EFFECTIVE STRATEGIES FOR PROMOTING INVESTMENT IN NIGERIA: A CASE STUDY OF NIGERIAN INVESTMENT PROMOTION COMMISSION (NIPC)

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Date
1999-09
Authors
TUNDE, Abiola Samuel
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Abstract
The provision of a conducive regulatory environment constitutes a major attribute of investment policies that could influence location decision. The others comprise net incentives, the variety of incentives, the stability of incentives, the timing of incentives and investment promotion activities. Over the last few years, the Nigeria Investment environment has witnessed substantial economic and structural changes. In the period of boom as the country experienced in the mid-seventies, many business firms thrived in an era of abundance. During this period, employment, production and income were at their peak levels and government expenditures rose considerably. Nigerians then had so much money, but lacking in ideas the best investment we. could see was to buy out our foreign investors, instead of establishing our own business. The business failure became the other of the day as a result of adverse macro economic conditions. Due to the economic recession, firms found themselves in extremely hard conditions to the extent that survival has become of paramount importance. The restructuring of Nigerian economy since 1986 has increase the tempo of the need for competitiveness in the Nigerian investment environment. The political instability which took its toll in the early 80's has greatly affected the growth and development of investment in Nigeria. The inability of the government to develop an articulate policy for the purpose of promoting investment in the country also hampered the growth of investment in Nigeria. For instance the Structural Adjustment program-me (SAP), that was introduced in 1986 greatly affected the major Nigeria economic sectors. In 1988, as part of the Structural Adjustment Programme (SAP), government embarked on a policy of privatization and commercialization of the less strategic of its business enterprises. Another mini privatization was embarked upon in 1993- 4 for the sale of banks' shares. A third phase of privatization is now under consideration, this time for the so-called most strategic industries. Privatization is a major way of attracting foreign and domestic investment into the country to relieve government of a substantial burden, which it has borne on behalf of society. Unfortunately, privatization is both politics and economics and substantial investment needs to be made in educating the public as well as in repackaging the nation to make it attractive for investment, before such a program-me can have a chance of success. Since 1993, Nigeria has been pursuing a program-me of reforms involving the deregulation and liberalization of its economy. Assistance from the World Bank, and IMF are now predicated on the scope and extent of these reforms, such reforms must include such as are likely to make Nigeria more attractive for local and foreign investment. Nigeria must therefore, look beyond their present situation and develop a long term strategy to keep abreast and reap the investment opportunities within its reach and capability. There is however, no one strategy for promoting the country's investment opportunities that is optimal, Nigeria must determine which investment strategy(ies) makes the most sense in the light of its economic socio-cultural, legal/political and technological position. In the course of writing this thesis the researcher found out that Nigerian Investment Promotion Commission have some laid down plans on how to promote Nigeria Investment potential to investors. The researcher therefore, went further to suggest some effective strategies for the implementation of these plans. Chapter one is the general introduction of the project work. Chapter two which is the literature review; covers every literature (books and journals) that was available at the researchers disposal. Chapter three which is the research methodology explains the methods, the approach used in gathering data as well as the tools of gathering such data. Chapter four contains the presentation and analysis of the relevant data obtain from the research proposal. Chapter Five which deal with the findings, summary, conclusion and recommendation give some recommendations and suggestions which in the researcher's opinion will ameliorate some of the problem which have been proffered.
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A THESIS SUBMITTED TO THE DEPARTMENT OF BUSINESS ADMINISTRATION, AHMADU BELLO UNIVERSITY, ZARIA IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE AWARD OF MASTERS IN BUSINESS ADMINISTRATION (MBA). DEPARTMENT OF BUSINESS ADMINISTRATION FACULTY OF ADMINISTRATION INSTITUTE OF ADMINISTRATION AHMADU BELLO UNIVERSITY, ZARIA
Keywords
EFFECTIVE,, STRATEGIES,, PROMOTING,, INVESTMENT,, NIGERIA
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