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Ebook Global business today (9th edition): Part 2

(BQ) Part 2 book "Global business today" has contents: Foreign direct investment, regional economic integration, the foreign exchange market, the international monetary system, the strategy of international business, entering foreign markets, global production and supply chain management, global production and supply chain management,.and other contents. | cha p www.downloadslide.com te r 8 Foreign Direct Investment Foreign Direct Investment in Nigeria opening case or years the economy of Nigeria, Africa’s most populous nation, was held back by political instability, poor government policies, a lack of infrastructure, and endemic corruption. This started to change in the 2000s. In halting steps, Nigeria has moved toward a more stable democratic form of government. In 2007, for the first time in the history of the country, there was a peaceful transfer of civilian power following general elections. Since then, the government has pursued market-orientated reforms, including the removal of subsidies, privatization of some state-run businesses, lowering trade barriers, and deregulation. The government has tried to rid itself of corruption, albeit with mixed success. There has also been some attempt to improve the country’s poor transportation and power infrastructure. The reforms have had a positive impact. The GDP of Nigerian purchasing power parity almost tripled from $170 billion in 2000 to $451 billion in 2012. When estimates of the “informal” or “black economy” sector are taken into account, GDP may have been as large as $630 billion in 2012. The economy grew at around 7 percent per annum during the 2010–2012 period. Powering this growth have been high oil prices. Nigeria is a significant oil producer, and high oil prices have helped to improve government finances, but the industrial and agricultural sectors of the economy are also growing. One of the major engines of growth has been foreign direct investment. For years, foreign investors stayed away from Nigeria—scared off by the political instability and high levels of corruption—but that too is starting to change. Encouraged by better economic management and the promise of a large domestic market, inward foreign investment in Nigeria increased from $1.2 billion in 2000 to a peak of almost $9 billion in both 2011 and 2012. Among recent investors has been .