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In the course of an indept consideration
of this research topic “An Analysis of The Regulatory Legal Frame Work for
Foreign Investment in Nigeria: Issues and Challenges,” the researcher‟s mind
flashed on what Martin1 Khor referred to as “globalization” of national
policies and policy making mechanisms. National policies that until recently
were under the jurisdiction of states and people within a nation have
increasingly come under the influence of international agencies and processes
or of big private corporations and economic/financial players.
This has led to the erosion of
national sovereignty and narrowed the ability of governments to make choices
from options in economic, social and cultural policies. Martin Khor observed
that most developing countries‟ independent policy making capacity had been
eroded while they now have to adopt policies made by other entities, which
might be detrimental to them. While on the other hand the developed countries,
where the major economic players reside which also control the processes and
policies of international economic agencies, are better able to maintain
control over their own national policies as well as determine the policies and
practices of international institutions and the global system.2
terms, not the terms “dictated” by
global markets and multilateral institutions. While noting the premise that
reducing barriers to imports and opening to capital flows would increase growth
and reduce poverty in developing countries, Rodrik‟s study concludes:
The trouble is, there is no convincing
evidence that openness, in the sense of low barriers to trade and capital
flows, systematically produces these results. The lesson of history is that
ultimately all successful countries develop their own brands of national
capitalism. The states which have done best in the Post – War period devised
domestic investment plans to kick – start growth and established institutions
of conflict management. An open trade regime, on its own, will not set an
economy on a sustained growth path. 3
Governments the world over from time
to time assess the quantum of foreign investment in their countries directly or
indirectly depending on their policy
objectives and desire in availing the
dividend of good governance to their citizenry. The role of foreign investment
in the economic development of countries especially developing nations has
prominently assumed an important dimension in recent times.
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Consequent upon this, the regulatory
legal frame work for foreign investment in Nigeria should reflect aspirations
of the country for the common good of its citizens. The legal instruments must
as a matter of necessity be the basis for entering into any venture as the
consequences of flouting the law could at times be grave, hence the absence of
regulations to human activities could be a direct invitation to anarchy and
chaotic environment will in a matter of time result.
TOPIC: ANALYSIS OF THE REGULATORY LEGAL FRAME WORK FOR FOREIGN INVESTMENT IN NIGERIA: ISSUES AND CHALLENGES
Chapters: 1 - 5
Delivery: Email
Delivery: Email
Number of Pages: 80
Price: 3000 NGN
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