IMPACT OF MULTINATIONAL CORPORATIONS ON THE NIGERIAN ECONOMYIMPACT OF MULTINATIONAL CORPORATIONS ON THE NIGERIAN ECONOMY
IBOK, Samuel Bassey, OLANREWAJU, F. Osasumwen, FADEKE, Owolabi, OGURUGBA, A. Vivian and SAMBO, Miriam Simachang
Volume 1 Issue 1
Abstract
Multinational corporations (MNCs) are crucial players in the international scene and have a profit-oriented drive. These MNCs are found in several countries and have a reputation for influencing the politico-economic decisions of their host country’s government. The study examines the interrogating the impact of multinational corporations on the Nigerian economy. The study is qualitative and used secondary sources of data for its analysis spanning the period 2000-2020. These secondary sources include News watch, 2020, Essays, 2018 and UNCTAD, 2013.Based on textual analysis, findings unearth that MNCs could be the engines of both growth and underdevelopment in their host countries. The role of MNCs in the Nigerian economy cannot be ignored as they provide foreign direct investment, employment, and other social amenities. The study employs the underdevelopment and dependency theory in explaining the activities of Multinational Corporations. The theory reveals the imperialistic tendencies of these companies, which is detrimental to its host country. The study concludes that until the unconsecrated union between Nigeria and these corporations is meticulously cross-examined by the Nigerian government, exploitation by these MNCs will persist. The study recommends that the Nigerian government should diversify its economy to loosen its excessive reliance on these multinationals and likewise punish or expel defaulting MNCs in the country. Keywords: Dependency, Development, FDI, MNCs, Nigeria
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