International resources flow for economic development illustrated with the experience of Nigeria 1867-1970 (an aspect of political economy).
thesisposted on 19.11.2015, 09:12 by R. Adetunji. Soule
This study is prompted by two factors which thus provide the respective bases for the two parts to which it is divided. The first is the Post-1960 international emphasis on economic development of the 'Third World' and the central role capital resources, flowing from the developed countries are expected to play in the development process. The second factor is my desire to examine in details the way the developing economy of Nigeria has been responding to such resources inflow. The methodology employed combines historical perspectives with critical appreciation of such flows as 'foreign aid', direct investment and export credits. The introductory chapter gives a detailed analysis of the scope of, and the rationale for this study, while chapters 2 and 3 respectively examine in a global context private and official resources flows. Chapter 4 highlights the historical changes. The main flaws of the transfer system are expounded in chapter 5 - the core of my critical stance. Chapters 6, 7 and 8 deal with Nigeria. The concluding chapter 9 brings together some of the study's major inferences, emphasis being given to findings relating Nigeria's experience. In the case of 'foreign aid', my thesis is that Nigeria will be better-off economically, economically and industrially, if she abandons altogether its receipt, and instead divert her efforts to seeking with other L.D.G.s the liberalisation of world trade. As for foreign-owned investment, though it continuously accounts for a major component of Nigeria's capital formation, its small size in relation to GDP suggests that it is not its finance-capital aspect which is of paramount importance to Nigeria, but the other qualitative components of the investment package - namely management and technical expertise. Here, policy suggestions in the face of a firml: entrenched usage center on ways and means of reducing such investment's shortcomings and of increasing its contribution to economic and social development.