globalization and dependency in Nigeria, and theoretical framework. Chapter three talked about the Nigerian state, and the state of Nigerian economy. Chapter four discuss the nature and characters of economic, globalization and economic reforms in Nigeria between 1999 and 2006, partnership for African development (NEPAD) and Nigerian economic development, effects of globalization on Nigerian economy while chapter five contains summary, conclusion and recommendations of the study.

 

Effect Of Capital Flight On Nigerian Economic Growth And Development

Effect Of Capital Flight On Nigerian Economic Growth And Development.

Background to the Study

In 1960 and early 1970s, when Nigeria was basically agrarian, surviving on agriculture by exporting cocoa, palm produce, timber, cotton and rubber to developed countries. During this period, agriculture contributed to over 60% of the GDP. At this period, the rate of capital outflow from Nigeria was very low compare to the current state of capital flight in the country. In the early1970s, the exploration of crude oil came to limelight and became a major source of revenue for Nigeria and the major foreign reserves and when the price of oil fell, government revenue also fell drastically. The discovery of crude oil has therefore impacted on economic growth and development of the country. (Louis, 1999)

Nigeria is endowed with both natural and human resources. The discovery of crude oil has made Nigeria to be one of the countries with great potential to develop. But the reverse was the case for Nigeria. This means that Nigeria is suffering from “resource curse” which implies the abundance of natural and human resources with a limited growth rate. Despite the abundance of natural resources essential for the development of the country, and that can lead to improvement in the welfare of the economy, the country is still less developed. Resource curse can be traced to mismanagement and corruption. Research has shown that Corruption and mismanagement are one of the determinants of “capital flight”.

A generally acceptable definition of the term ‘capital flight’ can hardly be given, but most times, it is related to capital which is shifted out of developing countries. Lesser and Williamson (1987) defined capital flight as ‘resident capitalc outflow excluding recorded investment abroad’. However, if capital shifts out of developed countries, it is usually termed as capital outflows, investors from developed countries are seen as responding to investment opportunities while investors from developing countries are said to be escaping the high risk they perceive at home (Ajayi, 1997). Thus, according to Schneider (2003), Capital flight involves the outflows of resident capital which is motivated by economic and political uncertainties in the home country. Such lost of resources do not contribute to the expansion of domestic activities or to the improvement of social welfare of domestic resident. On the contrary, they imply forgone goods and services essential to sustaining economic growth. (Beja, 2006). Continue reading Effect Of Capital Flight On Nigerian Economic Growth And Development

COOPERATIVES: A STRATEGY FOR GENERATING EMPLOYMENT OPPORTUNITIES IN ANAMBRA STATE

 

COOPERATIVES: A STRATEGY FOR GENERATING EMPLOYMENT OPPORTUNITIES IN ANAMBRA STATE

  • Background of the Study

Cooperative is very important in the creation of employment opportunity, since its members can came together and put hands to carry out one business or the other.

Cooperative has been in existence since the early days of industrial revolution in the Great Britain between the 18th and 19th centuries, it is a device adopted by the suffering class during industries revolution to amend their condition, and we cannot over-emphasize the role cooperative plays in the generation of employment, improving the people’s standard of living and poverty eradication.

Unemployment could be referred to as any factors of production which is not active and have not been utilized for production. It is an age-long problem and has hindered development. It is crowned with a lot of problems caused by human and nature, and to a great extent, this has been responsible for the poor performance of the some sector of the economy, especially in our country, Nigeria.

In this work, we are looking out to see the roles of cooperatives in the generation of employment opportunities in Awka South Local government Area, Anambra State. All over the world in less developed countries, millions are unemployment forces are without paid employment. The role of cooperative in the creation of employment has attracted the intellectual thoughts of many policy makers and other educated elites in developing nations since their attain of political independence. Continue reading COOPERATIVES: A STRATEGY FOR GENERATING EMPLOYMENT OPPORTUNITIES IN ANAMBRA STATE