Outline
The multinational corporations have faced clashes from the less developed economies. There have been several charges made against the corporations’ policies. They have been alleged to cause negative consequences on the economic wellbeing and slow development. This critique has led to the conclusion that multinational corporations do not really cause development in the economy of Nigeria as well.
Current economic and political conditions
Nigeria is alike with other African countries, which struggle with their economic and political goals. It has faced poor economic situations since the boom of oil in the 1970’s. Corrupt leaders are responsible for the situation as well. There is a diminishing control on the economy and politically the state is faced with corrupt administration and poor performance of policies (Werhane, 2011).
Information about the role of labor laws in Nigeria
The law is against exploitation of vulnerable groups in the working environment. These are people such as children, women, and people with disabilities. The law also is concerned with termination of work to the civil servants. It controls circumstances under which civil servants can be terminated from work. The law is concerned with rights of parties which are under employment contracts. It also addresses the issue of employee dismissal and their health in working places. The law requires that employees work in health environments (Werhane, 2011).
List of Multinational Corporation companies in Nigeria
Some of the multinational companies in Nigeria are; Shell, Chevron, Nestle, Beam, AGIP, UAC, MTN, Coca-Cola, and Econet (Werhane, 2011).
Different negative effects of MNC’s in Nigeria
The MCN’s have caused a lot of decapitalization in Nigeria’s economy, they have also caused high rate of technological backwardness since they hinder emergence of domestic technology development. Lastly they have caused cultural degradation which result from the direct investment on the cultural heritage of Nigeria (Werhane, 2011).
References
Werhane, P. (2011). Multinational Corporations and Global Justice. Journal of Finance and Economics, 140-149.
