Issues in Global Business Report

This report examines the economic situation in Nigeria, focusing on recent developments and their impact on the African economy. It analyzes the roles of infrastructure development, sustainable green growth initiatives, and foreign direct investment (FDI). The report identifies corruption, political instability, and unemployment as major obstacles to economic growth. It then prioritizes three key areas for Nigeria's focus over the next 2-3 years: attracting FDI, improving ethical practices, and fostering economic development. The report concludes by suggesting strategies for Nigeria to become a major economic power, including infrastructure improvements, regional economic integration, and effective international trade policies. The report uses various sources, including books, journals, and online resources, to support its analysis.

ISSUES IN
GLOBAL BUSINESS

EXECUTIVE SUMMARY
Global business is full of issues as well as opportunities. Thus, it depends upon the
enterprises that what measures they will take with regard to convert the assessed global issues
into fruitful opportunities. In the given report, economic condition of country such as Nigeria is
analyzed. In accordance with the given context, from the given study it has been found out that
there are several recent developments have incurred within country which have played very
critical role in the economic growth of Nation. These includes infrastructural development of
country, efforts towards sustainable green growth and many others. In addition to this, foreign
direct investment, ethics and economic development are being regarded as three major type of
factors which nation must consider with an aim to carry out significant development in the
economic activity of nation. Furthermore, by performing regional economic integration Nigeria
can emerge as the next economic giant.

TABLE OF CONTENTS
INTRODUCTION ..........................................................................................................................1
PART 1 ...........................................................................................................................................1
Analyzing Nigeria's recent developments and its contribution to the African economy ......1
PART 2 ...........................................................................................................................................4
Critically evaluating the 3 key points which Nigeria should prioritize over next 2-3 years . 4
How Nigeria can be emerge as the next economic giant .......................................................5
CONCLUSION ...............................................................................................................................6
REFERENCES ...............................................................................................................................7

ILLUSTRATION INDEX
Illustration 1: Rank of country based on corruption........................................................................3

INTRODUCTION
For a firm, it is not easy to start business in the global market. This is because;
international market possess varied issues as well as complications which leads to affect the
operations of firm which is planning to get entry in the overseas market (Perkins and et.al.,
2012). However, if significant measures with regard to the assessed domestic as well as
international issues will not be taken by the government of country, at that time, it becomes
difficult for the respective nation to pursue its economic growth in an effectual manner.
With an aim to analyze the global issues that may occur within specific country, Nigeria
is selected. It is an African country which is famous for its wildlife reserves as well as natural
landmarks. Nigeria is the most populous country in African region. In addition to this, nation
possesses 36 states and Federal Capital territory. In accordance with the given context, report
will provide detailed description regarding the recent developments that have occurred within
country. The impact of assessed recent developments will also be discussed on African economy.
Furthermore, the report will also showcase several issues that are occurring within nation.
PART 1
Analyzing Nigeria's recent developments and its contribution to the African economy
The recent developments in Nigeria are playing a crucial role with regard to enhance the
economic condition of country in an effectual manner. In this regard, it has been identified that
recently elected government has taken the step with regard to improve the infrastructure facilities
of country. In this regard, it has been seen that global companies attract towards the particular
nation which possesses good infrastructure facilities which includes transportation system and
other public infrastructure facilities. Here, the Nigerian government has recently completed its
Ikoyi-Lekki bridge. The given project will help in minimizing the transport bottleneck which is
occurring within country (Infrastructure development in Nigeria, 2015). In addition to this, the
development of given bridge will help in improving the transportation link between population
centers and new industrial zones of Africa such as Lekki-Epe Expressway. Here, by complying
with the given type of activity, country can attract large number of foreign investors. Thus,
because of this; positive impact can be seen in African economy.
In addition to this, with an aim to establish the global presence, government of country is
making measures to encourage green growth situation in Nigeria. Here, the government of nation
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is launching varied projects such as gas flare reduction, carbon footprint monitoring and energy
efficiency in lightning, etc (Liedholm and Mead, 2013). The government is investing in given
project with an aim to pursue the sustainable development goal of country. For example, with the
help of projects such as carbon footprint monitoring, nation is encouraging its industries on
energy efficiency and renewable energy application. Furthermore, by complying with all these
given type of activities, Nigerian economy is developing its unique image in the global market
(Oyedepo, 2012).
Furthermore, government has also carried out several developments in its existing policy.
This has played a crucial role in improving the economic condition of country. Here, it is
identified that Nigerian government has NEEDS (The Nigerian Government's National
Economic Empowerment and Development Strategy) policy for the purpose to promote its
economic growth. The given policy aims to strengthen the food security and given policy is also
playing a critical role in improving the employment condition of country (Rural poverty
approaches, policies and strategies in Nigeria, 2015). The policy is also addressing several
issues of country such as increased poverty, environmental degradation and lack of employment
opportunities for the young people of nation, etc.
A recent development has also been seen in the power supply capacity of Nigeria. In this
context, it has been identified that the lack of power supply within country has impacted the
economic growth of country. However, the condition has improved after when President
Muhammadu Buhari’s administration came into existence. Here, it is analyzed that power
generation capacity of country has increased from 4,517 megawatts (mw) to 4,545mw (Improved
power supply likely to be sustained, 2015). There are varied efforts that are being made by the
government of nation with an aim to improve its power generation capacity. The efforts include
carrying out improvement in electricity value chain, reduction in vandalism and gas supply, etc.
Through this way, government has resolved power supply related problem of different business
enterprises which are functioning in Nigeria. Thus, Nigeria has attracted large number of
international investors towards the country (Bienen, 2015). Overall, it can be said that all these
given recent developments within country are playing a significant role in terms of improving the
economic condition of country in an effective manner.
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Besides this, there are some issues identified which are impeding the economic growth of
country. Among all corruption is being regarded as the main issues which is affecting the growth
of the country in economic aspect. The corruption within country is found in each and every
sectors. As per the Transparency International Index, Nigeria is ranked high in corruption. The
presence of this crucial issue has impacted the economic development of nation (Durand, 2015).
This is because, high level of corruption within country impact equitable distribution of
resources across the population and it also raises income inequalities between population. Thus,
for the government of Nigeria that it is essential that it must take necessary step with respect to
the given problem. However, if not taken then in the given circumstances it will become difficult
for the government of country with respect to pursue its economic development related goal in
an effectual manner.
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Illustration 1: Rank of country based on corruption
(Source: Rank of country based on corruption, 2015)

Further, with this the success of any nation largely depends upon its political
infrastructure facilities. In accordance with the given context, it is identified that there is
increased political unrest is being seen in the given country. The high level of political instability
will lead to hamper varied decisions of the government of country. Overall, impact of the same
will be seen upon the economic growth prospects of country. Furthermore, increased
unemployment within nation is another most critical issues which also needs to be consider by
government of specific nation (Kalemli-Ozcan, 2012). Thus, it is essential for the government
that it must address all these given issues in an appropriate manner.
PART 2
Critically evaluating the 3 key points which Nigeria should prioritize over next 2-3 years
A priority is being assigned to three key points which government of Nigeria should
consider with an aim to improve the economic condition of nation. The detailed explanation
regarding the assessed points is depicted in below: Foreign direct investment: The government of Nigeria must give first priority to the
foreign direct investment. In this context, it is identified that Nigeria is the country which
is famous for its oil and gas industry and this attracts large number of foreign investors
towards the nation. In this regard, it has been identified that FDI in Nigeria has increased
by 624.87 USD Million in the second quarter of 2015 (Ajayi and Oke, 2012). This
indicate that the nation has effective foreign direct investment policy and it is the reason
why it is attracting the many foreign investors towards the nation. But still, it is very
essential for the government of nation that it must make measures with regard to carry
out significant improvement in its FDI policies. This is because, by complying with the
given type of activity two way benefits can be gained by the government of nation. At
first Nigeria will gain the benefit in the form of improvement in the economic
development of country. Secondly, nation can also take significant action towards the
unemployment related issue of country (Bosker and Garretsen, 2012). Here, the presence
of large number of foreign country within nation will lead to resolve the unemployment
related issues of Nigeria. Thus, due to this positive impact can be seen upon the economic
growth of nation in an effectual way. Ethics: This factor must be given second priority. This is because, ethics is something
which explain the difference which exist between right and wrong doing of business.
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Here, by reenginerring the ethical principles of country, government of Nigeria can
resolve its corruption related problem in a successful way. Here, by applying an effective
ethical practices good governance can be promoted within country. In this regard, there is
a lack of good governance facilities is being in the private sector of Nigeria. This is
because of unchecked internal abuses, corrupt practices and unprofessional conduct along
with lack of compliance culture etc. These all given problems can be resolved if
government of Nigeria improved its ethical policies. By performing this, government can
maintain transparency within its system (King, 2015). As a result of it, nation can attract
both domestic as well as international organizations. In addition to this, by taking action
towards the corruption related issue, the problem of inequalities in the income of the
citizens of country can also be resolved. Thus, it is due to the presence of given aspect it
is being required by Nigerian government that it must give second priority to the ethics
related factor.
 Economic development: This must be the third priority of country over next 2-3 years. In
this regard, it is identified that in past 7 years Nigeria has enjoyed relatively strong
economic growth (Vincent and Kenneth, 2014). But, instead of presence of given context
poverty is the major matter of concern for the country. Here, most of the Nigerian
population work in agriculture sector. In addition to this, there are many other factors also
which are impending the economic growth of Nigeria. It consists of inadequate
infrastructure, poor access to quality education and electricity etc (Tersoo, 2014). These
all assessed issues can be resolved by making the measures towards the economic
development of country. In this regard, it is being required by the government of nation
that it must perform improvement in the standard of living of its citizens. However, this
objective can be fulfilled by opening employment opportunities within country. Here,
through such type of efforts significant measure towards the poverty type of condition
can also be taken. Thus, through this way Nigeria economic condition can be improved in
an effectual way.
How Nigeria can be emerge as the next economic giant
Nigeria can be emerge as the next economic giant if it will take appropriate and suitable
action towards all the issues which is impacting the economic growth of country in a negative
manner. In this regard, it is suggested to the government of nation that it must launch different
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type of projects for the purpose to improve its infrastructural facilities. Through this way, nation
can create more jobs for the citizens of its country. Thereby, significant improvement can be
seen in the standard of living of the country's citizens in an effectual manner. In addition to this,
in order to emerge as the economic giant it is also suggested to the government of Nigeria that it
must promote the Regional Economic integration (Arogundade, 2011). In this regard, nation can
integrate its operation with some other country which highly developed in terms of technological
aspect. With the help of such type of integration, both countries can use the advantage of each
with an aim to improve the economic condition of both. Furthermore, it is also suggested to
Nigerian government that it must frame an effective policy for the international trade. Overall, it
can be said that by complying with the all these type of activities Nigeria can involve itself in the
list of the largest economic giant all over the world (MATTHEW and JOHNSON, 2014).
CONCLUSION
Articulating all the facts and figure from the whole report, it can be concluded that for the
nation it is very essential that it must identify different type of issues which will affect the
economic growth of country. This is because, lack of knowledge with regard to the given issues
will lead to hamper the competitive position of country. Due to this, it will become difficult for
the government of nation with respect to attract large number of domestic as well as foreign
investors towards the nation.
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REFERENCES
Books and journals
Ajayi, L. B. and Oke, M. O., 2012. Effect of external debt on economic growth and development
of Nigeria. International Journal of Business and Social Science. 3(12). pp. 297-304.
Arogundade, B. B., 2011. Entrepreneurship education: An imperative for sustainable
development in Nigeria. Journal of emerging trends in educational research and policy
studies. 2(1). pp. 26-29.
Bienen, H., 2015. Tanzania: party transformation and economic development. Princeton
University Press.
Bosker, M. and Garretsen, H., 2012. Economic geography and economic development in Sub-
Saharan Africa. The World Bank Economic Review. 26(3). pp. 443-485.
Durand, J. D., 2015. The labor force in economic development: a comparison of international
census data, 1946-1966. Princeton University Press.
Kalemli-Ozcan, S., 2012. AIDS,“reversal” of the demographic transition and economic
development: evidence from Africa. Journal of Population Economics. 25(3). pp. 871-
897.
King, R., 2015. Return migration and regional economic development: an overview. Return
migration and regional.
Liedholm, C. E. and Mead, D. C., 2013. Small enterprises and economic development: the
dynamics of micro and small enterprises. Routledge.
Matthew, O. H. and Johnson, A., 2014. An Investigation of the Impact of Foreign Direct
Investment on Economic Growth in Nigeria: A Rigorous Approach. Journal of Poverty,
Investment and Development. 3. pp. 42-54.
Oyedepo, S. O., 2012. Energy and sustainable development in Nigeria: the way forward. Energy,
Sustainability and Society. 2(1). pp. 1-17.
Perkins, D. H. and et.al., 2012. Economics of development.
Tersoo, P., 2014. Agribusiness as a veritable tool for rural development in Nigeria. International
Letters of Social and Humanistic Sciences. (03). pp. 26-36.
Vincent, N. and Kenneth, N., 2014. Nigeria and the Attainment of Sustainable Development in
the 21st Century. Mediterranean Journal of Social Sciences. 5(4). pp. 645.
Online
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Improved power supply likely to be sustained. 2015. [Online]. Available through:
<http://thenationonlineng.net/improved-power-supply-likely-to-be-sustained/>.
[Accessed on 30th November 2015].
Infrastructure development in Nigeria. 2015. [Online]. Available through:
<http://www.nortonrosefulbright.com/knowledge/publications/108835/infrastructure-
development-in-nigeria>. [Accessed on 30th November 2015].
Rural poverty approaches, policies and strategies in Nigeria. 2015. [Online]. Available through:
<http://www.ruralpovertyportal.org/en/country/approaches/tags/nigeria>. [Accessed on
30th November 2015].
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