Attractions And Culture Of Southall Cultural Studies Essay

Attractions And Culture Of Southall Cultural Studies Essay I have selected Southall as my case study. It is situated in London borough of Ealing, near Heathrow airport. It is well connected with major London stations via London over ground rail service. Southall is an area where more than 50% of population is from India and Pakistan or other Asian communities and it is commonly called as little India among the local people. This is a perfect example of diverse cultures, where local community from different religions and cultures live together. Some of the major attractions it offer to the visitors such as Southall Broadway, which is the main shopping street, where almost every range of products from Asian community can be found very easily. Variety of restaurants with multi- cuisines; magnetically attracts visitors, as original Indian curries and country taste is the speciality. Visitors can feel the colourful culture of Asia in very first visit to Southall. Many Gurudwaras (Religious temples of Sikh community) are located here and they attract many visitors from different parts of London and local people as well. One of Gurudwara named Sri Guru Singh Sabha (Largest Sikh temple situated outside India) called proud of Southall. Not only Gurudwaras but many Hindu temples, churches and mosques are also situated here and this whole atmosphere gives impression of a multi-religion community. During many festivals Southall has its own charm. As India is a country of festivals and colours, multiple religions have their own ideas of celebrations and Punjabi culture is the most famous and celebrating among all. Diwali, Holi, Dussera, Vaisakhi, Guru-Purab etc. are some of the celebration days. In Southall people celebrate these days similarly Christmas or New Year eve. There are hundreds of videos and pictures available online to get a feel of atmosphere around these special days. This place is famous among all Punjabi peoples around the globe due to its exceptionality. Many Hindi, Punjabi movies and various folk music artists has contributed much for this hype. While my own personal visits, I can rarely see English faces. Usually shopkeepers deals in their native language Punjabi. Influence of Punjabi in this area can be judged from Southall over ground station where English and Punjabi signposts are installed for convenience to locals. Picture below is of one of the signposts installed outside Southall over ground train station: Courtesy: www.thelangarhall.comwp-contentuploads200808SouthallLRsign.jpg No doubt about the diversified culture and landmarks located in Southall; still there is some lacking in its touristic popularity among non-Asian visitors. While this place has many attractions and interests, some techniques and marketing theories can be used to make it a well established destination. Through this case study and my personal observation, I would like to present some arguments regarding the limited popularity and suggestions for creativeness of this potential tourist destination (which can be a major attraction for all types of London visitors in coming future; if worked wisely upon market strategies). Also I would like to present market segmentation and market research tools for the future prospects of this place. Required parameters, appropriate communication mix and distribution channels are mentioned in the later part of this study. Distinctiveness, Segmentation, Target Market, Market Research Southall is unique and several benefits it can offer to the visitors. Little India would be used to provide various attractions to communities not only Asians but from other race as well. I want to provide you a glimpse of varieties and cultural experiences, which Southall is offering to current visitors and tourists: Distinctiveness: Southall became a residential community area in early 50s when the primary group of Asians arrived here, who was recruited to work in a local factory which was owned by an ex-British Indian Army officer. These South Asian inhabitants grew rapidly, due to the convenience of employment opportunities. Today Southall has a lot to offer to its people, I am providing few distinctive characteristics of this place which make it exceptional in terms of visitors experience: Religious Places: There are ten Sikh Gurdwaras in Southall, one of these Gurdwaras Sri Guru Singh Sabha (opened in 2003) is one of the biggest Sikh temples outside India as I have mentioned earlier in introduction part. There are two large Hindu temples, the Vishnu Hindu temple on Lady Margaret Road and the Ram temple in Old Southall. Number of churches like Roman Catholic, Methodist Anglican, Baptist etc. and three Muslim community mosques, one located on Southall Broadway and other located in Old Southall. These places provide a multi-cultural and religiously divine experience together at one destination. Shopping and Food: Main road in Southall is called the Broadway. Southall has major Asian shopping centre in London. Southall is also the site of the famous Glassy Junction public house, which serve a number of Indian draught beers and interesting fact to mention that it gives facility to accept payment in Indian currency. Southall has many famous restaurants e.g. Mirch Masala, Giftos Madhus, Chaudhrys TKC, TKC are well-known for the Chaudhrys Tiara which has a unique Pakistani bus for their business marketing. A large gas tower is also located in Southall, which is a well known landmark and visible from a long distance. Southall has its own local football club named as Southall F.C. and has a long history, having been formed more than hundred years ago. Courtesy: http://www.visitsouthall.co.uk/Local_Info/southall_tourist_map.php (Mentioned map give an idea of the famous landmark locations of Southall and visible that a diverse range of option is available to enjoy and experience here) Music and Films: Media played a well versed role for the popularity of Southall, Many Indo-British movies were setup here as shooting and script locations; some of them are Hindi film Jhoom Barabar Jhoom, internationally applauded movies Bend It Like Beckham and Bride and Prejudice. Couple of years back a famous Hindi movie has been made on Southall football club named as Goal. Not only movies but number of Punjabi music videos has been shot here and a lot of famous personalities from Indian cinema and Indian music industry accommodate themselves here. A local community radio station is serving Southall named Westside 89.6 FM and licensed by OfCom towards community-based radio services. Film Studio: One of the earliest British film studios Southall Studios played a historic role in British film-making from its creation in 1924 to its closure in 1959. In 1936 a fire destroyed the studio but it was rebuilt and enlarged. Several movies featuring well-known actors, plus an early TV series (Colonel March of Scotland Yard) were made at the studios together with TV and cinema adverts. (Web resources) Industrial Establishments: During the research, it has been found that there were many persons who made their impact as population of Southall. Otto Monsted, a Danish margarine producer, built a large factory at Southall in 1894. The factory also had its own railway sidings and branch canal. The Maypole Dairy Company was later acquired by Lever Brothers who, as part of the international Unilever Company, changed the site to a Walls Sausages factory which produced sausages and other meat products until the late 1970s. Business Factor: Quaker Oats (later part of Pepsi co) built a factory in Southall in 1936. Which later on taken by Spillers and Big Gear group. Engineering goods, paint, sugar puffs and food process factories are the main business developed here. (Web resources) These were some of the examples from its brief history which made an impact for their large businesses, till this date Southall provide a positive atmosphere for the businesses to grow, one of them is due to availability of the workforce form eastern countries. Mentioned are some of the major sources of attraction and brief historical events related to this place. Southall can simply provide an astonishing experience to the visitors. Diverse range of activities and people; makes it apart from Londons main stream tourism. Southall provides a strong example for Creative Tourism as it offers many valuable and unique experiences to the visitors. Market Segmentation Target Market As we have discussed that Southall provides a religiously enrich experience especially to Hindu and Sikh community and number of visitors are from this market segmentation (Based on special community services). Some visitors are from London region who wants to have a glimpse of Little India due to their special interests or eagerness. Shopping for some Indian items e.g. clothes, food items, entertainment sources, food and grocery products etc. also attract people from around as they are not easily available in other parts of city. Market segmentation is a essential part of any tourism destination study as: Segmentation groups tourists into segments based on similar characteristics. Targeting chooses from among these segments the one or more that are most likely to respond positively to a promotional messageà ¢Ã¢â€š ¬Ã‚ ¦ (Kolb, 2006: 103) Target Market and Market Research: Above definition from Kolb describe the need of classification of the different target markets according to their characteristics and I observed from couple of visits about the market segments who comes to this place, mainly they are; Families- Parents with their children for shopping and leisure and to enjoy an atmosphere which relates them to their native hood. Individual Youngsters- who are involve in some part of industries and Southall Broadway (as part of work or to meet friends). Old age people from Asian (Indian Pakistani) ethnicity- for the purpose of their regular or timely visit to religious places. Societies of specialist interests- mainly these societies are from cultural perspectives who visit for their special interests. Shoppers- Mainly females who are interested in Asian ethnic clothing or fashion. Domestic tourists- from Asian ethnicity, who are travelling to UK or London have their interest to visit this famous (among them) place or to meet family or friends or due to publicity created by media (Films and music) These are some of the major categories of visitors who choose Southall as their destination for various reasons as applicable. Doing a market research is necessary due to the vulnerability of tourism and; The more an organisation knows about its customers and prospective customers their needs and desires, their attitudes and behaviour- the better it will be able to design and is required to stimulate their purchasing decisions. (Middleton with Clarke, 2001) Same categories are the perspective Target Markets and it can be enhanced more by implementation of accurate market research and tourism marketing. Further in next part of this case study I would like to present the appropriate communications mix and distribution channels. Which are currently, used for promotions of Southall and to attract visitors. Communications Mix and Distribution Channels I have accessed a few websites available online for information on Southall and for current activities going on here but sad part is; this place is no where suitably accessed in detail on the web, whereas on the other hand I cant find appropriate printed materials (flyers or brochures) as well. This is the key point which strikes my mind that why this place is not so famous in other communities or London visitors and narrowed only to the local communities living here. Present Promotional Materials: I observed that word to mouth is the only active part of promotions happening for this place by local communities and this is the major reason why rest of the people are staying apart to access this unique destination. Why websites are not playing a valuable role. When searched in detail, I found that few websites which are available are not actually attracting any new breed of visitors and not many promotions are available on the air. WEBSITES- Few websites I have mentioned below are the only available sources to get information (which are also not satisfying the requirement of a visitor) and I tried to give a brief synopsis about what information they contain and what is lacking as an appropriate first source of knowledge: http://southallpride.wordpress.com/ This website is more like a blog site, where no information about the place is provided, although this site boasts of a community help provider but it focuses only on the events and news going on in the certain part. I observed about currently ongoing issues in Southall by this site and some of them were interesting e.g. Drug peddling in Southall, Protest from the local residents against councils support regarding excessive number of gambling and drinking places. I believe these types of websites are more informative to the local people or persons with specific interests, but to a tourist. This website can be used as a successful channel as it contains local community perspective and helps to inform residents regarding the hot-issues around. If publicised and regenerated with vast amount of information on positive qualities as well, it can play a major role in development of Southall as a tourist place to visitors from all communities. http://en.wikipedia.org/wiki/Southall Wikipedia is a well known website to access basic information about anything or place, but in my opinion this is also not of much interest towards visitors regeneration in Southall. Wikipedia is containing huge amount of information on history, basic culture or characteristics, but if a higher level of information is required, it might be an adversity as it is not a reliable or trusted source of information; the reason is anyone can update or edit the information; hence authenticity of the data is a question. My personal opinion towards this website is not very supportive but still when no other sources are available, at least this websites provides preliminary information. http://www.visitsouthall.co.uk/ Visit Southall is another website with less information. This website is more of an advertisement website than a visitors informative resource. On the opening home page there are number of small adverts from local businesses and a very short note describes Southall. Other relative links takes through the different options e.g. businesses, hotels, shopping, restaurants etc. some of them are useful and some not. This website is more like a local directory with address and phone numbers mentioned on it by various business links. This website, as the link says Visit Southall can be a medium for providing all sort of information and visual material to attract more visitors. But as this website is poorly made; it is of not much use. It requires a complete makeover and can be very successful if different contents like pictures, visual graphics, music or other attractive mediums added to it. Further it requires publicity upon various social networking website s or advertisement through various other media channels. Thereafter I tried to focus on the future prospective in terms of marketing elements to be used in promoting Southall as a distinctive place for visitors from all over. I believe that by now this report has justified the uniqueness of Southall and also provided a sense of experience one can get by visiting. Being diverse and such culturally enriched, still there are many factors and drawbacks which stopped it to grow and reach to the visitors checklist. In further portion of this report I would like to suggest few elements of communications mix to support from marketing point of view. Communication Mix: There are certain requirements for marketing. If Southall needs to improve and rise up as a tourism destination, it is necessary to implement mentioned elements: Branding: Its the process of communicating the visitor the image of the destination, along with features, benefits it has to offer (Kolb, 2006, 219) In my opinion every successful destination has its branding and it actually affect the number of visitors. Branding helps to clarify the destinations personality and more effectively branding works as a powerful tool on peoples mind and gives to its visitor a sense of speciality. But question arise what are the tools to be used as branding? In brief they consist of slogans, logos, icons and imagery. It is essential that these tools must represent a theme and relates to the destination. In case of Southall, it has number of events and festivals which can be easily used as a tool of branding events and can be helpful for its popularity. the key to creating a brandà ¢Ã¢â€š ¬Ã‚ ¦ is to be able to choose a name, logo, symbol, package design, or other attribute that identifies a product and distinguishes it from others (Hem and Iversen, 2004) Along with branding Southall requires excellent level of advertising, as after creating a brand it has to spread out to point of contact with future visitors or potential consumers. Advertising: is without a doubt a biggest tool for promotion, whether product is tangible or intangible. In terms of popularity, Southall definitely require an advertising policy in which diversified culture, colourful atmosphere, delicious food and many other specialities can be promoted as unique experiences. Advertising is a tool which contains perfect communications mix for promotion, and it can reach out to mass rather than personal selling or one to one relations. Although each tool have its own limitations and restrictions, but in my opinion Southall can become superior destination by the help of appropriate branding and advertising. Advertising has various characteristics and it can influence mentioned categories: Persuade new customers (Visitors) for product (Destination) Keep bonding with existing customers Spread awareness among mass population Keeps increasing the reputation for the product Can be used through various mediums at once (TV, Media, Posters, Web Adverts etc.) Influential and less time consuming in comparison to personal relations Further Advertising can be studied and distributed, as it should represent awareness, interest, goal or desire (outcome of advertising) must be decided and action to be made according to conditions demand. This theory is defined as AIDA: Awareness, Interest, Desire and Action. Employing Advertising with Southall: Mentioned are the few beneficial key points by advertising. I am not denying the use of other communications mix but according to the situation and positioning of Southall, I strongly believe that Advertising and Branding will help at major levels. Although some more techniques like; personal selling, public relations or sales support etc. can also be added and implement all together but feasibly these other techniques or tools can be employed by the success or failure of a single tool. Reflection/Conclusion: London is a vast city which accommodates numerous culture and people; by personal experience, I can say that this is one of the most diversified cities in the world. If we look at Londons own personal selling and destination marketing, London has made a mark and is a perfect example for the rest of the world. London has proven a tremendous success when it comes for branding a city. This must be a reason why London has got such diversified areas and destinations inside its own territory. London seems to be a small continent with such vast contrast and variety in between its own people and places. Southall, which grew up and categorised itself as a specific community location, needs special attention. Even if we apart Asian communitys colours, still it has got many other interests and attractions. When we add both; diverse cultural experience with its elegance; it creates a different level experience for its visitors. It consists of many characteristics and attractions, which is a perfect blend of enrich distinctiveness. Future target markets and research we have discussed to get an overview before implementation of any marketing planning. How websites or other media are helpful and in which areas they are lacking behind, we have observe from few examples. What attract people and how to reach out to distinctive and new consumers we argued in the later part. I believe that Southall is representing an important part of diverse London. Although it has been misinterpret by people and other communities but it has got a potential to be an iconic and one of the must visit places. By my observations and research I found that there is some lacking of appropriate marketing approach towards its popularity. If council, private organisations and communities of this place support each other, Southall can be added in undivided parts of Londons famous places.

Fdi in Nigeria

THE IMPACT OF FOREIGN DIRECT INVESTMENTS ON THE NIGERIAN ECONOMY BY SHIRO ABASS A. Department of Finance University of Lagos BSTRACT Generally, policies and strategies of Nigerian government towards foreign direct investments are shaped by two principal objectives of desire for economic independence and the demand for economic development. Multi national corporations are expected to bring into Nigeria, foreign capital in the form of technical skills, entrepreneurship, technology and investment fund to boost economic activities thereby, rising the standard of living of Nigerian. The main issues in this paper relates to understanding the effects and impact of foreign direct investments on the Nigerian economy as well as our ability to attract adequate amounts, sufficient enough to accelerate the pace of our economic growth and development. From related research and studies, it was revealed that multinational corporations are highly adaptive social agents and therefore, the degree to which they can help in improving economic activities through foreign direct investment will be heavily influenced by the policy choice of the host country. Secondary data were collected for the period 1970 to 2005. In order to analyse the data, both econometric and statistical method were used. Tables were produced in order to create a visual impression of the dependence of Nigeria economy on that of donor countries such as Western Europe and North America. The economic regression model of ordinary least square was applied in evaluating the relationship between foreign direct investment and major economic indicators such as gross domestic product, gross fixed capital ormation and index of industrial production. The model revealed a positive relationship between foreign direct investment and each of these variables, but that foreign direct investment has not contributed much to the growth and development of Nigeria. This is evident in reality of enormous repatriation of profits, dividends, contract fees, and interest payments on foreign loans. The study thus suggest that in order to further improve the economic climate for foreign direct investments in Nigeria, the government must appreciate the fact that the basic element in any successful development strategy should be the encouragement of domestic investors first before going after foreign investors. 1. 0INTRODUCTION In order to seek the highest of return for capital, economists tend to favour the free flow of capital across national boarders. It is against this backdrop that multinational companies seek investment in foreign countries with reasonable risk. Nigeria is believed to be a high-risk market for investment because of factors such as bad governance, unstable macro economic policies, investment as a way out of Nigeria’s economic state of underdevelopment. Since the enthronement of democracy in 1999, the government of Nigeria has taken a number of measures necessary to woo foreign investors into Nigeria. These measures includes the repeal of laws that are inimical to foreign investment growth, promulgation of investment law, various overseas trips for image laundry by the president, among others. The need for foreign direct investment is born out of the underdeveloped nature of the Nigeria’s economy that essentially, hindered the pace of her economic development. Generally, policies and strategies of the Nigerian government towards foreign investments are shaped by two principal objective of the desire for economic independence and the demand for economic development. There are four basic requirements for economic development namely. i)Investment capital ii)Technical skills iii)Enterprise iv)Natural resources. Without these components, economic and social development of the country would be a process lasting for many years. The provisions of these first three necessary components present problems for developing countries like Nigeria. This is because of the fact that there is a low level of income that prevents savings, big enough to stimulate investment capital domestically or, to finance training in modern techniques and methods. The only way out of this problem is through acceleration of the economy by external sources of money (foreign investment) and technical expertise. Foreign direct investment is therefore suppose to serve as means of augmenting Nigeria’s domestic resources in order to carryout effectively, her development programmes and raise the standard of living of her people. According to Nwankwo, G. O. 2 factors responsible for the increase need for foreign direct investment by developing countries are: oThe world recession of the late 1970s and early 1980s and the resultant fall in the terms of trade of developing countries, which averaged about 11% between 1980 and 1982. High real interest rate in the international capital market, which adversely affected external indebtedness of these developing countries. oThe high external debt burden. oBad macro economic management, fall in per capital income and fall in domestic savings. Foreign direct investments consist of external resources, including technology, managerial and marketing expertise and capital. All these generate a considerable impact on host nation’s production capabi lities. At the current level of gross Domestic Product, the success of governments policies of stimulating the productive base of the economy depends largely on her ability to control adequate amount of foreign direct investments comprising of managerial, capital and technological resources to boost the existing production capabilities. The Nigerian government had in the past endeavored to provide foreign investors with a healthy climate as well as generous tax incentives, but the result had not been sufficiently encouraging (as we shall see in this research). Nigeria still requires foreign assistance in the form of managerial, entrepreneurial and technical skills that often accompany foreign direct investments. Total amount of income that will accrue to capital will be OR0BK0 while labour receives YBR0. Given that Q = F (K, L), the total output in this country is the area under the marginal efficiency of capital (MEC) curve and this output will be distributed between the two factors of production, that is labour and capital. For foreign direct investment to take place, the returns to capital in the United Kingdom must be less than returns to capital in Nigeria, given that United Kingdom is more endowed with capital utilization In response to this differential in returns to capital, there will be capital movement from the United Kingdom to Nigeria and this will continue until the returns are the same in the two countries. The amount of capital moved from United Kingdom to Nigeria is in the form of foreign direct investment and hence, Nigeria’s stock of capital or investment fund is increased. 2. LITERATURE REVIEW AND THEORETICAL REVIEW 2. 1FOREIGN DIRECT INVESTMENTS AND DEVELOPMENT: PROPONENTS AND ANTI-PROPONENTS. 2. 1. 1 PROPONENTS — Most analysts believe that national and foreign private sector enterprise, if permitted to operate in a competitive market condition will offer developing countries the best prospects for speedy national economic growth. These analysts however do not view multi national capital as panacea to developing countries. Amongst the proponents of foreign direct investments are Peter Drucker, Harry Johnson, Gerald Mier, Sanjaja Hall, Paul Strcter, Carlos, F, Ludiak, l. A, Manle, . F, Author Nwankwo and many more. Harry Johnson argued that foreign investments bring to the home country, â€Å"a package of cheap capital, advanced technology. Superior knowledge of foreign market for final products and capital goods, immediate inputs and raw materials†. Similarly, Drucker has argued that developing countries need to employ export oriented development strategies in order to meet their foreign exchange and employment requirements and that such orientation is much more likely to succeed if these countries can acquire â€Å"capital export markets†. Such markets he maintained are precisely what multinational companies with their worldwide sourcing and marketing can offer. Gerald Mier contends that from the stand profit of national economic benefit, the essence of the case of encouraging the inflow of capital is that the increase in real income resulting from the act of investment is greater than the resultant increase on the income of the investor. This is also the view held by Mactougal when he stated that a moderate inflow of investment in an economy is beneficial. The chief benefit of foreign direct investment, according to these writers, is the accompanying â€Å"package deal† of technical and managerial skill. This may be costly, difficult or impossible to obtain in other alternative investment means. The less developed a country is, the less able it is as a rule to utilize patents, technical advice and contract management assistance without taking the whole package. This view was supported by Penrose (1961) and Chenery (1966). 2. 1. ANTI-PROPONENTS — some analysts (known as the dependence school) are strongly opposed to pro foreign direct investment perspectives. Their arguments are based on series of studies and research carried out. Such analysts include Dos Santos, Ronald Multer, Cardose, Euzo Falleto, Dr. Fashola and many others. Theofonio Dos Santos argued that developing countries’ economic difficulties do not originate in their isolation from advanced countries, but that the most powerful obstacle to their develo pment came from the way they are oined to their international system. Multer, R maintained that multinational corporations transfer technologies to developing countries that result in mass unemployment; that they monopolize rather than inject new capital resources; that they displace rather than generate local business and that they worsen rather than ameliorate the country’s balance of payment. Overall, the dependent school rejects the pro foreign direct investment analysts’ depiction of the benefits derived from participation in the international economy. Dr Fashola, for example argued that most of the policies adopted by Nigeria since the SAP era are qualitative in nature and as such are yet to be effective in turning round for the better economic fortunes of the nation. More recently, a new body of literature emerged and challenged the pro-foreign direct investment optimist about the long-term negotiating and benefiting prospects of the world. What might be labeled the structuralized school has argued that developing countries may in fact experience a long-term decrease in their power over high technology manufacturing system. Their arguments were based on what scholars learnt empirically about the behaviour and effects of multinational companies in developing countries. Results of some of their studies are. i)Bornshier and Jean in a multiple regression analysis of variance in growth of GNP per capital in 76 developing countries (Nigeria inclusive) between 1960 to 1975, found out that their flow of foreign direct investment were associated negatively with growth in income per capital. Other studies by Michael Dolan and Brain Tomlin appeared basically to confirm Bormshier’s observations. Also, Robert Johnson in his regression analysis of growth per GNP in 72 countries between 1960 to 1978, found stocks of foreign direct investment to be positively associated with economic growth at statistically significant level for relatively advanced economies. He therefore concluded that once the size of a developing country is taken into account, the level of direct investment has no consistent effect on growth. i)Vincent Mahler (1976) carried out an analysis of 68 least developed countries and found a statistically significant association between income concentrated in the 6 percent to 20 percent of the population and foreign direct investment in manufacturing but not in mining and agriculture. iii)Several studies were also conducted to estimate the economic desirability of the technology brought to developing countries by multinational corporations. It was found that royalty payments, technical tees, tie-in-clause leading to the purchase of over priced immediate goods, export restrictions and other limitations had resulted in technology acquisition during most of the sixties to become major burden In conclusion, considering the wide range of conflicting empirical studies on how foreign direct investment in developing countries affect the rate of aggregate growth, distribution of income, employment and some non-economic indicators like culture and political structures, one cannot draw conclusions from them with any minimal acceptable level of confidence. Perhaps the warning of Arthur Nwankwo is appropriate in this context where he warned that no nation could provide for the welfare of its citizens as long as its economy is fettered. More so, many studies have shown that multinational corporations are highly adaptive social agents and therefore, the degree to which foreign direct investment helps or hurts a developing country will be heavily influenced by the policy choice of the host country. 3. 0 EMPIRICAL ANALYSIS 3. 1MODEL SPECIFICATION The under listed variables are used in building the model. FDIForeign Direct Investments GFCF Gross Fixed Capital Formation GDPGross Domestic Product llPIndex of Industrial Production The models will therefore be: GPD = b0 + b1FDI + u†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. (equation 1) GFCF b0 + b1FDI + u†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ (equation 2) lIP = bo + b1FDI +u†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. (equation 3) These models, which are used in gauging and assessing the performance of the economy, make the economic indicators functions of the level of cumulative foreign direct investment. If we assume a linear relationship (logarithm), then the model equations become. Log GPD= b0 + b1Iog FDI + u†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. (equation 1) Log GFCF= b0 + b1log FDI + u†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ (equation 2) Log lIP= b0 + b1log FDI + u†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ (equation 3) Fromthe model Log GOP=b0 + b1 FDI Log GOP=0. 159 + 1. 237 log FDI Standard Error (Se)=0. 158 Correlation coefficient (r)=0. 99 t1=1. 03 t2=0. 037 3. 2 Interpretation of Results The first noticeable thing about the above result is that Gross Domestic Product is positively related to foreign direct investments. The responsiveness of GDP to FDI to 1. 237 indicates that a one percent increase in foreign direct investment leads to a more than proportionate increase of 1. 24 percent in gross domestic product. A correlation coefficient of 0. 9 indicates a very strong relationship between economic growth (measured by GDP) and foreign direct investments, thus leading to the rejection of our alternative hypothesis and acceptance of our null hypothesis, which states that there is a relationship between foreign, direct investment and economic growth. Also, a test of the significance of the intercept and gradient of our model is found to be statistically significant through a test of standard error. Thus given that: H0 : a = 0 H1 : a + 0, for significance of intercept And H0 = 0 H1 : B + 0, for significance of gradient. For t1 since the computed value of 1. 02 is less than 2. 042 (value from t table), we reject H1 and accept H0 which states that there is a relationship between foreign direct investment and economic growth. For t2 since the computed value of 0. 037 is less than 2. 042 (value from t table), we reject H1 and accept H0 which states that there is a relationship between foreign direct investment and economic growth. From the model Log GFCF=b0 + b1 FDI Log GFCF=0781 + 0. 873 log FDI Standard Error (Se)=0. 199 Correlation coefficient (r)=0. 95 Tl=9. 41 t2=41. 57 3. 3 Interpretation of Results The results from this model shows that there exist a direct functional relationship between foreign direct investment and standard of living, such that the elasticity of gross fixed capital formation with respect to foreign direct investment is 0. 873. A correlation coefficient of 0. 95 indicates a very strong relationship between foreign direct investment and gross fixed capital formation (which could be used as a measure of standard of living). Also, a test of the significance of the intercept and gradient of our model is found to be statistically significant through a test of standard error. Thus given that H0 : a = 0 H1: a + 0, for significance of intercept And H0: B = 0 H1 : B + 0, for significance of gradient For t1 since the computed value of 9. 41 is greater than 2. 042 (value from 1 table), we reject H0 and accept H, which states that the inflow of foreign direct investment has not affected the standard of living of Nigerians. For 12 since the computed value of 41. 57 is greater than 2. 042 (value from t table), we reject H0 and accept H, which states that the inflow of foreign direct investment has not affected the standard of living of Nigerians. 3. 4 Interpretation of Results The above results show a positive relationship between foreign direct investment and industrial production. The elasticity of the index of industrial production with respect to foreign direct investments of 0. 14 indicates that one percent increase in foreign direct investment will lead to fourteen percent increase in the level of industrial output. The coefficient of explanatory variable of foreign direct investment is also significant, statistically at 8. 5 percent. The correlation coefficient of 0. 78 shows high positive relationship between foreign direct investment and index of industrial output. Also, a test of the significance of the intercept and gradient of our model is found to be statistically significant through a test of standard error. Thus given that: Ho:a = 0 H1 : a + 0, for significance of intercept And H0 : B= 0 H1 : B + 0, for significance of gradient. For t1 since the computed value of 936 is greater than 2. 042 (value from t table), we reject H0 and accept H, which states that the inflow of foreign direct investment is not associated with the rate of increase in index of industrial production. For t2 since the computed value of 7. 05 is greater than 2. 42 (value from t table), we reject H0 and accept H1 4. 0 CONCLUSIONS AND POLICY RECOMMENDATIONS 4. 1 CONCLUSION Given the above situation and the fact that Nigeria’s economic recovery efforts and growth requires major private sector investment in modern equipments that can industrialize the agricultural sector and the economy as a whole, then the Nigeria’s foreign investment policy should move towa rds attracting and encouraging more inflows of foreign capital by moving ahead with economic programmes that includes measures easier set-up and expansion of businesses. In the years ahead, Nigeria (and many other African and third world countries) in trying to pave way for more foreign direct investment faces greater problems, especially with poor external image problem and particularly the concept of European Economic Unity that includes Eastern Europe. This translate to the fact that investment flows that would ordinarily have come from countries of surplus capital like Western Europe to capital deficient countries like Nigeria would now be going to poor European Economic Communities which includes Eastern Europe. Except African countries are able to adopt new strategies, this development will further compound the crises of under-development confronting countries like Nigeria. A very important challenge of management in the coming years would therefore be the development of indigenous technology and entrepreneurial capabilities as the involvement of multinational companies in our economy may dwindle as a result of new bigger and attractive opportunities that are likely to emerge from Europe. With the up and down movement of foreign direct investment, Nigeria needs to juxtapose foreign investment with domestic investment in order to maintain high levels of income and employment. The problem therefore does not lie so much with the magnitude of investment flows to Nigeria as with the form in which it Is given. We could emphasize that foreign investment cannot contribute much to the economic development of Nigeria if it is directed primarily to capital supply than to investment projects. Foreign investment can be very effective if it is directed at improving and expanding managerial and labour skills. In other words, the task of helping a â€Å"poor beggar† can be made less generous and yet more fruitful if it is directed at teaching him a trade rather than giving him food to eat. The analysis presented in this work does not offer a simple version of multinational corporation investment in Nigeria because the picture in complex. Foreign direct investment can make a valuable contribution to third world countries’ development in general and Nigeria in particular, but not all foreign direct investment doe so. Greater flows of investment fund’s climate in the Nigeria economy are important but a good investment climate is not synonymous with what multinational corporation prizes most. In conclusion, in order to further improve the climate for foreign investment in Nigeria, the government must appreciate the fact that the basic element in any successful development strategy should be to encourage domestic investors first before going after foreign investors, considering the fact that they constitute the bulk of investment activities in the economy. Thus, the most effective strategy for attracting foreign investment is to make the Nigerian economy very attractive to Nigerian investors first. 4. 2 POLICY RECOMMENDATIONS The following policies are hereby recommended to policy makers and government, if it is desired that foreign investment contribute to the growth and development of Nigeria. ? The Nigerian government should encourage the inflows of foreign direct investment and contact policy institutions that can ensure the transparency of the operations of foreign companies within the economy. In evaluating foreign direct investment, the screening process should be simplified and improved upon. For example, export investment projects that consistently generate positive contribution to national income can be screened separately and swiftly, while projects in import competing industries should be screened separately. ? Efforts should be made to engage in joint ventures that are beneficial to the economy. Joint ventures provide for a set of complementary or reciprocating matching undertakings, which may include a variety of packages ranging from providing the capital to technical cooperation. The government should intensify the policy to acquire, adopt, generate and use the acquired technology to develop its industrial sectors. ? Efforts should continue, this time with more vigor at ensuring consistency in policy objectives and instruments through a good implementation strategy as well as good sense of discipline, understanding and cooperation among the policy makers. ? The Nigerian government needs to come up with more friendly economic policies and business environment, which will, attracts FDI into virtually all the sectors of the economy. The Nigerian government needs to embark on capital project, which will enhance the infrastructural facilities with which foreign investors can build on. ? The current indigenization policy should be pursued to the letter as a way of preventing absolute foreign ownership in the key sector of the economy. ? The Nigeria government should also carry out the liberalization of all the sector of the economy so as to attract foreign investor s, so that the current efficiency and growth noticed in the telecommunication sector can also be enjoyed there. For Nigeria to generate more foreign direct investments, efforts should be made at solving the problems of government involvement in business; relative closed economy; corruption; weak public institutions; and poor external image. It is therefore advised that the government continues with its privatization programme, external image laundry, seriousness and openness in the fight against corruption, and signing of more trade agreements. REFERENCE Ahmed A. (1993) Strategies for foreign investment in Nigeria. A central Bank perspective Economic and Financial Review volume 26. Ajayi S. I. (1992) An Economic Analysis of Capital flight from Nigeria: World Bank Working Paper series No 993. Aremu, J. A(1997) Foreign private investment: Issues, determinants and performance. Paper presented at a workshop on foreign investment policy and practice, organized by the Nigeria institute of Advance legal studies, Lagos, March Arthur, Nwankwo (1981) Can Nigeria survive 4th dimension publication. Enugu. Berham N. J. (1970) National Interests and Multinational Enterprise: Tensions among the North – Atlantic Counties. Engle Wood Clifts: Prentize Hall. Bhattachary A, Montie P. J and Shame (1997) How can sub-saharan African attract more private capital in flow. Buckley P & Casson M. (1976) The future of multination enterprises: Macmillan press Limited, London. Caves R. E. (1988) Exchange rate movement and foreign direct investment in the United State, New York University Press. Classens S. (1993) Portfolio Capital flows: Hot or Cold? The World Bank Economic Review Vol. 9, No1 page 153-174. Drucker P. F. (1974) Multinationals and developing countries: myths and Realities. Foreign affairs No. 53. Dunning J. H. (1994) Re-evaluating the benefits of foreign direct investment, Transnational Corporations, Vol. 3, February, No 1, 23-51. Federal Republic of Nigeria (1988) industrial policy of Nigeria: Policies, Incentives, Guidelines and Institutional frame work. Federal Ministry of Industries, Abuja. Fernandez – Arias, E. (1996) The new wave of capital inflows: push or poll? Journal of Development Economics Vol. 48, 389 – 418. Frost K. and Stein J. C (1991) Exchange rates and foreign direct investment: an imperfect capital market approach. Quarterly Journal of Economics, Vol. 4, No 4, 1191-1217. Hartman D. G. (1984) Tax Policy and foreign direct investment in the United States. National tax journal, Vol. 34, No 4, December, 175 – 488. International Monetary Fund (1985) Foreign private investment in developing countries. A study by the international monetary fund research Department. Occasional paper No 33. Meier G. M. (1984) leading issues in economic Development. Oxford University Press, 4th edition. Mahmoud M. I. (1986) The Determinants of foreign investment in African countries, Dakar, Senegal. Nigerian Economic Society (1988) Rekindling Investment for economic Development in Nigeria. Selected papers for the annual conference. Nwankwo G. O. (1988) foreign Private Capital flows to Nigeria 1970 – 1983, Economic and financial Review. Volume 28, March. OjO . M. O. (1988) Nigeria Economic Crisis: Causes, Solutions and Prospects. A paper delivered at the AHQ garrison annual officers training, April. Stephen J. K. (1997) Foreign Direct investment, Industrialisation and social change. Contemporary studies in Economic and financial Analysis. Vol. 9, JAI Press, Greenwich connecticut.

The Ultimate Essay Topics on Drug Addiction Trick

The Ultimate Essay Topics on Drug Addiction Trick The Ugly Side of Essay Topics on Drug Addiction You may also find different discounts on our site which will help you to save some more money for future orders or anything you want to spend them on. Variety is our specialty and a special reason to why it is possible to come to us for all your academic writing needs. Essay Topics on Drug Addiction - Overview Thirdly is by way of communication which helps a whole lot in preventing drug use especially among young men and women. There's direct and indirect pressure that may influence somebody's decision in using drugs. If you know somebody who's experimenting with drugs speak to the man and offer him or her your help. There are additional reasons why people may turn to using drugs. Vital Pieces of Essay Topics on Drug Addiction Our regional S. E. V. A. group is beginning to become involved in the neighborhood issue. Many times, on account of the uniqueness of the institution o r the department, the student is confronted with the simple fact that he couldn't locate the material on the topic by giving the job. Therefore, many students and employees decide to obtain cheap essay rather than writing it themselves. Thus, the essay for our staff it is simpler than ever. Write an essay will not have any difficulty. Students lead busy lives and frequently forget about an approaching deadline. Since we've got all been college students some time ago, we know that it's important to hunt for valuable essay writing resources on the internet. When it has to do with drugs, individuals perceive them as the absolute most negative contemporary trend. Men and women get into drugs for so many reasons and there isn't any easy solution. Folks want to act and play part in the combating of drugs Drug Addiction Essay Getting acquainted with drugs is the initial step on the best way to turn into a self-enemy. Treatment can be accomplished through medication. however, it is used together with other therapy processes. Drugs can ruin everything you've worked so tough for. Drug addiction is a growing problem in our society. It is not a recent problem in Bangladesh. Addiction to drugs is a rather considerable issue. The main reason for drug addiction is, evidently, the usage of drugs but there are particular predictors making some men and women take part in drug abuse. Many sorts of treatments been chalked out for detoxification but they're insufficient. There are several kinds of drugs. It is feasible for people to utilize drugs without becoming addicted, but that's usually confined to prescription drug usage. The degree of drug abuse in the usa has increased a lot hence resulting in the creation of whether some drugs ought to be legalized in the nation or not. It is becoming a problem in our society. The ordinary notion of drug abuse is the fact that it results in negative impacts in the human body and thinking of the individual involved. Conclusion Drug courts are unique in comparison with the other traditional courts due to their specialization on the individuals related to substance abuse. Drug addiction is just one of the burning topics on social networking and the rest of the pl atforms. Free sample research paper or example about drug addiction is a great means to improve your knowledge on the subject. There is, in addition, the matter of drugs being available to an individual. An individual who might easily become hooked on drugs is thought to have an addictive personality. If you're the type of a writer who would like to satisfy a contemporary reader, resort to the subsequent five useful suggestions on writing about drugs. There are a few recommendations about how to decide on an adequate topic which will satisfy an important reader. Mostly it's the younger generation fall a simple prey to it. Have a peek at these example topics to consider your own! New Questions About Essay Topics on Drug Addiction Citations and extracts from assorted sources have to be formatted properly. Numerous causes are liable for the evil. On this part, lots of of those components are reviewed. This position is normally untenable, and animal models are developed that accurately represent the key processes involved with drug addiction. It's really unfortunate if they don't realize the damaging effect. In the progressive phases of addiction the effects are dangerous especially with respect to health. Simply take a look at the causes and effects of lousy hygiene.

The Environmental Problems Of Marine Pollution - 968 Words

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