FOREIGN DIRECT INVESTMENT AND SOCIO-ECONOMIC AND POLITICAL DEVELOPMENT IN NIGERIA (1986-2017)

SOURCE:

Faculty: Social Sciences
Department: Political Science

CONTRIBUTORS:

Ibebuike, I. A.
Oddih, M.

ABSTRACT:

The work examined critically the effects of FDI on socio-economic and political development in Nigeria. Indeed, the purpose of the study is to investigate how internal variables of corruption, insecurity and poor policy implement strategy have impeded the effectiveness of FDI in promoting socio-economic and political development in Nigeria. In order to ascertain the cause of numerous socio-economic and political challenges despite the huge amount of FDI in Nigeria, we posed certain questions as to whether corruption is a hindrance to the performance of FDI in socio-economic and political development in Nigeria? Is insecurity a factor responsible for the ineffectiveness of FDI as an instrument for socio-economic and political development in Nigeria? Has the implementation of economic, political and social policies of Nigeria affected the performance of FDI? To find answers to these questions, we hypothesized that; corruption is an impediment to the performance of FDI in socio-economic and political development in Nigeria; Insecurity is a major threat to the effectiveness of FDI as an instrument for socio-economic and political development in Nigeria; implementation of economic; political and social policies of Nigeria hinders the role of FDI in socio-economic and political development in Nigeria. Also, we adopted the world system theory as the best and most suitable theory in analyzing the phenomenon. Using historical method and qualitative data analytical technique, we found that corruption is a major domestic variable that impeded the performance of FDI in Socio-economic and political development in Nigeria. Insecurity in Nigeria threatens the effectiveness of FDI as an instrument for socio-economic and political development in Nigeria and poor policy implementation strategy in Nigeria hinders the role of FDI in socio-economic and political development in Nigeria. From the findings, we recommend that the recent fight against corruption should be sincerely pursued. Also, government strategic approach to curb insecurity in the country should be intensified and Nigeria should strengthen her policies to regulate the activities of foreign investors as efficacy of law lies on its enforcement capacity.