ABSTRACT
The issue of the using external financing, in particular foreign investment in achieving
developmental objectives and aspirations has been at the forefront of economic
diplomacy of various Nigerian governments since 1985. In particular, National
Economic Empowerment and Development Strategy (NEEDS), programme has
encapsulated this view for it to achieve its objectives of poverty reduction, wealth
creation and employment generation. It is believed that the achievement of these
objectives will help in the transformation of the Nigeria’s socio-economic development.
This Study is an effort to examine the inflow of foreign investment as a source of
external finance for the achievement of employment creation objectives of NEEDS.
Blending the primacy of material conditions of Marxist political economy approach and
the theory of Post-Colonial State as the theoretical framework, and using the secondary
sources of data, the study found the following. There have been increase in the inflow
of foreign investment, and this inflow has not significantly affected employment
creation as unemployment increased within the period. The major determinant of
foreign investment inflow within the period is the increase in the level of external
reserve and the liberalisation of transaction in the Nigeria financial account occasioned
by the IMF/World Bank induced policy of debt relief. This has induced the amount of
foreign portfolio investment inflow which has increased more that the inflow of
Foreign Direct Investment. The largest inflow went into stock market and banking
sectors. We also found that the policy of low inflation pursued by the Central Bank of
Nigeria, as a means of stabilizing, the economy for attraction of foreign investment
contradicts the objectives of employment creation of NEEDS as it takes away money in
circulation and reduced the amount available for domestic investors. The study also
found that the policy is a source of short term accumulation for the financial capital and
has increased the integration of the Nigeria economy to the international capitalist
market.
EBUBEDIKE, N (2021). Foreign Investment And Employment Creation In Nigeria 2004-2010. Afribary. Retrieved from https://afribary.com/works/foreign-investment-and-employment-creation-in-nigeria-2004-2010
EBUBEDIKE, NWANKWOCHI "Foreign Investment And Employment Creation In Nigeria 2004-2010" Afribary. Afribary, 15 May. 2021, https://afribary.com/works/foreign-investment-and-employment-creation-in-nigeria-2004-2010. Accessed 06 Oct. 2024.
EBUBEDIKE, NWANKWOCHI . "Foreign Investment And Employment Creation In Nigeria 2004-2010". Afribary, Afribary, 15 May. 2021. Web. 06 Oct. 2024. < https://afribary.com/works/foreign-investment-and-employment-creation-in-nigeria-2004-2010 >.
EBUBEDIKE, NWANKWOCHI . "Foreign Investment And Employment Creation In Nigeria 2004-2010" Afribary (2021). Accessed October 06, 2024. https://afribary.com/works/foreign-investment-and-employment-creation-in-nigeria-2004-2010