The New Partnership for Africa's Development (NE PAD) is a development initiative or plan int... more The New Partnership for Africa's Development (NE PAD) is a development initiative or plan introduced by African Heads of State in October 2001 , out of their genuine concern about the poor state of economic, social and political affairs in Africa, and the need to reverse the declining fortunes of the continent. Through the Plan, African leaders have made a commitment to the African people and the world to work together, in partnership with development partners, to rebuild the continent, promote peace and stability, economic growth and people-centred sustainable development, eradicate poverty, and consol idate democracy and sound economic management on the continent. Very importantly, African leaders have pledged to hold each other accountable in terms of the agreements outlined in the NEPAD Programme.
Although the presence of foreign capital has been quite evident in most sectors of the Nigerian e... more Although the presence of foreign capital has been quite evident in most sectors of the Nigerian economy, only a handful of studies have attempted to analyze some aspects of direct foreign investment in the country. Even then, these studies (Hakam, 1966; May, 1965; Edozien, 1968; Langley, 1968; Central Bank of Nigeria, 1964-79) have tended to be descriptive, especially with respect to analyzing trends, incentives, motivations, linkage aspects, and distribution of foreign investment. Thus, there has been virtually no empirical work aimed at statistically evaluating the determinants of direct foreign investment in Nigeria. Consequently, this study has the object of going beyond intuitive and descriptive analysis by providing a comprehensive empirical estimate of determinants of direct foreign investment, using the least squares regression approach. In order to provide the theoretical framework, a number of direct investment hypotheses proposed or considered in the literature are first reviewed. The analysis focuses on direct foreign investment in all industries combined. Apart from possible specification problems connected with separate models for different industries which a disaggregated approach entails, such an attempt is further complicated by the absence or the poor quality of data relating to the larger number of variables which would have to be considered. Taking cognizance of this kind of problem in a developing country such as Nigeria, the only disaggregation to be done is in respect to sources of foreign investment. In this direction, the study analyzes total direct investment as well as direct foreign investment from the United Kingdom and the United States of America. These two countries accounted for over 62 percent of direct foreign investment in Nigeria in 1974.
Productivity and employment are issues that are central to the social and economic life of every ... more Productivity and employment are issues that are central to the social and economic life of every country. The extant literature refers to productivity and unemployment as constituting a vicious circle that explains the endemic nature of poverty in developing countries. And it has been argued that continuous improvement in productivity is the surest way to breaking this vicious circle. Growth in productivity provides a significant basis for
... This is more so as the banking system and capital markets play a central role in financial gl... more ... This is more so as the banking system and capital markets play a central role in financial globalization ... the issue of financial globalization in relation to crises and the importance of financialsector soundness, while Section 4 is a brief discussion of Nigeria's financial sector ...
The New Partnership for Africa's Development (NE PAD) is a development initiative or plan int... more The New Partnership for Africa's Development (NE PAD) is a development initiative or plan introduced by African Heads of State in October 2001 , out of their genuine concern about the poor state of economic, social and political affairs in Africa, and the need to reverse the declining fortunes of the continent. Through the Plan, African leaders have made a commitment to the African people and the world to work together, in partnership with development partners, to rebuild the continent, promote peace and stability, economic growth and people-centred sustainable development, eradicate poverty, and consol idate democracy and sound economic management on the continent. Very importantly, African leaders have pledged to hold each other accountable in terms of the agreements outlined in the NEPAD Programme.
Although the presence of foreign capital has been quite evident in most sectors of the Nigerian e... more Although the presence of foreign capital has been quite evident in most sectors of the Nigerian economy, only a handful of studies have attempted to analyze some aspects of direct foreign investment in the country. Even then, these studies (Hakam, 1966; May, 1965; Edozien, 1968; Langley, 1968; Central Bank of Nigeria, 1964-79) have tended to be descriptive, especially with respect to analyzing trends, incentives, motivations, linkage aspects, and distribution of foreign investment. Thus, there has been virtually no empirical work aimed at statistically evaluating the determinants of direct foreign investment in Nigeria. Consequently, this study has the object of going beyond intuitive and descriptive analysis by providing a comprehensive empirical estimate of determinants of direct foreign investment, using the least squares regression approach. In order to provide the theoretical framework, a number of direct investment hypotheses proposed or considered in the literature are first reviewed. The analysis focuses on direct foreign investment in all industries combined. Apart from possible specification problems connected with separate models for different industries which a disaggregated approach entails, such an attempt is further complicated by the absence or the poor quality of data relating to the larger number of variables which would have to be considered. Taking cognizance of this kind of problem in a developing country such as Nigeria, the only disaggregation to be done is in respect to sources of foreign investment. In this direction, the study analyzes total direct investment as well as direct foreign investment from the United Kingdom and the United States of America. These two countries accounted for over 62 percent of direct foreign investment in Nigeria in 1974.
Productivity and employment are issues that are central to the social and economic life of every ... more Productivity and employment are issues that are central to the social and economic life of every country. The extant literature refers to productivity and unemployment as constituting a vicious circle that explains the endemic nature of poverty in developing countries. And it has been argued that continuous improvement in productivity is the surest way to breaking this vicious circle. Growth in productivity provides a significant basis for
... This is more so as the banking system and capital markets play a central role in financial gl... more ... This is more so as the banking system and capital markets play a central role in financial globalization ... the issue of financial globalization in relation to crises and the importance of financialsector soundness, while Section 4 is a brief discussion of Nigeria's financial sector ...
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Papers by Mike Obadan