Full Project – Impact of trade liberalization on business performance of selected multinational corporations

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CHAPTER ONE

INTRODUCTION

• Background to the study

Over the past decades, one of the objectives of trade policy that has attracted the focus of policy makers in Nigeria has been the maintenance of economic stability that supports the growth of the real sector of her economy thereby achieving a more outward-oriented trade regime, greater global integration, competitiveness and export-led growth. This was in response to the challenges of Nigerian economy remaining vulnerable to fluctuations in oil prices in the post-civil war era and the crash of world oil market in the early 1980s, which adversely affected the Nigerian economy. Political and institutional uncertainty persists in Nigeria and the weakening of the rule of law has discouraged foreign direct investment and trade flows outside the oil export sector. This episode, among other things, is related to the inefficiency and inappropriate policies.

Various policy regimes, most of which have to do with trade policy, have been introduced by successive governments in Nigeria between 1980 and 2019 to address these challenges. For example, the Economic Stabilization Act and the Structural Adjustment Programme (SAP) were launched in 1982 and 1985 respectively to lay basis for sustainable and non-inflationary growth. Also, there were National Rolling Plans that span through 1992 to 1996, National Economic Empowerment and Development Strategy (NEEDS I) (2004 -2007),   and National Economic Empowerment and Development Strategy (NEEDS II) (2007- 2011), among others.  These policy shifts were meant to revamp the real sector of the Nigerian economy.

Trade liberalization seeks to reform a country’s international policies in order to improve economic welfare by achieving a better allocation of resources in the long-term. Successful trade liberalization is linked to macroeconomic policy which is concerned with shorter-term management of the whole economy.

Organizational performance involves analyzing a company’s performance against its objectives and goals. A multinational corporation (MNC) is usually a large corporation incorporated in one country which produces or sells goods or services in various countries. However, the ability of multinational corporations (MNCs) to achieve their targeted objectives depends largely on the effectiveness of trade policies of the countries they operate in.

In Nigeria, several structural adjustments on external equilibrium, exchange rate, trade liberalization and trade policy related reforms had taken place since 1986. Nigeria over the years has opened her border for trading with high imports and exports of goods and services. Recently, the implementation of the Economic Recovery and Growth Plan (ERGP) was developed as a medium-term (2017-2020) plan by the administration of the president (Muhammadu Buhari) to restore economic growth of Nigeria. However, an assessment of Nigeria’s trade policy since the 1960s reflects a trend which have been known to characterize uncertain and unpredictable trade regimes. Trade policy since the 1960s had witnessed extreme policy swings from high protectionism in the first few decades after independence to its current more liberal stance (Adenikinju, 2005).

• Statement of the problem

Despite the various trade policy regimes, macroeconomic challenges such as inflation, exchange rate volatility and disequilibrium external balances continued to threat the Nigeria’s economic growth.The failure of monetary policy measures to address macroeconomic challenges has been blamed on policy gap, as Okoroafor (2010) noted.  However, Ogbaji and Ebebe (2012) also attributed the failure to the inability of the trade policies in Nigeria (1984-2011) to immensely contribute to the developmental growth of the economy.

Given the high level of trade (imports and exports) in Nigeria over the years and the sluggish growth recorded in the five decades of her political history (growth rate in Nigeria averaged 4.3% 1980-2015), it is necessary to examine the impact of trade liberalization on business performance.

• Objectives of the Study

The aim of this study was to evaluate the impact of trade liberalization on business performance of selected Multinational Corporations a case study of Samsung Mobile and Blackberry. The specific objectives are as follows:

1. To evaluate the impact of trade liberalization policy reforms in Nigeria on the turnover, employment figures and wages structure of Multinational Corporations.
2. To evaluate the impact of trade liberalization policy reforms on how issues related to economic empowerment have been addressed together with foreign ownership.
3. To evaluate the impact of trade liberalization policy reforms on the import and export initiatives of Multinational Corporation.

1.4. Research Questions

This study will be guided by the following research questions:

1. What is the impact of trade liberalization policy reforms in Nigeria on the turnover, employment figures and wages structure of Multinational Corporations?
2. What is the impact of trade liberalization policy reforms on how issues related to economic empowerment have been addressed together with foreign ownership?
3. What is the impact of trade liberalization policy reforms on the import and export initiatives of Multinational Corporation?

• Research Hypothesis

The following null hypotheses was formulated to guide the study in achieving its objectives.

1. H₀: Trade liberalization policy reforms in Nigeria have no impact on the turnover, employment figures and wages structure of Multinational Corporations.

1.6 Significance of the Study

Efficiency and effectiveness are the major determinants of business performance and this may not be achieved without recognizing the impact of trade liberalization in achieving business success. This study is essential in discovering the relevance and impact of trade liberalization on business performance.

This study will be of utmost importance to investors, government and the researchers because it will provide policy recommendations to the various Nigeria stakeholders taking adequate measures in the economy for rapid growth and industrialization.  It will contribute to existing literature on the subject matter by investigating empirically the role, which trade liberalizationplays in economic growth and development of the country. This study will be of benefit to;

The Academia: members of the academia will find the study relevant as it will also form basis for further research and a reference tool for academic works.

Government: this study will reveal to the government happenings in the global market. Formulation and implementation of policies based on this findings would ensure growth.

Investors: this study shall also be valuable to the investors especially those who may have research interest as it shall guide their private investment decisions.

• Scope of the Study

In evaluating the impact of trade liberalization on business performance of selected Multinational Corporations, the scope of the study was restricted to MTN.

1.7. Operational Definition of Terms

The following terms have been defined operationally.

• Liberalization: a process whereby state lift restrictions on some private individual activities.
• Trade liberalization: is the removal or reduction of restrictions or barriers on the free exchange of goods between nations.
• Multinational Corporations: a large corporation incorporated in one country which produces or sells goods or services in various countries.

1.9 Organisation of the Study

The study is divided into five chapters: chapter one embodies the introduction, background to the study, statement of the problem, objective of the study, research questions, research hypothesis, significance of the study, scope and limitation of the study. The chapter two includes: the literature review, empirical review, theoretical framework. Chapter three deals with the study area and method of study which includes: introduction, research design, population of the study, sample size and sampling technique, sources of data collection, instrument of data collection, validity and reliability of instrument and method of data analysis. Chapter four deals with the presentation of data, analyses and discussion of findings while the chapter five provides the summary, recommendations, conclusion, limitations, and suggestions for additional research on the topic.

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Full Project – Impact of trade liberalization on business performance of selected multinational corporations