Multinational Corporations and Their Effects on Nigerian Economy

Abstract

This work is anchored on multinational corporations and their effects on Nigerian economy. The study was necessitated by the negative impacts of these corporations on our economy which have hampered economic growth. A Theoretical Research Design was adopted. The paper utilized content analysis of library materials, journal publications, internet materials and other documented materials relevant to the subject matter. Three theories such as New Trade Theory, Dependency Theory and Unequal exchange theory were reviewed to lend credence to the ills of these multinational corporations in Nigeria. Objectives were formulated to critically explore the negative effects of multinational corporations on our economy with a view to suggesting ways of minimizing these effects. The findings revealed that Multinational corporations had done more harm than good on Nigerian economy in terms of profit repatriation, environmental degradation, human rights violation, non-technology transfer, bribery and corruption etc. That most of these corporations are imperialist and parasitic in nature. It was concluded that since these businesses are component of the society, they must subject themselves to the fair requirements of the society since they raise huge capital from their operations in the society. It was also recommended that representative of all stakeholders-employees, customers, society, government should be appointed as members of the Board of Directors of various  corporations, for direct representation and participation in the decision making process.

Keywords: multinational corporations, Nigerian economy, effects