MULTINATIONAL CORPORATIONS AND THE NIGERIAN ECONOMY (2015-2019)

Abstract

This work examines multinational corporations and the Nigerian economy between 20152019. In Nigeria, the activities of multinational corporations have been identied as questionable or even unethical because of the harms they have caused on the society. Two theories such as Dependency and Unequal Exchange theories were reviewed to throw more light to the study. Dependency theory implies a kind of parasitic relationship that exists between highly industrialised and the less developed nations, while Unequal Exchange explains how underdeveloped countries are exploited through the process of unequal exchange in the realm of international trade. Because of their formidable resource base, they dominate the economy, straddle the indigenous entrepreneur and in the process create a monopoly. In the oil sector which is the economic mainstay in Nigeria, these corporations perpetuate heinous activities such as pollution of the environment, inadequate technology transfer, violation of human rights, blunt refusal to discharge their social duties, gas flaring which destroys wildlife, seafoods and farmlands especially in the Niger Delta region. Data for the study was collected through secondary source. The study utilised content analysis of library materials, journal publications, internet materials and other documented materials relevant to the subject matter. Based on the study the following findings were articulated. Most of these multinational corporations have done more harm than good to the Nigerian economy in terms of profit repatriation, environmental degradation, human rights violation, non-technology transfer because most of these multinationals are imperialistic and parasitic in nature, also that it is only through active government participation and honest intervention in operations of these multinationals that will minimize the ills on the Nigerian economy. Multinational corporations are the major vehicles by which globalization Is affecting businesses in different parts of the world. In conclusion, these corporations in spite of their meagre benefits have impacted negatively on the Nigerian economy. Since these corporations are components of the society, they must subject themselves to the requirements of the society for their relationship is paramount and reciprocal.