Awojinrin, Joseph Funmi (1974) British direct investment and economic development in Nigeria, 1955-1972. Doctoral thesis, Keele University.

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Abstract

This thesis is intended to assess the contribution of British direct investment to the economic development of Nigeria between 1955 and 1972. Chapter One establishes the background to the study by considering the main features of the Nigerian economy, the determinants of economic development and the natural inducements for foreign investments in Nigeria. In Chapter Two, the level and the sectoral distribution of British investment in Nigeria are discussed. It is found that Britain accounted for over half of the total foreign investment in Nigeria during the period, and that over two-thirds of British direct investment was concentrated in the petroleum industry. Chapter Three discusses the significance of British direct investment in the agricultural sector. It is shown that the level of direct investment in the sector was very low because of the prohibitive policy of the British Colonial Government with regard to foreign ownership of land in Nigeria and, later, because the repressive pricing policy of the Nigerian Marketing Boards discouraged British investors. The most important feature of British direct investment in Nigerian agriculture during the period was the indirect nature of its contribution, which proved particularly significant in tobacco growing.
Chapter Four discusses the manufacturing industry, whose development and growth received the greatest priority in the Government's policies during the period. Perhaps the most important feature of British direct investment in the manufacturing sector was the concentration of the largest proportion on consumer non-durable goods with little associated linkage effects. Chapter Five discusses the petroleum industry. Apart from being the industry with the most rapid growth-rate in Nigeria, it was also the most important absorber of foreign capital during the period. British direct investment dominated the industry and British oil investors performed the Schumpeterian entrepreneurial function of pioneering the industry. It is argued that the low price paid for Nigerian crude oil before 1970 was due to the ignorance of Nigerians about the complexities of the oil industry and the economic power of the oil companies which enhanced their bargaining power. It is also shown that British direct investment in the petroleum industry was of particular importance in its contribution to the Nigerian balance of payments. Chapter Six discusses the role of British direct investment as a vehicle for the, transfer of technology and managerial skills to Nigeria. In Chapter Seven, all the major obstacles to British investment are discussed. In Chapter Eight, the main conclusions regarding the benefits, limitations of investments and the importance of the Nigerian Government's policies are indicated.

Item Type: Thesis (Doctoral)
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculty of Humanities and Social Sciences > Keele Management School
Depositing User: Lisa Bailey
Date Deposited: 21 May 2018 11:59
Last Modified: 21 May 2018 11:59
URI: http://eprints.keele.ac.uk/id/eprint/4929

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