– Multinational Co-Operations and Economic Growth in Nigeria –
ABSTRACT
The study examined the impact of Multinational Corporation on the economy of Nigeria. The study employed time series data spanning from 1980 to 2015.
The study was necessitated by the negative impacts of these multinational corporations on our economy which have hampered economic growth.
The specific objectives were to determine the impact of company income tax on gross Domestic Product (GDP) of Nigeria, to determine the impact of foreign direct investment on gross Domestic Product (GDP) of Nigeria and to ascertain the impact of employment rate on gross Domestic Product (GDP) of Nigeria.
The econometric tools used for the analysis is regression analysis. From the results, it was revealed that company income tax has positive and significant impact on gross domestic product, foreign direct investment has positive and significant impact on gross domestic product and employment rate has positive and significant impact on gross domestic product.
It was recommended that governments should strategize their existing policies and institutions, rather than merely attracting FDI, and should focus additionally on effective transfer of technology, which includes the diffusion and generation of technology locally.
INTRODUCTION
A multinational corporation or worldwide Enterprise is a corporate organization that owns or controls production of goods and services in one or more countries other than their home country.
A typical multinational corporation (MNC) normally functions with a headquarters that is based in one country, while other facilities are based in locations in other countries. In some circles, a multinational corporate is referred to as a multinational enterprises (MNE) or transnational corporation (TNC) (Tatum, 2010).
The main players in a global knowledge-based economy are corporations (MNCs). The Dutch East India Company was the first multinational corporation in the world and the first company to issue stock (Mondo, Visione, 2008).
It was also arguably the world’s first mega corporation, possessing quasi-governmental powers, including the ability to wage war, negotiate treaties, coin money, and establish colonies, Ames and Glenn. J. (2008).
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