The risks posed by money laundering and corruption to the global Essay

The dangers presented by tax evasion and debasement to the worldwide money related framework and global business - Essay Example This is on the grounds that it includes breaking of one’s obligation. Additionally, debasement has been connected with illegal tax avoidance. This is on the grounds that tax evasion involves disguising reserves that have been produced through illicit methods. Tax evasion is frequently directed globally since the covering of the unlawful subsidizes involves moving it across universal outskirts. The cash is then kept or put resources into genuine foundations to cause it to show up as though it was produced legitimately. Along these lines, there is requirement for exhaustive methodologies to manage debasement and illegal tax avoidance. This is on the grounds that cash got through defilement is frequently utilized for washing purposes. Thusly, illegal tax avoidance and defilement wrongdoings are frequently interlaced and require to be managed simultaneously. This paper centers around examining the dangers presented by tax evasion and debasement to the worldwide budgetary framework and universal business. Moreover, the article will involve recognizable proof of the adequacy of the current universal endeavors in managing these dangers. As of now, defilement is viewed as one of the significant impediments hampering worldwide financial turn of events. This is on the grounds that it is a significant wrongdoing influencing numerous countries and obstructs practical monetary turn of events. Moreover, defilement is a significant worldwide worry since it hampers worldwide business. Besides, worldwide defilement is progressively entangled since it requires participation of various governments to manage it. Then again, tax evasion is viewed as a significant benefit driven wrongdoing confronting worldwide organizations and budgetary frameworks. In reality, the defilement and illegal tax avoidance are firmly connected. In addition, they keep on assuming a major job in compromising global business tasks. This is on the grounds that illegal tax avoidance quickens debasemen t and the other way around (Lilley 2006; Chaikin and Sharman 2009). Dangers Posed By Money Laundering and Corruption to the Global Financial System and International Business previously, illegal tax avoidance was seen as a methods for cleaning messy cash got through crimes, for example, sedate dealing. In any case, it has been understood that illegal tax avoidance involves more that this and it is a wrongdoing. Since most crimes include debasement, illegal tax avoidance improves defilement by empowering hoodlums disguise their exercises. The impacts of debasement are prominent in social, financial, and politic settings. If there should be an occurrence of global business, debasement and illegal tax avoidance add to contortion of the money related markets. This is on the grounds that these unfortunate activities spread starting with one money related market then onto the next effectively (Chaikin and Sharman 2009). Debasement and tax evasion are a worldwide concern. This is on the gr ounds that there is expanding impersonation of the types of defilement utilized starting with one nation then onto the next. In situations where cash acquired through debasement mean is moved and put resources into another organization somewhere else, the organizations included may begin clashing. Accordingly, defilement and tax evasion undermine global business relations since they make universal questions. Such questions frequently include banks (Lilley 2006). Tax evasion prompts production of illicit plans planned for covering unlawfully earned resources. In this manner, it turns out to be hard for debasement cases to be distinguished. In this manner, debasement and illegal tax avoidance influence the legal framework making it difficult to forestall instances of defilement, which are difficult to recognize. In reality, the

Why we should not allow performance-enhancing drugs in sports Essays

Why we ought not permit execution improving medications in sports Essays Why we ought not permit execution upgrading drugs in sports Essay Why we ought not permit execution upgrading drugs in sports Essay Execution improving medications significantly impact sports and competitors. Players need to follow through on overwhelming cost for their life when associated with utilizing execution upgrading drugs. In spite of the fact that medications improve athlete’s exhibitions like games innovation and gear however its training isn't remunerated by competitor fans. It is an all inclusive viewpoint of masses that players must mirror their normal ability to give predominant execution which is appreciated with extraordinary enthusiasm. Yet, a few supporters and competitors contradict this announcement and contend for hugeness of execution tranquilizes in sports. The fundamental issue in today’s sport is that on what grounds, these medications are prohibited that can assist them with getting progressively out of their preparation and practice. A few challengers contend that medications and unique eating regimens have consistently been a piece of the Olympics and allowing competitors to devour medications may upgraded their insight into the human body and such medications could support sport investment. Activists who are against permitting execution upgrading drugs quarrel that if individuals realize the competitor has misleading, they won't generally appreciate viewing their presentation so much. The current paper centers around the hot subject which is rotating in the utilization of execution upgrading drugs in sports. It gives solid contentions against permitting execution improving medications with steady realities. It is voiced by despots that triumph at all won't be valued if drugs are utilized by competitor. Allowing medications could likewise prompt easygoing use for the individuals who should develop their muscle tone. On the off chance that general society came to realize that sports pivot just medications and less physicality, the watchers at home and crowd at sports challenges will diminish quickly. In such a case, spot association needs to confront genuine monetary issues for the competitors. Medication outrages may make the media and athletic supporters shuffle around with their guarantee to that specific game. Competitors were utilizing medications to upgrade their exhibition from early occasions. In the rounds of the third Olympiad, Thomas Hicks won the long distance race in the wake of accepting an infusion of strychnine in the race (Seventh Report of Session 2003-2004). The main authority prohibition on animating substances by a donning association was started by the International Amateur Athletic Federation in 1928. In 1976, the East German swimming crew won 11 out of 13 Olympic occasions, and later made lawful move the legislature for giving them anabolic steroids (New York Times 2004). The utilization of illicit substances is common in spite of the wellbeing dangers, and regardless of the controlling body’s endeavors to annul drugs from sport. Most competitors are likewise generally unrealistic to ever experience testing. The International Amateur Athletic Federation approximates that solitary 10-15% of taking part competitors are tried in every fundamental challenge. Everybody perceives that medications are contrary to the principles. Game coordinators must need to characterize the principles of game. In the event that the medications are authorized and uninhibitedly accessible, the outcomes will be risky such wellbeing perils and misfortune confidence of open. Individuals perform well at sport because of the hereditary cosmetics that happened to give them an enrapturing hand. The capacity to perform well in games is dictated by the capacity to convey oxygen to muscles. Oxygen is conveyed by red platelets. The more red platelets, the more oxygen player can convey. This thus controls an athlete’s execution in oxygen consuming activity. In the event that it is raised normally, it is all around acknowledged. In any case, the infusion of EPO which is a characteristic hormone that animates red platelet creation, expanding the stuffed cell volume (PCV) the level of the blood included red platelets was authoritatively prohibited in 1985 on the grounds that it is against sports morals (JAMA 1996; 276:231-7). Wellbeing factor engaged with utilizing EPO intravenously is that raising the PCV excessively high by this infusion can cause genuine medical issues. The danger of mischief rapidly increases as PCV gets above half.

How to Write Essay Topics - Create Your Own Topic

How to Write Essay Topics - Create Your Own TopicHow to write essay topics is a common question that all students ask at some point in their education. Students also consider the topic of the assignment to be the main thing that is important. It is true that the topic will help you in writing, but it should not be the only factor. There are different factors that you need to consider while writing an essay.The first and the most important is the topic. You need to know your topic thoroughly before going to do the task. Knowing your topic is one of the most basic steps for how to write essay topics.Secondly, you need to do research on the subject matter. You need to gather as much information as possible from the internet or library. From the research, you can create a list of the most common topics and the best ones are to be chosen.Next, you need to organize your essay topic. An organized essay is able to produce a good grade.Thirdly, you need to come up with an interesting title fo r your topic. This is done because the title serves as a first impression for the reader. So, you need to create a great title in order to make your topic stand out.Fourthly, you need to think about the structure. You need to determine whether you want a thesis statement or a conclusion statement. You should consider the pros and cons of both types of the approach. For example, the thesis statement is commonly used while the conclusion statement is used for more personal essays.These are some of the common elements that are needed in how to write essay topics. Just like other subjects, you also need to decide which style you want to use.Writing is always a rewarding experience. Just like other subjects, how to write essay topics is all about brainstorming and coming up with original ideas.

Aliens Gender Roles Enchaned By Cyborgs - 1587 Words

Alien Notes- Cyborgs Exosuit. Aliens Gender Roles: Enchaned by cyborgs . Nobody believes her. Even the other woman smoking cigarette in suit. Man recoomends her for psychiotiatric evaluation. Liutenant Gorman Colonial Marine Core LV 126. Lost contact with colony. Colonial Marines-trained to deal with situations. Soldiers. Have lots of firepower â€Å"can handle any situation.† They want Ripley as an advisor. Ripley seems to be in charge. Burke trying to convince Ripley. Has nightmares and contacts Burke. Says she will only go back if they agree to â€Å"wipe them out† not just study them† Marine car hyper exaggerated how tough they are. Girls are like men. â€Å"Who’s snow white† referring to ripley. Acting like vasquex is so tough. Tells manly joke is like one of the guys. Doing pull ups, super tough. The marines tell super innapropriate jokes, really offensive to act super tough. Bishop- Android. Begas the marines to not do 5 finger felay. Marines so tough they play 5 finger felay with bishop how sharp he is. Android- Prefers term articial person. A2’s were a bit twitchy. Impossible to harm another human being. Reason he can’t hurt guy in 5 finger felay. Ripley is distrusting of Androids. Marines smoking ciagreets during Ripley’s speech. Vasquez looking bored of Ripley. Ignores her details and once to find the aliens only, acts tough. Hudson speaks out against own military officer again emphasizing his toughness. Challenges his authority. Ripley asks if there’s

Pynchon’s Vision of America in The Crying of Lot 49 Essay

First published in 1965, The Crying of Lot 49 is the second novel by American author Thomas Pynchon. The novel follows Oedipa Mass, a young Californian housewife, after she unexpectedly finds herself named the executrix of the estate of Californian real estate mogul, and ex-boyfriend, Pierce Inverarity. In reflecting on their history together, Oedipa recalls how her travels with Pierce helped her acknowledge, but not overcome, the poignant feeling that she was being held paralyzed and isolated from the world (and others) within a staid, middle-class existence by some invisible and nefarious external force. Moreover Oedipa struggles to understand why Pierce would name her the executor of his will considering her deep ignorance of finance,†¦show more content†¦To assess this vision of an American society heading towards stasis developed in The Crying of Lot 49, one must first discuss the concept of entropy. Broadly speaking, entropy refers both to the level of disorder and uncertainty in a system.The concept originates from thermodynamics, where it is used to describe the thermal energy in heat engine that is unavailable to be converted into work (i.e. transferred through a change in form or location).The second law of thermodynamics stipulates that within a self-contained system like a heat engine, the aggregate measure of entropy must remain the same or increase over time because with no external energy inputs, the system’s net energy flow gradually subsides as the gaps between its higher and lower energy particles decrease through the transfer of heat as they interact. This diminishing gap between particle energy levels, denoted in part by a stabilization in temperature and phase state (e.g. solid, liquid, or gas), reflects the system’s progression towards a state of thermodynamic equilibrium, or maximum entropy, where particles regress into towards a uniform set of cha racteristics and inertness as the net energy flow grows infinitesimal. In moving towards equilibrium the system also becomes increasingly disordered because in losing their distinctiveness particles become fungible, rendering attempts to impose order and coherence on the system by drawing relations and distinctions betweenShow MoreRelated PARADISE FLUBBED: Pynchon the New World Essay4618 Words   |  19 Pagesacross the sky, it is the sound of a V-2 rocket arcing up and over the English Channel.But the rockets vapor trail (which Pirate Prentice sees from kneedeep in the primordial mulch of his bananararium) points further on: over the Atlantic, on toward America, the New World, Tyrone Slothrops yearned-for, perhaps illusory home. The rockets path ends a fraction of an inch above the readers head, the rocket suspended, poised ... A tableau representing the possibile if not quite realized Apocalypse

Freedom Essay - 942 Words

I believe rationality is incorrectly dictated by society. Generally when one is irrational he or she is contradicting the quot;normalquot; or what everyone is programmed to do. Kant says quot;Can you also will that your maxim should become a universal law.quot;1 In part I agree to the theory of universal law where quot;rationalquot; is judged by universality or what everyone should do. In fact we know that primitive societies were not built on rationality. I believe that we are intrinsically rational and irrational. In my opinion , taking the daouist view, having the ability to be rational and irrational, a hybrid of both, gives an individual the ability to be rational. Kant says quot;These, so far from hiding a good will or†¦show more content†¦nbsp;nbsp;nbsp;nbsp;nbsp;Kant says that quot;To assure ones own happiness is a dutyquot;3 Here I like what Kant says but with different meaning. I believe duty is freedom and happiness is indicative of irrationality. In fact I will g o to the extent of saying that happiness is freedom. Freedom is a duty, so we need irrationality and must just simply do it by any means. Everyone needs different degrees of freedom, hence different degrees of irrationality. Our duty is to free ourselves from the jails of rational society. I also believe this is the root of many who compulsively watch television or those who tend to drink. It is safe to say that the majority of Americans adopt both as the leading quot;past-time hobbies.quot; In my interpretation, both are an attempt for irrationality without disturbing the universality law factor so they maintain the title rational. Furthermore, many tend to love the particular actors who quot;question authorityquot;, authority being the mass, hence the actor or actress is labeled irrational. When one follows a particular quot;movie star/squot; or feels the need to watch fictional movies they are living through someones irrationality. In addition, when one is intoxicated he or she c an become irrational, its accepted by the mass, so it is titled rational. All driven by duties. On the other hand many individuals dayShow MoreRelatedFreedom Of Exercise And Freedom975 Words   |  4 PagesFreedom of Exercise One of the key principles the United States of America was founded upon was the idea that religious freedom was an inalienable right. Many who sailed to new world were pilgrims who believed the land was a promised land, sacred. They also believed the new world would allow them to escape religious persecution. When the Constitution was developed in 1787, the First Amendment addressed the relationship between the government and religion stating, â€Å"Congress shall make no law respectingRead MoreThe Bill Of Rights And Freedom Of Freedom1470 Words   |  6 PagesThe freedom of religion and expression:the freedom of the press, the right to assemble to protest and petition the government. To me the First Amendment means that you have the right to freedom of expression and be allowed to express who you are without being judged. This amendment was added to The Bill of Rights and it’s for people to have freedoms in the U.S. This Amendment is important because if not there would ha ve been many angry people in the U.S because they wouldn’t have any freedom to doRead MoreFreedom Is The Highest Point Of Freedom1880 Words   |  8 PagesFreedom has its different demographics and views it can perceived into in which I don’t think it can ever justify to a deserved definition. I think we certainly live in the theory and allusion of freedom but also compared to a vast amount of countries it is definitely looked upon as a free society. A country could never reach the highest point of freedom because that is something of the unordinary and we as a country are more close to freedom than any other country will be. Being able to expressRead MoreFreedom Of The Media And Freedom Of Speech1540 Words   |  7 PagesBC when Socrates was forced to drink poison for his â€Å"corruption of youth† (Mette), which can be seen as silencing one man for the betterment of everyone, but there is always an ample amount of opinions on such a controversial topic as Fr eedom of the press, or Freedom of Speech. Many nations today believe that very strict and regulated system of governing the media and entertainment is the best answer, such as China, where â€Å"censorship was considered a legitimate instrument for regulating the moralRead MoreThe Bill Of Rights And Freedom Of Freedom1470 Words   |  6 PagesThe freedom of religion and expression:the freedom of the press, the right to assemble to protest and petition the government. To me the First Amendment means that you have the right to freedom of expression and be allowed to express who you are without being judged. This amendment was added to The Bill of Rights and it’s for people to have freedoms in the U.S. This Amendment is important because if not there would have been many angry people in the U.S because they wouldn’t have any freedom to doRead MoreFreedom of Speech and Freedom of the Press in Nigeria972 Words   |  4 Pagesconsists of 36 states and its Federal Capital, Abuja. Freedom of Speech in Nigeria has been talked about for many years. Campaigns have been put in place against the government to come up with new laws that protect the people, and the press, to express their opinions and what they believe in. According to Article 19 of the Universal Declaration of Human Rights 1948), â€Å"Everyone has the right to freedom of opinion and expression: this right includes freedom to hold opinions without interference and to seekRead MoreThe Amendment Of The Bill Of Right : Freedom Of Religion And Freedom1460 Words   |  6 Pages Civil liberties are individual freedoms which are protected from the government by the Bill of Rights. There were historical backgrounds to guarantee the freedom. Although they are ruled in the Constitution, it is not easy to protect the diversity and individual freedom in the society, and not all conflicts have been settled today. Yet, people are in a process to improve democratic society which is not a finished produ ct, and freedom in all its forms improves itself over time. I am going to explainRead MoreAcademic Freedom1508 Words   |  7 PagesAcademic freedom in Kenya Freedom is a basic to education in modern democracies. Freedom in education can be categorized in the various aspects such as; Freedom of the child, academic freedom and freedom to read. Mc’Garry and Ward, (1966) puts it: A free society and a free world imply a free educational system and a freedom within the framework of maximum control. In such a closed society they maintained, freedom in education may consist of ability to say or do in consequential things. The legalRead MoreEssay on Freedom1303 Words   |  6 PagesFreedom remains the sole basis for American society as we know it. Without freedom the great nation of America would have never been founded. To understand the true principles of freedom, one must understand the scope of the word. Philosophical freedom encompasses the ability to make choices without restraints, while political freedom is the state of being free rather than in physical confinement. Despite the importance of these ideas to our founding father s, freedom has lost much of its importanceRead MoreFreedom of Expression1919 Words   |  8 Pagesabove surely has been presented throughout history as an archetype of this concept, specifically noting freedom of expression as a right to which all hold possession. The assertion of this right is well represented in the Unites States Bill of Rights. Within that document the First Amendment specifically restricts governmental powers prohibiting any such law or act from abbreviating our freedom of speech . This keystone to the American Democratic System spawns dialogue and discourse which forms policy

How Is the Child’s Exploration and Orientation free essay sample

How is the child’s exploration and orientation in his physical environment complimented by the Montessori materials and presentation? Dr. Maria Montessori’s goal of education is to develop a global vision within the children. Montessori calls the path to this perspective â€Å"Cosmic Education†, which develops in children a sense of gratitude for the universe and their lives within it. The concept of cosmic education presents a comprehensive whole picture of the world- a world in which the child sees himself as being a part. Montessori had much to say about world peace. She always says about the importance of developing an understanding of the human problem and restricting human society. She firmly believed that the way to do this was through the child, and that the work of education was to establish a lasting peace. Throughout history, humans have relied on their ingenuity and adaptability for survival. Regardless of race, country ,or culture, people follow similar patterns. After years of careful observation in children, Maria Montessori was able to identify 14 important tendencies that compel human beings to construct and refine the world around them, which she considered these as â€Å"Tendencies of man†, they are exploration, order, gregariousness, communication, abstraction, curiosity, calculation, repetition, concentration, self-control, perfection, creativity, independence and work. The Montessori prepared environment with its carefully chosen and beautifully arranged materials is build around these tendencies. Because of this, Montessori teachers do not need to force their students to; children are naturally drawn to the materials because they appeal to their instinctive drives. Today’s child unconsciously displays the same traits that early human did, and without realizing it,we often stand in the way of their exploration and manipulation because it is an inconvenience to us. When we are able to remove any hinderences to a child’s natural tendencies, the child will flourish and likely surprise us with their pursuit of knowledge, their innovative thinking, and their limitless curiosity. Children are naturally attracted to the nature. So a Montessori environment bust well prepared with natural things such as choice of plants and flowers with a small garden in the outdoor and with some pats such as rabbits, gold fish. These simple things attract the child to study about the plants and animals, to care for them and also to explore specimens found in our living world. The Montessori cultural materials were designed to allow the child to explore an abstract concept in the concrete form. Like the other areas of Montessori curriculum, the sequence of presentation begins with simple to complex and concrete to abstract. The next activity is identifying animals (more specially grouped). This activity also presented in the same way as loosely group, but each group is specifically grouped, for e. g. Birds that can fly and Bird that can’t fly. This activity leads the child further into classification by encouraging groups and also make the child aware of similarities and differences between spices. The next activity in zoology is Jigsaw puzzle of an animal. The materials for this activity are Animal puzzle and identical picture card as control card. The child is given a particular animal puzzle and she will be discussed about that animal. For e. g. Fish, at first the child will be asked â€Å"What is this animal? , What does it eat? , Where does it live? Then the teacher will point each part and asks the child, â€Å"Do you know what part is this? If the child doesn’t know she will teach the names of the parts. Then the teacher will show the child how to place the head in the picture card and she asks the child to place the rest. Then again putting back she reinforces the child by, â€Å"Would you like to put the fin first? In this manner the directress will present the activity. So while working with this material the child will get a sensorial awareness of the different parts of animals and also provide information and increase the child’s vocabulary as well. The next activity in zoology is Terminology cards (Identifying parts of the animals). The materials for this activities are a set of control cards which the parts of the body of a particular animal is highlighted in red and the names of the parts are written on them. The next setof cards are picture cards same as control cards but unnamed and the name tags. There are two cards non-highlighted pictures of a particular animal. This activity also has two presentation one for non-reading child and the other one for reading child. For the non-reading child the teacher will place the non-highlighted pictures of an animal, for e. g. Elephant the control card near the child and she will discuss about elephant. Then she will give any of the highlighted picture of an elephant say for e. g. the head and she will ask , â€Å"Do you know what part is this? If the child knows he will tell, if the child doesn’t know teacher will tell the name of the part, â€Å"Head†. Like wise the child will be discuss each part of an elephant. Then the teacher will gives the picture cards to match with the control cards. For reading child she does the same way as non-reading child, she gives the name tags and have the child read and place it under the correct card. When the child finishes she gives the control cards and ask the child to checks her work. After working with this materials the child will knows the parts of the animals, his vocabulary increase, it develop awareness of similarities and differences in animals, develop child observational and classification skills. The next activity will be Terminology cards; identifying plant parts. This activity presented in the same manner as Terminology cards; identifying animals’ body, but the pictures should be a plant picture and each part of plant is highlighted in red. This activity teach the names of the parts of the plants, it provide information about the plants, develop awareness of similarity and differences in the plants and also it develop the child’s observation and classification skills. The next activity is flower pressing. Children love flowers, so this activity provides them to work with flowers. They are encouraged to find different types of flowers and leaves and they are showed how to press them and make lovely greeting card, or a design for them to hang in their room wall. This activity prepares the child for art and also it appreciates the design in nature. The next activity in botany is first introduction to the leaf cabinet. This cabinet is same as geometrical cabinet in sensorial area, having three leaf shape drawers and the removable insets which are in green. In this activity children are encouraged to trace the shape of the leaves, there fore it create awareness of the variety of leaf shapes in the environment through visual and muscular knowledge of leaf shapes. So this activity increase the children observation skill, it help foster the child’s respect for the wide diversity of plant forms in the world and also it prepare the child for future works in botany and create interest in designs. The next activity which is an important activity which is presented to the children is the importance of the sun. Teacher talks about the children why sun is important? She tells the children it gives us heat, otherwise it will be cold, it would be difficult for us human , animals and plants to survive. She explains some other important facts about sun. Teacher shows the children how sun is important using chart, the food chain how the sun helps the plants to grow, when the plants grow only animal can eat plant and they can grow, if the animals grow only we can get food from animals, so all are dependent in the single element that is sun. The teacher must be creative and innovative to present this activity. So the children will understand how the sun is important for all living creatures. This activity prepares the child for future work in photosynthesis. The next activity which is presented to the children is growing plants. The children are shown how to grow a plant. They were asked to water the plant daily and also not to expose the pot to the sun too much which cause the plant to dry or die and also they were asked to observe the development daily. This activity teach the children to plant seeds and how to care for plants, it develop a sense of responsibility and ownership in the child and also children will have the concrete experience as to what a plant needs to grow. The last activity presented to the children is plants life stories. The pictures of life cycle of a plant are made as frieze. The picture shows the seed, sun, water and finally a plant. This will be present in the same manner as life stories of animals. By showing each picture the teacher will describe each stage, how water and sun important for the seed to grow and finally how the plant grown fully. This activity help the children to understand the life cycle of plants, to identify the sequence of growth, and also this leads the child to take care of the plants. The next subject which is presented to the children is Geography. Maria Montessori adds this subject in cultural subjects to launch the child’s exploration of the world’s physical environment. Montessori approach always introducing new ideas with concrete objects or pictures for the child to see, touch and manipulate. The first activity which is presented in Geography is Sandpaper globe. The globe which has the continents covered with sandpaper and the sea is painted in blue. The teacher brings the sandpaper globe to the table and shows the child how to feel it with her both hands and she ask the child to feel the same. Then she gives the name of land and water using three period lessons by feeling with her two fingers. So while working with the sandpaper globe initially the child learn things the shape of the world is sphere and that is made up of land and water. The next activity which is presented to the child is the coloured globe. In the coloured globe the continents painted in different colours- Europe is red, Asia is yellow, Africa is green, Australasia is brown, north America is orange, South America is pink and the Antartica is white. Teacher brings the colored globe and sandpaper lobe to the table and shows the child, the coloured globe is same as sandpaper globe. Then using the coloured globe she tells the child that the land on the colored globe is divided by colors and each colour represents masses of land and they are call as continents. While working with the colored globe, the child will become aware of the relative sizes, shapes and positions of the land masses and oceans. The next activity which is presented to the child is Jigsaw map of the world. The Montessori Jigsaw map of the world made up with 2 hemispheres, each with the continents removable as whole puzzle pieces. The colours are the same as the colored globe. It is easier for a young child to see how the world is represented on a flat map. There is a control map for the child to place the pieces on that. Directress will shows the child how to place the pieces on the control map and she invites the child to do the same. The child learns the names of the continents with the Jigsaw map of the world with the three period lessons. The next activity is continent cards. The child will further reinforce to learn the names of the continents with this activity. After learning the names of the continent the child learn about animals which live in each continent. This activity given to the child to relate animals to the continents on which they live. After learning about each continent the child will learn how they are divided into different countries which are areas of land with a name, flag and national anthem. Then the child learns various countries with the pictures from various continents. The child also has a great natural interest in others who are different from him self. The teacher will shows the child any picture of a country flag, the important places, their foods, their festivals and etc. he learns much more about the lives of others through this presentation. The next activity which is presented to the children is introduction of the three elements. The child will be discussed about the three elements and she tells the child theses three elements are very important and without any one of them, earth will not exist† so the child will be aware how important these three elements how to save them from pollution. So children have freedom to choose to their own inner needs. Repetition is necessary for them to master and perfect his skills and build his competency and knowledge. Through free choice and repletion children acquire their knowledge step by step depending on their own needs.

Best Practices for Beautiful and Effective Blog Design

Your blog is key to building brand credibility and online visibility. In fact, small businesses that blog get 126 percent more lead growth than those that don’t. Content is justifiably the main focus of any blog. However, many marketers forget that the design and structure of a blog can have a big impact on readability and engagement. Blog design will affect how visitors perceive your brand; when it’s good, it can convince people to stick around. Online, as in real life, first impressions count. In this post, we’ll break down some of the most important factors in good blog design and look at some of the latest blog design trends. The Most Important Design Elements of a Blog Each of these elements will impact user behavior and how visitors engage with your blog content, so keep these crucial design elements in mind. Custom Header The header is probably the first thing visitors will see, so it’s worth taking the time to get it right. You could display your blog’s logo or name, or use graphics and photos. Whatever you choose, make sure it’s memorable. Use appropriate colors and fonts, and add a short description or tagline to summarize your blog. User-Friendly Navigation The navigation is the gateway to all your website content and is key to improving the user experience and driving traffic to other pages. Don’t have too many categories as this can confuse visitors. If necessary, use submenus for wider topics. Links to consider for your blog’s menu: An archive of previous blog posts. A â€Å"Most Popular Posts† section. An About page. A Contact page. Tip #1: Include internal links to your other blog posts in every post you write. This helps to increase visitor time on your site and boosts search rankings. Tags and Categories Help visitors find topics of interest by using tags and category links in every post. This improves the user experience, helps to boost the number of page views, and should decrease your blog bounce rate. Sidebar Many businesses opt to display the sidebar on the right-hand side of the page. This helps to focus attention on the actual blog content. Tip #2: Consider not having a sidebar on the pages you are trying to improve conversions on, so that people don’t get distracted. Elements you should consider including in your sidebar: A search box. An email subscription box. A search-by-tags option. A link to an author bio. A link to recent posts. A link to popular posts. Links to your social media accounts. Tip #3: Display a search bar in the header of every page to help users find what they’re looking for. Snippets on the Blog Homepage Most users don’t have time to hunt for relevant content. Showing snippets of blog posts on the homepage helps visitors quickly choose content that interests them. Show a paragraph or two of each recent post with a call to action such as â€Å"Continue reading,† â€Å"Read more,† or â€Å"Click to continue.† Email Subscription Button/Form To boost blog readership, aim to collect email addresses. You have different options to try: An opt-in button at the top of your sidebar. A pop-up form. A subscription button in the page header or footer. An opt-in form at the end of each post. Tip #4: Consider not asking for a user’s name. According to one study, you’ll get around 10 percent more opt-ins if you only ask for their email address. Social Sharing Buttons Including social sharing buttons on every page is a simple way to encourage content sharing and build brand awareness. Consider using scrolling social buttons with a tool like AddThis. Tip #5: To avoid user hesitation, only display three social networks that are most popular with your audience. Larger Fonts Text size affects readability and this impacts user engagement. Although 12 pixels is typical for internet content, according to writing expert D Bnonn Tennant, anything below 16 pixels could be a mistake: â€Å"Almost 1 in 10 of your readers has trouble with their eyes. Of the rest who don’t, most will still have to strain to read text smaller than 16 pixels.† Tip #6: Try increasing the font size of your blog content and use analytics to measure the impact on blog engagement. A Comments Section Give users the option to interact with your content by including a comments section. Receiving more comments means your pages will include more relevant keywords, which improves SEO. Possibly the best system is threaded comments, which allows for multiple responses from the author. Threaded comments can also increase the number of comments you receive per post by 16 to 33 percent. White Space Readers will appreciate your content more if it’s easier to read, and white space (simply the blank spaces around content) is one of the best ways to improve readability. Tip #7: Break up chunks of text with white space, images, and bulleted lists. Blog Design Trends for 2019 Minimalism The importance of white space, or negative space, in blog design is perhaps one of the reasons why minimalist blogs remain a popular design trend. Minimalist designs help users focus on your content and aid navigation. Help Scout, a customer service software company, uses a minimalist design on its blog, embracing white space and using less copy. It also uses bright blocks of color that catch your attention. Flat Design It might have been Apple that started the flat design trend, moving away from shadows and gradients and making design elements seem more user-friendly. An increasing number of blogs are using this style. Common elements that feature in flat design are: Contrasting bright colors. Clean, crisp edges on buttons. Lack of three-dimensional depth. Lots of white space. Illustrations. Simple geometric shapes. Simple typography. This Angle WordPress theme is a good example. Flat designs also improve page load times, which leads to another trend in blog design†¦ Speed According to an Akamai study, 40 percent of users will abandon a web page if it takes more than three seconds to load. Your blog design has that much time to convince a user to stay. Furthermore, Google’s Speed Update now affects search engine rankings. To address these issues, more bloggers are focusing on optimizing their blogs for speed. This is why minimalist designs have increased in popularity and why you should now do all you can to improve the speed of your blog. Unique Illustrations In 2017, brands like Dropbox began to use personalized illustrations to convey their messages. Since then, illustrations have become increasingly popular, and will continue to grow in 2019. Why? Illustrations are more memorable, help to convey information more quickly, and strengthen a brand’s image. It may involve hiring graphic designers or illustrators for personalized designs, but it will pay off. It’s a great way to stand out from the crowd, like this illustration shows from fundraising website Crowdrise. The Card Layout Card layouts, as used on Pinterest, are a great way to organize your blog posts and give users a sense of the breadth of your content without overwhelming them with information. They usually include an image, the publication date, the blog’s title, its author, and maybe an excerpt from the post. For Web Designer Depot’s mobile blog page, they keep it simple in order to fit more content on each page, displaying an image, the category, the title, and when the post first appeared. Apple’s newsroom blog also uses the card layout. Special Typography and Font Pairings Some marketers forget about the importance of typography in design, but font choices, letter sizes, and line spacing are key to readability. Pairing two distinct typefaces has become a popular way to improve the visual appeal of any blog, and many WordPress themes now use special font pairings. This example of font pairings from Anchor and Orbit is from the homepage, but they also use the font in blog content. Notice the use of an original illustration, which adds more personality to the page. In Summary It’s important to publish quality content on your blog, but if it looks uninspiring and is hard to navigate, it can detract from the value of your content. The solution is to place your content within an attractive framework that makes it more accessible and readable. This will naturally increase your credibility and encourage more people to return to your blog time after time. Attractive blogs are more likely to have longer life spans, so it’s worth the effort. Use these tips as general best practice, but remember that your brand is unique, so take this information as inspiration to make your own blog better. Constant Content takes the hassle out of finding, hiring, and managing a team of blog writers.

Quote The Raven The ABCs of Job Searching

Quote The Raven The ABCs of Job Searching TheJobNetwork’s expert advice series Quote the Raven, hosted by Raven Chiara and her special guests gives you the best advice on finding and keeping a job. In this episode, the team covers the ABC’s of Job Searching. A is for Apply when Appropriate:Don’t apply at work, dummy!Don’t send an email at 2am drunk, dummy! Use Boomerang for Gmail!B is for Bringing Your Best:Dress to impress for the interview, you shlub.C is for Customize Your Communication:Hot Tip!Take words from job description and snap, crackle, pop and sprinkle into your resume and cover letter.Don’t lie. You are not a good liar.Use some tools to pimp your resume ride, like etsy.com, fiverr.com, loftresume.comShare your thoughts with us†¦or your embarrassing job searching stories using #quotetheraven.Follow the hosts on   Twitter and Instagram @ravenchiara and @whybegee.

Mini-Theme 2 - Inductive or Deductive Paper Essay

Mini-Theme 2 - Inductive or Deductive Paper - Essay Example For both women, the anger stems from their experiences in a community where fat is considered to be a cardinal sin spawned primarily from willful choice and lazy action. Their frank language and refusal to make apologies, instead indicating those many areas in which ridicule and simply being overweight has prevented them from experiencing those things that â€Å"thin children take for granted, such as being lifted up effortlessly on the shoulders of their fathers†, is refreshing and provides a glimpse into a world that thin people just can’t understand otherwise. After reading these, I have a better appreciation of the various things that prevent fat people from doing something about their weight, more than just a question of mathematical balance between intake and exercise, and the approach helps to illustrate the tremendous pressures introduced thanks to what I do believe is an overactive focus on physical appearance within the American community. However, these authors make it sound as if fat people are the only people who have ever experienced unhappy families, difficulty in school, troubles with parents, cruel classmates or issues with self-image. Our community reveres the thin person so much that even thin people often feel they are too fat, creating numerous eating disorders that ensures absolutely no one, thin, fat or somewhere in between, can feel comfortable with their physical appearance. I appreciate the insight, but I feel that at some point in life, people need to come to an acceptance of who and what they are and stop attackin g the world – thin or fat – for this condition. Exercise is necessary for proper health regardless of whether a person is overweight, underweight or at the proper weight for their frame. It is also necessary whether one is young or old. The problem for many people, though, is that exercise can often be difficult on a person’s joints and, depending upon their weight, can be overly tiring, forcing them

The First and Second World Wars Essay Example | Topics and Well Written Essays - 1000 words

The First and Second World Wars - Essay Example The French stance acted only as humiliation to Germany in many ways rather than creating a comity of the European States. The Treaty of Versailles which was viewed as a step towards stability in the international system became one of the underlying reasons for the Second World War. Peace was attained, but irrefragably for a short-term only. In contrast to the French response, the United States reaction after the Second World War was sangfroid to a greater extend. The American demands had very long-term results. Though it can be stated that both nations aimed to create a secure and war free enviromnent, the US was far more successful in this course, keeping Germany under check without deprivation of dignity. As France chaired the peace conference after World War I, it viewed Germany as the country responsible for the war and the destructions caused by it. The Treaty of Versailles was therefore advanced as a punishment to Germany. The Germans signed the treaty but proposed some adjustments. Although Germany never admitted a defeat, the humiliation caused to it because of the treaty and the strong urge to escape such bonds lead to the reasons of settling scores. The tactic France was using to establish peace, or its effort to strip Germany off, of any military power it had left to act against France in the future, did not succeed in the manner the French wanted. Keynes and the other critics of his likes were eager to criticize the treaty and the policies it laid down against Germany, still Clemenceau and many other French wanted a deliberate imposition of such policies to deform Germany of any sort of political, economic and military influences. The justifications France gave were that of the economic reconstruction. Despite any efforts, even if not pointed towards the right direction, to maintain peace, equilibrium of power within the nations was again disturbed and thus came the rise of the Nazis, lead by Hitler. It is deemed that the work of the British writer Keynes had provided German supporters all the arguments they needed against the reconstruction efforts of the Versailles Treaty. Justifications were passed out by the Germans that they should not have to pay for anything. And eventually came the Second World War. The United States Congress was uncomfortable with the Treaty of Versailles and did not approve it. They were of the opinion that the vindictive attitude of the French would eventually cause the Germans to react in aggressive manner, which ultimately they did. The Second World War is the largest and the most violent war in the history of humankind. During the war, the United States was in a far better strategic position, being a powerful state. By the end of war, the United States and the USSR inclined as two greatest powers of the world. Again, the misbalance in the equilibrium of power resulted in the great Cold War era. After the Second War, Marshall Plan was introduced as part of the European Recovery Program. Unlike the Treaty of Versailles, Marshall Plan was able to adopt a more justified approach in the distribution of resources. The United States was in a far better position than the French ever were after the first war. It was not only able to provide Europe with a secure reform plan, but also gained trust of the Europeans without taking material advantages of the situation. The United

Effect of Foreign Direct Investment on Nigerias Development

Effect of Foreign Direct Investment on Nigerias Development Chapter One 1.1 Introduction The drying up in the early 1980’s of commercial bank lending to developing economies made most countries eased restriction on foreign direct investment (FDI) and many aggressively offered tax incentives and subsidies to attract foreign capital (Aitken  and Harrison, 1999). Private capital flow to emerging market economies reached almost $200 billion in 2000. This is almost four times larger than the peak commercial bank lending years of the 1970’s and early 80’s. FDI now accounts for over sixty percent of private capital flow (Levine and  Carkovic, 2002). However, while the explosion of FDI flow remains unmistakable, the growth effect remains unclear. Foreign direct investment (FDI) has been a topic high on the policy agenda in emerging markets. This is due to the contributions FDI make to a country’s external financing and economic growth. The extent of regulation of FDI and other form of capital flow are also issues policymakers take a stand on and economic research has devoted a large effort to these issues. The experience of small number of fast-growing East Asian newly industrialized economies (NIEs), and recently china, has strengthened the belief that attracting FDI is needed to bridging the resource gap of low-income countries and avoiding further build-up of debt while directly tackling the cause of poverty (UNCTAD, 2005). Even though the Asian crisis sounded a cautionary note to premature financial liberalization the call for more accelerated pace of opening up FDI have intensified on the assumption that this will bring not only more stable capital inflow but also greater technological know-how, higher paying jobs, entrepreneurial and workplace skills and new export opportunities (Prasad  et  al., 2003). The increased importance of FDI has brought about international relationships, trade and policies materializing into export and imports between nations. This in turn results financial rewards to host countries. Policy makers across the region of Africa have hoped that attracting FDI with the bait of high tariff protection and generous incentives packages would provide the catalyst for a â€Å"late industrialization† drive (Thandika, 2001). The debt crises in the early 80’s and policies introduced by several countries in Africa also witnessed increased FDI as necessary for economic development. The pursuit of responsible macroeconomic policies combined with an accelerating pace of liberalization, deregulation and above all privatization were expected to attract FDI to Africa (WorldBank, 1997).  However, the record of the past two decades with respect to reducing poverty and attracting FDI as a result of policy changes has been disappointing at best (Ayanwale, 2007). The importance of FDI varies across different sector in the recipient countries. However, in all major country groups, the extractive sector accounts for a significant share of inflow of FDI: for example, Australia, Canada and Norway among developed countries; Botswana, Nigeria and South Africa in Africa; Bolivia, Chile, Ecuador and Venezuela in Latin America and the Caribbean; and Kazakhstan in South-East Europe and the  CIS  (UNCTAD, 2006a). The important of this sector is due to the fact that oil and gas are crucial to the contemporary global economy and their prices are key components of economic forecasts and performance. Crude oil and refined petroleum products constitute the largest single item in international trade, whether measured by volume or value (Steven, 2005). Thus, oil and gas are strategic resources in national, regional and global economies. Despite this significant and strategic influence, empirical evidence suggests that oil and gas abundant economies are among the least growing economies (Sachs and Warner, 1997,  Gelb, 1988, Stevens, 1991, Steven, 2005). This phenomenon is often conceived within the prisms of the â€Å"resource curse† and â€Å"Dutch disease†. Both of which are manifestations of inefficient utilization of resources rather than the inevitable outcome of the availability of oil and gas resources.  The impact of FDI on economic growth of recipient country has been one of varying opinions among authors. A huge literature exists concerning different effects of foreign investment on economic development in a recipient economy. Currently FDI sustains the most dynamic development in the world economy in comparison with other forms of foreign financing (De Gregorio, 1992). Most theoretical and empirical findings (see chapter 3) imply that FDI has a strong positive growth impact on the recipient economy. Within the African context, the Nigerian economy is a unique case, not because it is a developing economy and is quite large, but because during last 15 years the country has not managed to attract significant amounts of FDI (Asiedu, 2002). Typically investment risks are so high in Nigeria that only high profits in export oriented extractive industries (e.g. fuel industry) have attracted much foreign direct investment. This sector exerts a prominent influence on the economy as a key revenue earner. While oil and gas resources have very high revenue yields due to increasing international demand the question of aggregate FDI impact on economic growth remains an open question. This paper attempts to find some answers.   Over the last decade, the Atlantic Ocean off the coast of Western and Southern Africa has become one of the most promising oil exploration areas in the world with a convergence of interest between African governments, multinational oil companies, international Financial Institutions  (Jerome  et  al., 2007). Nigeria falls among the six countries which have become key players in the world of energy stake. However, the economic record and lived experience of mineral-exporting countries has generally been disappointing. The World Bank classification of Highly Indebted Poor Countries include: twelve of the world 25 most mineral dependent states and six most oil dependent. When taken as a group, all â€Å"petroleum rich† less developed countries has witnessed erosion in their living standards and many rank bottom one-third of United Nations Human Development Index. In addition to poor growth records and entrenched poverty, they are also characterized by high level of corruption and a low prevalence of democratization  (Jerome  et  al., 2007).† 1.2 FDI Defined Various classifications have been made of foreign direct investment. For instance, FDI has been described by the Balance of Payment Manual 5th  edition (BPM5) as a category of international investment that reflects the objective of a resident in one economy (the direct Investor) obtaining a lasting interest of a resident in another economy (the direct investment enterprise). The lasting interest implies the existence of a long-term relationship between the direct investor and the direct investment enterprise and a significant degree of influence by the investor on the management of the enterprise. A direct investment relationship is established when the direct investor has acquired 10 percent or more of the ordinary shares or voting power of an enterprise abroad (IMF, 1993). This comprises not only the initial transaction establishing the FDI relationship between the direct investor and the direct investment enterprise but all subsequent capital transactions between them and among affiliated enterprises resident in different economies (Patterson  et  al., 2004). Once a firm undertakes FDI, it becomes a  multinational enterprise  (MNEs). Policymakers believe that foreign direct investment produces positive effects on host economies. Some of these benefits are in the form of  externalities  and the adoption of foreign technology which could be in the form of licensing, agreements, imitation, employee training and the introduction of new processes by the foreign firms (Alfaro  et  al., 2004). Multinational enterprises are said to diffuse technology and management know-how to domestic firms (Tang  et  al., 2008). FDI is conventionally used as a proxy to measure the extent and direction of  MNE  activities (Jones, 1996). Like any other business,  MNEs  have a major objective of maximizing profit and reducing costs. Hence,  MNEs  consider regions with higher returns on investment and enabling environment for business success. This is one of the reasons for more FDI in some places than others. Accordingly  MNE  will invest higher in regions that provide the best mix of the traditional FDI determinants (Berg, 2003). The motivation for investment by multinationals in certain countries much more than others  is discussed elaborately in chapter three 1.3. Background The involvement of  MNEs  (through FDI) in extractive industries has had a chequered history. In the early twentieth century, these industries accounted for the largest share of FDI, reflecting the international expansion of firms from the colonial powers. With a growing number of former colonies gaining independence after the Second World War, and the creation of the Organization of the Petroleum Exporting Countries (OPEC) in 1960, the dominance of these  MNEs  s declined, as did the share of extractive industries in global FDI. From the mid-1970s, in particular, the share of oil, gas and metal mining in world FDI fell steadily as other sectors grew much faster. However, as a result of rising mineral prices, the share of extractive industries in global FDI has recently increased, although it is still much lower than those of services and manufacturing. It is therefore an opportune timeto revisit the impact of FDI into theextractive industries has on economic development. Measuring the effect of FDI on economic growth occupies a substantial body of economic literature. Many theoretical and empirical studies have identified several channels through which FDI may positively or negatively affect economic growth (Akinlo, 2003,  Mello, 1997). Not many studies have reported on the effects of FDI in Africa and most existing studies have concentrated on economies with high FDI in the manufacturing industries unlike economies with high FDI inflow in the extractive sector (as the case of Nigeria). Several factors suggest that the indirect benefits of FDI maybe less in extractive sector especially oil industries. Reasons given for this are that: firstly, the extractive sector (such as oil  sub-sector) is often an enclave sector with little linkages with the other sectors. Secondly, the knowledge and technology embedded in the sector is extremely capital intensive and so transfer of knowledge and technology maybe less. Also, the capital requirement and large economies of scale may not attract new entrants into the sector as in the manufacturing sector.  Furthermore, not all sector of the economy have the same potential to absorb foreign technology or create linkages with the rest of the economy (Hirschman, 1958).  Finally, sales in this sector are foreign market oriented and require fewer input of materials and intermediate goods from local suppliers. Hence will have less forward and backward linkages  (Akinlo, 2004). The  sensitivity of project to world commodity pric e also make it been view as a volatie sector (WorldBank, 2005) Given the pattern of foreign direct investment flow to Nigeria (mostly in oil and gas sector) and the angst-ridden as regards the benefits from the extractive FDI, it is apposite to examine empirically the situation in Nigeria. This constitutes the objective of this research. An analysis of this will be done for the period between 1980 and 2006 1.4  Overview of Foreign Direct Investment 1.5  Natural Resources and Economic Development Since the 1950’s, economists have been concerned that economies dominated by natural resources would somehow be disadvantaged in the drive for economic progress. In the 1950’s and 1960’s, this concern was based upon deteriorating terms of trade between the â€Å"centre† and â€Å"periphery† (Prebisch, 1964) coupled with concern over the limited economic linkages from primary product exports to the rest of the economy (Hirschman, 1958). In the 1970’s, it was driven by the impact of the oil shocks on the oil exporting countries (Wijnbergen  and Van, 1986,  Mabro  and Monroe, 1974). In the 1980’s, the phenomenon of â€Å"Dutch Disease† (the impact of an overvalued exchange rate on the non-resource traded sector) attracted attention (Corden, 1984). Finally in the 1990’s, it was the impact of revenues from oil, gas and mineral projects on government behaviour that dominated the discussion (Stevens, 1991,  Gelb, 1988). The common thread running through these concerns is that the development of natural resources should generate revenues to translate into economic growth and development. Thus the revenues accruing to the economies should provide capital in the form of foreign exchange overcoming what was seen as a key barrier to economic progress. This could be explained both in terms of common sense (more money means a better standard of life) and development theories the requirement for a â€Å"big-push† (Murphy  et  al., 1989), capital constraints (Lewis, 1955,  Rostow, 1960) and dual-gap analysis (Shibley  and  thirlwall, 1981). However, the reality appeared to be the reverse. Countries with abundant natural resources appeared to perform less well than their more poorly endowed neighbors. Thus the term â€Å"resource curse† began to enter the literature (Vanderlinde, 1994). More recently there has been a revival of interest in the phenomenon of â€Å"resource curse†. Furthermore, this has drawn the attention of a much wider audience than previously. Growing concern among a number of non-governmental organizations (NGO’s) regarding the negative effects of oil, gas and mineral projects on developing countries has had several effects. It has forced the World Bank group to consider their role in such projects. This has culminated in the creation of â€Å"the Extractive Industry Review† based in Jakarta to consider whether the World Bank Group should, as a matter of principle, have any involvement with such projects. Disagreement within and between the World Bank and the IMF have further fuelled the debate over how such revenues should be managed.   NGO  concern has also encouraged the more responsible petroleum and mineral corporations to consider the impact of their investment in such projects on the countries concerned. However, in the literature that has focused on â€Å"resource curse†, there are references to countries that allegedly managed to avoid a â€Å"curse† and instead received a â€Å"blessing†. For example, even the report produced by  Oxfam  America (Ross, 2001) which is strongly negative towards such projects, states †¦ â€Å"There are exceptions: some states with large extractive industries – like Botswana, Chile and Malaysia – have overcome many of the obstacles †¦ and implemented sound pro-poor strategies†. There are similar references elsewhere to â€Å"success† stories – Botswana (Hope, 1998, Love, 1994), Chile (Schurman, 1996), Indonesia (Usui, 1996), Malaysia (Rasiah  and Shari, 2001), and Norway (Wright and  Czelutsa, 2002). Nigeria is Africa’s most populous country with close to 132 million inhabitants. However, approximately 55% of the population lives on less than the value of one US dollar per day. The Nigerian economy depends heavily on the oil sector, which contributes 95% of export revenues, 76% of government revenues and about a third of gross domestic product. Before the establishment of democracy in 1999, the country was governed by military generals, under whose rule Nigeria’s economic performance had taken a beating for 15 consecutive years (Datamonitor, 2007). Nigeria has a dual economy with a modern segment dependent on oil earnings, overlaid by a traditional agricultural and trading economy. At independence in 1960 agriculture accounted for well over half of GDP, and was the main source of export earnings and public revenue. The oil sector, which emerged in the 1960s and was firmly established during the 1970s, is now of overwhelming importance to the point of over-dependence. Undoubtedly, Africa and indeed Nigeria is facing an economic crises situation featured by inadequate resources for long-term development, high poverty level, low capacity utilization, high level of unemployment and other Millennium Development Goals (MDGs) increasingly becoming difficult to achieve by 2020. Foreign direct investment has assumed prominent place in her strategy as a way of boosting economic rival and growth. It is also seen by policy makers at all levels as a way of bridging the resource gap of the country and avoiding further debt build-up (UNCTAD, 2005). This has brought about several changes in policy and regulations in order to encourage foreign investor to invest in the country. Other measures include – the liberalization of the foreign investment regime to allow major foreign ownership, lifting foreign exchange controls and the privatization of Nigeria’s public enterprises. This research is aimed to take an in-depth analysis of the major private capital flow foreign direct investment to a growing economy; Nigeria. This investment trend will be narrowed down to the extractive sector and in particular the oil and gas sector with the aim of investigating how investment in this sector translate to economic growth. 1.6 Research Gap During the last decade, a number of interesting studies in the role of foreign direct investment in stimulating economic growth has appeared. Several authors have observed that the major reason for increased effort in attracting more FDI has been stemmed from the belief that FDI has several positive effects (Levine and  Carkovic, 2002, Caves, 1996). In contributing to the importance of FDI, it has also been shown that FDI is three times more efficient than domestic investment (De-Gregorio, 2003). Available evidence for developed countries seems to support the idea that productivity of domestic firms is positively related to the presence of foreign firms (Globerman, 1979). The result for developing countries are not clear, with some finding positive spillover (Blomstrom, 1986,  Kokko, 1994), and others reporting limited evidence (Aitken  et  al., 1997). Earlier studies on FDI showed that target countries receive very few benefits and in most cases negative effect on economic growth (Singer, 1950;  Prebisch, 1968;  Saltz, 1992;  Bos  et  al., 1974 cited in (Katerina  et  al., 2004). A positive  effect is only contingent on the ‘absorptive capacity’ of the host country  (Durham, 2004).  Many research have shown that FDI stimulates economic growth (Borensztein  et  al., 1998, Amy Jocelyn and  Kamal, 1999) as seen in china’s economic growth (Dees, 1998 cited in (Ayanwale, 2007) and Latin American countries (Mello, 1997) showing that inflow of capital brings about increase in investment level. FDI has also been shown to have both a positive and negative effect on economic development depending on the variables[1]  that are used along side the test equation  (UNCTAD, 1998; 1999). Its effect has also been more positively acclaimed in countries with higher institutional capabilities (Olofsdotter, 1998) and economically less advanced countries (like Philippines and Thailand) but negatively on more economically advanced countries like Japan and Taiwan (Bende-Nabende  and Ford, 1998). In essence, the impact FDI has on growth of any economy may be country an period specific and as such there is a need for country specific studies. Several studies have shown varying relationship between FDI and economic growth in Nigeria. For example,  Odozi  (1995)  study showed that Structural Adjustment Policies (SAP hereafter) of Nigeria contributed to the FDI-growth relationship. He revealed that macro-policies before SAP discouraged foreign investors.  Ogiogo  (1995) reported a negative contribution of public investment to GDP growth for the reason of distortion. However, positive linkage effect of FDI-growth relationship was shown by  Aluko  (1961). Private domestic investment was also shown by  Ariyo  (1998)  to contribute positively to raising GDP-growth rate for the period 1970-1995. Oyinlola  (1995) using  Chenery  and Stout’s two-gap model found a positive relationship between FDI and economic growth.  Ekpo  (1995) using time series data revealed that political regime, real income per  capita, inflation rate, credit rating and debt service were key factors explaining variability  in FDI into Nigeria. Using unrelated regression model, FDI was shown to be pro-consumption and pro-import hence showing a negative relationship to domestic investment (Adelegan, 2000 cited in  Ayanwale, 2007) and statistically insignificant effect was shown for FDI-growth (Akinlo, 2004). More recent findings by  Ayanwale  (2007) revealed that FDI contributes positively to Nigeria’s economic growth with the communication sector accounting for the highest potential to grow that economy. He also opined that FDI in the manufacturing sector has a negative relationship with economic growth suggesting that the business climate is not healthy enough for the manufacturing sector to thrive and contribute to positive growth. Crude oil discovery and exploration has been said to have both positive and negative effect on Nigeria. The negative side is seen in term of the environmental degradation, deprived means of livelihood and other economic and social factors experienced by surrounding communities where the oil wells are exploited while the positive side is viewed from the large proceeds from domestic sale and export of petroleum products. However, its effect on the growth of the Nigerian economy as regards returns and productivity is still questionable (Odularu, 2007). This review shows that the debate on the impact of FDI on economic growth is far from being conclusive. The role of FDI can be country specific and its relationship with growth can either be positive, negative or insignificant depending on the macroeconomic dispensation (economic,  institutional  and  technological  conditions) in the recipient country (Zhang, 2001). Even though none of these studies controlled for the fact that must of the FDI was concentrated in the extractive industry, they did not specifically investigate the relationship between oil-FDI and economic growth. This is the focus of this study. 1.7 Research Objectives and Questions Few research on FDI into Sub-Saharan Africa have shown empirical evidence of FDI and economic growth as ambiguous (Ayanwale, 2007). In theory FDI is believed to have several positive effects on the economy of host country (such as productivity gains, technology transfers, the introduction of new processes, managerial know-how and skills, employee training etc), promoting its growth and in general, a significant factor in modernizing the host country’s economy (Katerina  et  al., 2004). However, there is no clear understanding of its contribution to growth (Bora, 2002). This research was driven by the following questions: Has foreign direct investment into Nigerian oil and gas sector brought about economic development? What is the transmission mechanism through which FDI brings about growth 1.8 Methodology 1.9 Dissertation Outline The rest of the paper is organized as follows: Chapter Two: This chapter is the literature review and shall be discussed in three subsection. The first two sections shall seek to review the theories and motivation for Foreign direct investment and the third section deals with the theoretical and analytic review of literature on FDI Growth linkages. This shall seek to answer the question on the mechanism through which FDI result in economic growth. Chapter Three: This chapter discusses the case study Nigeria and reviews the contribution performance and challenges of the oil and gas sector in Nigeria. Also, the impact of this sector on economic growth is discussed. Chapter Four: The methodology and theoretical framework for the analysis is the objective of this chapter. This section discusses the research approach and data collection mode. The variables for analysis and the model for shall be derived. Chapter Five: Data Analysis of the result and findings shall be the aim of this chapter. Chapter Six: This chapter shall form the conclusion of the research and give a summary of the findings, suggestion for improving economic growth in Nigeria and recommendation for further study. Chapter Three Literature Review 3.0 Introduction Foreign direct investment is in general motivated by both â€Å"pull† and â€Å"push† factors. The push factors are external to developing countries and focuses majorly on growth and financial market conditions in industrial countries. On the other hand, the pull factors are dependent (on a lot of factors) domestic policies and characteristics of host countries. While the push factors determine the totality of available resources, the push factors determine its allocation between countries (Ajayi, 2004). The diversity of theoretical and empirical explanations for the impact and influence of FDI (and growth) is without doubt very rich. Many studies among others have emphasized conducive macroeconomic policy, increased liberalization of markets, large domestic markets, liberal trade regime, low labour cost, availability of natural resources, good infrastructure and investment in human capital (bring about an educative workforce) (Ajayi, 2003). This review therefore draws from many of these works with the particular aim of providing an understanding of the theoretical and empirical background, views and present thought on the relationship between FDI and economic growth. The discussion shall be presented in three sections. The first two sections shall discuss the theories and motivation for FDI and the third section involves theoretical and empirical review of the literature of FDI and economic growth from four perspectives: trade or export (openness), linkages and spillover effect, knowledge and technology transfer and human capital. 3.1 Theories of FDI FDI can take the form of a Greenfield investment in a new facility or an acquisition of or merger with an existing local firm. Majority of cross-border investment is in the form of merger and acquisition rather than Greenfield investments. According to estimates by United Nations, 40 to 80 percent of all FDI inflows between 1998 and 2005 were in the form of mergers and acquisition (Hill, 2009). However, FDI flows into developed nations are different from those of developing nations. For developing nations only about one- third of FDI is in the form of cross-border merger and acquisition. This may simply reflect the fact that there are fewer firms to acquire in developing nations (Hill, 2009). For the purpose of this research, I have concentrated on two theories of FDI which are relevant to the study. The first perspective explains why firms in the same industry often undertake FDI at the same time and why certain locations are favoured over others (i.e. the observed pattern of FDI). The second is known as the eclectic paradigm. This perspective is eclectic because it combines the best aspects of other theories into a single explanation. In proceeding with the discussion, we define some terms. When goods are produced at home and then shipped to the receiving country for sale, it is known as exporting. The process of granting a foreign entity (the licensee) rights to produce and sell the firm’s product in return for a royalty fee on every unit sold is known as Licensing. Foreign direct investment has been view as an expensive and risky venture compared to exporting and licensing. This is because firms bear the cost of establishing production facilities in a foreign country or acquiring a foreign enterprise and the risk of doing business in countries with different culture. In exporting, firms need not bear cost associated with FDI and risk can be reduced by the use of local sales agents. Similarly, under licensing, the licensee bears the cost and risks. However, it is worth noting in summary that firms will choose FDI over exporting as an entry strategy when transportation costs or trade barriers make exporting unattractive. Furthermore, firms will favor FDI over licensing (or franchising) when it wishes to maintain control of technological know-how or over its operations and business strategy or when firm’s capabilities are simply not amenable to licensing (Hill, 2009). 3.1.1 The Pattern of FDI 3.1.1.1 Strategic Behaviour The idea that FDI flow reflects strategic rivalry between firms in the global marketplace is the basis for one of the theories of FDI. In studying the relationship between FDI and rivalry in oligopolistic industries F. T. Knickerbocker proposed a variation to this argument. An oligopoly is an industry made up of a small number of large players (for example, an industry in which four firms control 80 percent of a domestic market). One key features of such market is the interdependence of major players: the action of one firm have immediate impact on the major competitors, forcing a response in kind. This interdependence leads to imitative behaviour; rivals are usually quick to imitate opponents in and oligopoly – â€Å"the bandwagon effect†. Imitative behaviour can take many forms in an oligopoly. Some good examples are price war and capacity increase. Rivals imitate lest they be left at a disadvantage in the future. F. T. Knickerbocker argued that the same kind of imitative behaviour characterizes FDI. Although Knickerbockers’ theory and its extensions can help to explain imitative FDI behaviour by firms in oligopolistic industry, it does not explain the choice and efficiency of FDI over exporting or licensing. This is explained by the internalization theory. 3.1.1.2 The Product Life Cycle Theory The product life cycle theory was proposed by Raymond Vernon in the mid-1960s and was based on the observation that for most of the 20th century, a very large proportion of the world’s new products had been developed by U.S. firms and sold first in the U.S. market (e.g. automobiles, photocopiers, televisions and semiconductor chips). Vernon opined that the wealth and size of the U.S. market gave U.S. firms a strong incentive to develop new consumer products and the high labour cost also gave firms in the U.S. an incentive to develop cost-saving process innovations. The theory went further to argue that early in the life cycle of a typical new product, while demand is starting to grow rapidly in the United States, demand in other advanced countries does not make it worth while for firms in those countries to start producing the new product, but it does necessitate some export from the United State to those countries. However, over time the demand for new product starts to grow in other advanced countries. As this happens, foreign producer begin to produce at home for their own market and growing demand causes U.S. firms to setup production facilities in those advanced countries. This limits the potential for export for the United States. Finally, at maturity product becomes standardized, cost consideration start to play a greater role in the competitive process and producer in advanced countries with lower labour cost than the U.S. might now begin to export to the United States. Under intense cost pressure, the cycle by which the United State lo st its advantage to other advanced countries might be repeated once more as developing countries begin to acquire a production advantage over advanced countries (Hill, 2009). The effect of these trends is that over time the United States switches form being an exporter of the product to an importer of the product as production becomes concentrated in lower-cost foreign locations. The product life cycle seems to be an accurate explanation of international trade patterns. However, the product l Effect of Foreign Direct Investment on Nigerias Development Effect of Foreign Direct Investment on Nigerias Development Chapter One 1.1 Introduction The drying up in the early 1980’s of commercial bank lending to developing economies made most countries eased restriction on foreign direct investment (FDI) and many aggressively offered tax incentives and subsidies to attract foreign capital (Aitken  and Harrison, 1999). Private capital flow to emerging market economies reached almost $200 billion in 2000. This is almost four times larger than the peak commercial bank lending years of the 1970’s and early 80’s. FDI now accounts for over sixty percent of private capital flow (Levine and  Carkovic, 2002). However, while the explosion of FDI flow remains unmistakable, the growth effect remains unclear. Foreign direct investment (FDI) has been a topic high on the policy agenda in emerging markets. This is due to the contributions FDI make to a country’s external financing and economic growth. The extent of regulation of FDI and other form of capital flow are also issues policymakers take a stand on and economic research has devoted a large effort to these issues. The experience of small number of fast-growing East Asian newly industrialized economies (NIEs), and recently china, has strengthened the belief that attracting FDI is needed to bridging the resource gap of low-income countries and avoiding further build-up of debt while directly tackling the cause of poverty (UNCTAD, 2005). Even though the Asian crisis sounded a cautionary note to premature financial liberalization the call for more accelerated pace of opening up FDI have intensified on the assumption that this will bring not only more stable capital inflow but also greater technological know-how, higher paying jobs, entrepreneurial and workplace skills and new export opportunities (Prasad  et  al., 2003). The increased importance of FDI has brought about international relationships, trade and policies materializing into export and imports between nations. This in turn results financial rewards to host countries. Policy makers across the region of Africa have hoped that attracting FDI with the bait of high tariff protection and generous incentives packages would provide the catalyst for a â€Å"late industrialization† drive (Thandika, 2001). The debt crises in the early 80’s and policies introduced by several countries in Africa also witnessed increased FDI as necessary for economic development. The pursuit of responsible macroeconomic policies combined with an accelerating pace of liberalization, deregulation and above all privatization were expected to attract FDI to Africa (WorldBank, 1997).  However, the record of the past two decades with respect to reducing poverty and attracting FDI as a result of policy changes has been disappointing at best (Ayanwale, 2007). The importance of FDI varies across different sector in the recipient countries. However, in all major country groups, the extractive sector accounts for a significant share of inflow of FDI: for example, Australia, Canada and Norway among developed countries; Botswana, Nigeria and South Africa in Africa; Bolivia, Chile, Ecuador and Venezuela in Latin America and the Caribbean; and Kazakhstan in South-East Europe and the  CIS  (UNCTAD, 2006a). The important of this sector is due to the fact that oil and gas are crucial to the contemporary global economy and their prices are key components of economic forecasts and performance. Crude oil and refined petroleum products constitute the largest single item in international trade, whether measured by volume or value (Steven, 2005). Thus, oil and gas are strategic resources in national, regional and global economies. Despite this significant and strategic influence, empirical evidence suggests that oil and gas abundant economies are among the least growing economies (Sachs and Warner, 1997,  Gelb, 1988, Stevens, 1991, Steven, 2005). This phenomenon is often conceived within the prisms of the â€Å"resource curse† and â€Å"Dutch disease†. Both of which are manifestations of inefficient utilization of resources rather than the inevitable outcome of the availability of oil and gas resources.  The impact of FDI on economic growth of recipient country has been one of varying opinions among authors. A huge literature exists concerning different effects of foreign investment on economic development in a recipient economy. Currently FDI sustains the most dynamic development in the world economy in comparison with other forms of foreign financing (De Gregorio, 1992). Most theoretical and empirical findings (see chapter 3) imply that FDI has a strong positive growth impact on the recipient economy. Within the African context, the Nigerian economy is a unique case, not because it is a developing economy and is quite large, but because during last 15 years the country has not managed to attract significant amounts of FDI (Asiedu, 2002). Typically investment risks are so high in Nigeria that only high profits in export oriented extractive industries (e.g. fuel industry) have attracted much foreign direct investment. This sector exerts a prominent influence on the economy as a key revenue earner. While oil and gas resources have very high revenue yields due to increasing international demand the question of aggregate FDI impact on economic growth remains an open question. This paper attempts to find some answers.   Over the last decade, the Atlantic Ocean off the coast of Western and Southern Africa has become one of the most promising oil exploration areas in the world with a convergence of interest between African governments, multinational oil companies, international Financial Institutions  (Jerome  et  al., 2007). Nigeria falls among the six countries which have become key players in the world of energy stake. However, the economic record and lived experience of mineral-exporting countries has generally been disappointing. The World Bank classification of Highly Indebted Poor Countries include: twelve of the world 25 most mineral dependent states and six most oil dependent. When taken as a group, all â€Å"petroleum rich† less developed countries has witnessed erosion in their living standards and many rank bottom one-third of United Nations Human Development Index. In addition to poor growth records and entrenched poverty, they are also characterized by high level of corruption and a low prevalence of democratization  (Jerome  et  al., 2007).† 1.2 FDI Defined Various classifications have been made of foreign direct investment. For instance, FDI has been described by the Balance of Payment Manual 5th  edition (BPM5) as a category of international investment that reflects the objective of a resident in one economy (the direct Investor) obtaining a lasting interest of a resident in another economy (the direct investment enterprise). The lasting interest implies the existence of a long-term relationship between the direct investor and the direct investment enterprise and a significant degree of influence by the investor on the management of the enterprise. A direct investment relationship is established when the direct investor has acquired 10 percent or more of the ordinary shares or voting power of an enterprise abroad (IMF, 1993). This comprises not only the initial transaction establishing the FDI relationship between the direct investor and the direct investment enterprise but all subsequent capital transactions between them and among affiliated enterprises resident in different economies (Patterson  et  al., 2004). Once a firm undertakes FDI, it becomes a  multinational enterprise  (MNEs). Policymakers believe that foreign direct investment produces positive effects on host economies. Some of these benefits are in the form of  externalities  and the adoption of foreign technology which could be in the form of licensing, agreements, imitation, employee training and the introduction of new processes by the foreign firms (Alfaro  et  al., 2004). Multinational enterprises are said to diffuse technology and management know-how to domestic firms (Tang  et  al., 2008). FDI is conventionally used as a proxy to measure the extent and direction of  MNE  activities (Jones, 1996). Like any other business,  MNEs  have a major objective of maximizing profit and reducing costs. Hence,  MNEs  consider regions with higher returns on investment and enabling environment for business success. This is one of the reasons for more FDI in some places than others. Accordingly  MNE  will invest higher in regions that provide the best mix of the traditional FDI determinants (Berg, 2003). The motivation for investment by multinationals in certain countries much more than others  is discussed elaborately in chapter three 1.3. Background The involvement of  MNEs  (through FDI) in extractive industries has had a chequered history. In the early twentieth century, these industries accounted for the largest share of FDI, reflecting the international expansion of firms from the colonial powers. With a growing number of former colonies gaining independence after the Second World War, and the creation of the Organization of the Petroleum Exporting Countries (OPEC) in 1960, the dominance of these  MNEs  s declined, as did the share of extractive industries in global FDI. From the mid-1970s, in particular, the share of oil, gas and metal mining in world FDI fell steadily as other sectors grew much faster. However, as a result of rising mineral prices, the share of extractive industries in global FDI has recently increased, although it is still much lower than those of services and manufacturing. It is therefore an opportune timeto revisit the impact of FDI into theextractive industries has on economic development. Measuring the effect of FDI on economic growth occupies a substantial body of economic literature. Many theoretical and empirical studies have identified several channels through which FDI may positively or negatively affect economic growth (Akinlo, 2003,  Mello, 1997). Not many studies have reported on the effects of FDI in Africa and most existing studies have concentrated on economies with high FDI in the manufacturing industries unlike economies with high FDI inflow in the extractive sector (as the case of Nigeria). Several factors suggest that the indirect benefits of FDI maybe less in extractive sector especially oil industries. Reasons given for this are that: firstly, the extractive sector (such as oil  sub-sector) is often an enclave sector with little linkages with the other sectors. Secondly, the knowledge and technology embedded in the sector is extremely capital intensive and so transfer of knowledge and technology maybe less. Also, the capital requirement and large economies of scale may not attract new entrants into the sector as in the manufacturing sector.  Furthermore, not all sector of the economy have the same potential to absorb foreign technology or create linkages with the rest of the economy (Hirschman, 1958).  Finally, sales in this sector are foreign market oriented and require fewer input of materials and intermediate goods from local suppliers. Hence will have less forward and backward linkages  (Akinlo, 2004). The  sensitivity of project to world commodity pric e also make it been view as a volatie sector (WorldBank, 2005) Given the pattern of foreign direct investment flow to Nigeria (mostly in oil and gas sector) and the angst-ridden as regards the benefits from the extractive FDI, it is apposite to examine empirically the situation in Nigeria. This constitutes the objective of this research. An analysis of this will be done for the period between 1980 and 2006 1.4  Overview of Foreign Direct Investment 1.5  Natural Resources and Economic Development Since the 1950’s, economists have been concerned that economies dominated by natural resources would somehow be disadvantaged in the drive for economic progress. In the 1950’s and 1960’s, this concern was based upon deteriorating terms of trade between the â€Å"centre† and â€Å"periphery† (Prebisch, 1964) coupled with concern over the limited economic linkages from primary product exports to the rest of the economy (Hirschman, 1958). In the 1970’s, it was driven by the impact of the oil shocks on the oil exporting countries (Wijnbergen  and Van, 1986,  Mabro  and Monroe, 1974). In the 1980’s, the phenomenon of â€Å"Dutch Disease† (the impact of an overvalued exchange rate on the non-resource traded sector) attracted attention (Corden, 1984). Finally in the 1990’s, it was the impact of revenues from oil, gas and mineral projects on government behaviour that dominated the discussion (Stevens, 1991,  Gelb, 1988). The common thread running through these concerns is that the development of natural resources should generate revenues to translate into economic growth and development. Thus the revenues accruing to the economies should provide capital in the form of foreign exchange overcoming what was seen as a key barrier to economic progress. This could be explained both in terms of common sense (more money means a better standard of life) and development theories the requirement for a â€Å"big-push† (Murphy  et  al., 1989), capital constraints (Lewis, 1955,  Rostow, 1960) and dual-gap analysis (Shibley  and  thirlwall, 1981). However, the reality appeared to be the reverse. Countries with abundant natural resources appeared to perform less well than their more poorly endowed neighbors. Thus the term â€Å"resource curse† began to enter the literature (Vanderlinde, 1994). More recently there has been a revival of interest in the phenomenon of â€Å"resource curse†. Furthermore, this has drawn the attention of a much wider audience than previously. Growing concern among a number of non-governmental organizations (NGO’s) regarding the negative effects of oil, gas and mineral projects on developing countries has had several effects. It has forced the World Bank group to consider their role in such projects. This has culminated in the creation of â€Å"the Extractive Industry Review† based in Jakarta to consider whether the World Bank Group should, as a matter of principle, have any involvement with such projects. Disagreement within and between the World Bank and the IMF have further fuelled the debate over how such revenues should be managed.   NGO  concern has also encouraged the more responsible petroleum and mineral corporations to consider the impact of their investment in such projects on the countries concerned. However, in the literature that has focused on â€Å"resource curse†, there are references to countries that allegedly managed to avoid a â€Å"curse† and instead received a â€Å"blessing†. For example, even the report produced by  Oxfam  America (Ross, 2001) which is strongly negative towards such projects, states †¦ â€Å"There are exceptions: some states with large extractive industries – like Botswana, Chile and Malaysia – have overcome many of the obstacles †¦ and implemented sound pro-poor strategies†. There are similar references elsewhere to â€Å"success† stories – Botswana (Hope, 1998, Love, 1994), Chile (Schurman, 1996), Indonesia (Usui, 1996), Malaysia (Rasiah  and Shari, 2001), and Norway (Wright and  Czelutsa, 2002). Nigeria is Africa’s most populous country with close to 132 million inhabitants. However, approximately 55% of the population lives on less than the value of one US dollar per day. The Nigerian economy depends heavily on the oil sector, which contributes 95% of export revenues, 76% of government revenues and about a third of gross domestic product. Before the establishment of democracy in 1999, the country was governed by military generals, under whose rule Nigeria’s economic performance had taken a beating for 15 consecutive years (Datamonitor, 2007). Nigeria has a dual economy with a modern segment dependent on oil earnings, overlaid by a traditional agricultural and trading economy. At independence in 1960 agriculture accounted for well over half of GDP, and was the main source of export earnings and public revenue. The oil sector, which emerged in the 1960s and was firmly established during the 1970s, is now of overwhelming importance to the point of over-dependence. Undoubtedly, Africa and indeed Nigeria is facing an economic crises situation featured by inadequate resources for long-term development, high poverty level, low capacity utilization, high level of unemployment and other Millennium Development Goals (MDGs) increasingly becoming difficult to achieve by 2020. Foreign direct investment has assumed prominent place in her strategy as a way of boosting economic rival and growth. It is also seen by policy makers at all levels as a way of bridging the resource gap of the country and avoiding further debt build-up (UNCTAD, 2005). This has brought about several changes in policy and regulations in order to encourage foreign investor to invest in the country. Other measures include – the liberalization of the foreign investment regime to allow major foreign ownership, lifting foreign exchange controls and the privatization of Nigeria’s public enterprises. This research is aimed to take an in-depth analysis of the major private capital flow foreign direct investment to a growing economy; Nigeria. This investment trend will be narrowed down to the extractive sector and in particular the oil and gas sector with the aim of investigating how investment in this sector translate to economic growth. 1.6 Research Gap During the last decade, a number of interesting studies in the role of foreign direct investment in stimulating economic growth has appeared. Several authors have observed that the major reason for increased effort in attracting more FDI has been stemmed from the belief that FDI has several positive effects (Levine and  Carkovic, 2002, Caves, 1996). In contributing to the importance of FDI, it has also been shown that FDI is three times more efficient than domestic investment (De-Gregorio, 2003). Available evidence for developed countries seems to support the idea that productivity of domestic firms is positively related to the presence of foreign firms (Globerman, 1979). The result for developing countries are not clear, with some finding positive spillover (Blomstrom, 1986,  Kokko, 1994), and others reporting limited evidence (Aitken  et  al., 1997). Earlier studies on FDI showed that target countries receive very few benefits and in most cases negative effect on economic growth (Singer, 1950;  Prebisch, 1968;  Saltz, 1992;  Bos  et  al., 1974 cited in (Katerina  et  al., 2004). A positive  effect is only contingent on the ‘absorptive capacity’ of the host country  (Durham, 2004).  Many research have shown that FDI stimulates economic growth (Borensztein  et  al., 1998, Amy Jocelyn and  Kamal, 1999) as seen in china’s economic growth (Dees, 1998 cited in (Ayanwale, 2007) and Latin American countries (Mello, 1997) showing that inflow of capital brings about increase in investment level. FDI has also been shown to have both a positive and negative effect on economic development depending on the variables[1]  that are used along side the test equation  (UNCTAD, 1998; 1999). Its effect has also been more positively acclaimed in countries with higher institutional capabilities (Olofsdotter, 1998) and economically less advanced countries (like Philippines and Thailand) but negatively on more economically advanced countries like Japan and Taiwan (Bende-Nabende  and Ford, 1998). In essence, the impact FDI has on growth of any economy may be country an period specific and as such there is a need for country specific studies. Several studies have shown varying relationship between FDI and economic growth in Nigeria. For example,  Odozi  (1995)  study showed that Structural Adjustment Policies (SAP hereafter) of Nigeria contributed to the FDI-growth relationship. He revealed that macro-policies before SAP discouraged foreign investors.  Ogiogo  (1995) reported a negative contribution of public investment to GDP growth for the reason of distortion. However, positive linkage effect of FDI-growth relationship was shown by  Aluko  (1961). Private domestic investment was also shown by  Ariyo  (1998)  to contribute positively to raising GDP-growth rate for the period 1970-1995. Oyinlola  (1995) using  Chenery  and Stout’s two-gap model found a positive relationship between FDI and economic growth.  Ekpo  (1995) using time series data revealed that political regime, real income per  capita, inflation rate, credit rating and debt service were key factors explaining variability  in FDI into Nigeria. Using unrelated regression model, FDI was shown to be pro-consumption and pro-import hence showing a negative relationship to domestic investment (Adelegan, 2000 cited in  Ayanwale, 2007) and statistically insignificant effect was shown for FDI-growth (Akinlo, 2004). More recent findings by  Ayanwale  (2007) revealed that FDI contributes positively to Nigeria’s economic growth with the communication sector accounting for the highest potential to grow that economy. He also opined that FDI in the manufacturing sector has a negative relationship with economic growth suggesting that the business climate is not healthy enough for the manufacturing sector to thrive and contribute to positive growth. Crude oil discovery and exploration has been said to have both positive and negative effect on Nigeria. The negative side is seen in term of the environmental degradation, deprived means of livelihood and other economic and social factors experienced by surrounding communities where the oil wells are exploited while the positive side is viewed from the large proceeds from domestic sale and export of petroleum products. However, its effect on the growth of the Nigerian economy as regards returns and productivity is still questionable (Odularu, 2007). This review shows that the debate on the impact of FDI on economic growth is far from being conclusive. The role of FDI can be country specific and its relationship with growth can either be positive, negative or insignificant depending on the macroeconomic dispensation (economic,  institutional  and  technological  conditions) in the recipient country (Zhang, 2001). Even though none of these studies controlled for the fact that must of the FDI was concentrated in the extractive industry, they did not specifically investigate the relationship between oil-FDI and economic growth. This is the focus of this study. 1.7 Research Objectives and Questions Few research on FDI into Sub-Saharan Africa have shown empirical evidence of FDI and economic growth as ambiguous (Ayanwale, 2007). In theory FDI is believed to have several positive effects on the economy of host country (such as productivity gains, technology transfers, the introduction of new processes, managerial know-how and skills, employee training etc), promoting its growth and in general, a significant factor in modernizing the host country’s economy (Katerina  et  al., 2004). However, there is no clear understanding of its contribution to growth (Bora, 2002). This research was driven by the following questions: Has foreign direct investment into Nigerian oil and gas sector brought about economic development? What is the transmission mechanism through which FDI brings about growth 1.8 Methodology 1.9 Dissertation Outline The rest of the paper is organized as follows: Chapter Two: This chapter is the literature review and shall be discussed in three subsection. The first two sections shall seek to review the theories and motivation for Foreign direct investment and the third section deals with the theoretical and analytic review of literature on FDI Growth linkages. This shall seek to answer the question on the mechanism through which FDI result in economic growth. Chapter Three: This chapter discusses the case study Nigeria and reviews the contribution performance and challenges of the oil and gas sector in Nigeria. Also, the impact of this sector on economic growth is discussed. Chapter Four: The methodology and theoretical framework for the analysis is the objective of this chapter. This section discusses the research approach and data collection mode. The variables for analysis and the model for shall be derived. Chapter Five: Data Analysis of the result and findings shall be the aim of this chapter. Chapter Six: This chapter shall form the conclusion of the research and give a summary of the findings, suggestion for improving economic growth in Nigeria and recommendation for further study. Chapter Three Literature Review 3.0 Introduction Foreign direct investment is in general motivated by both â€Å"pull† and â€Å"push† factors. The push factors are external to developing countries and focuses majorly on growth and financial market conditions in industrial countries. On the other hand, the pull factors are dependent (on a lot of factors) domestic policies and characteristics of host countries. While the push factors determine the totality of available resources, the push factors determine its allocation between countries (Ajayi, 2004). The diversity of theoretical and empirical explanations for the impact and influence of FDI (and growth) is without doubt very rich. Many studies among others have emphasized conducive macroeconomic policy, increased liberalization of markets, large domestic markets, liberal trade regime, low labour cost, availability of natural resources, good infrastructure and investment in human capital (bring about an educative workforce) (Ajayi, 2003). This review therefore draws from many of these works with the particular aim of providing an understanding of the theoretical and empirical background, views and present thought on the relationship between FDI and economic growth. The discussion shall be presented in three sections. The first two sections shall discuss the theories and motivation for FDI and the third section involves theoretical and empirical review of the literature of FDI and economic growth from four perspectives: trade or export (openness), linkages and spillover effect, knowledge and technology transfer and human capital. 3.1 Theories of FDI FDI can take the form of a Greenfield investment in a new facility or an acquisition of or merger with an existing local firm. Majority of cross-border investment is in the form of merger and acquisition rather than Greenfield investments. According to estimates by United Nations, 40 to 80 percent of all FDI inflows between 1998 and 2005 were in the form of mergers and acquisition (Hill, 2009). However, FDI flows into developed nations are different from those of developing nations. For developing nations only about one- third of FDI is in the form of cross-border merger and acquisition. This may simply reflect the fact that there are fewer firms to acquire in developing nations (Hill, 2009). For the purpose of this research, I have concentrated on two theories of FDI which are relevant to the study. The first perspective explains why firms in the same industry often undertake FDI at the same time and why certain locations are favoured over others (i.e. the observed pattern of FDI). The second is known as the eclectic paradigm. This perspective is eclectic because it combines the best aspects of other theories into a single explanation. In proceeding with the discussion, we define some terms. When goods are produced at home and then shipped to the receiving country for sale, it is known as exporting. The process of granting a foreign entity (the licensee) rights to produce and sell the firm’s product in return for a royalty fee on every unit sold is known as Licensing. Foreign direct investment has been view as an expensive and risky venture compared to exporting and licensing. This is because firms bear the cost of establishing production facilities in a foreign country or acquiring a foreign enterprise and the risk of doing business in countries with different culture. In exporting, firms need not bear cost associated with FDI and risk can be reduced by the use of local sales agents. Similarly, under licensing, the licensee bears the cost and risks. However, it is worth noting in summary that firms will choose FDI over exporting as an entry strategy when transportation costs or trade barriers make exporting unattractive. Furthermore, firms will favor FDI over licensing (or franchising) when it wishes to maintain control of technological know-how or over its operations and business strategy or when firm’s capabilities are simply not amenable to licensing (Hill, 2009). 3.1.1 The Pattern of FDI 3.1.1.1 Strategic Behaviour The idea that FDI flow reflects strategic rivalry between firms in the global marketplace is the basis for one of the theories of FDI. In studying the relationship between FDI and rivalry in oligopolistic industries F. T. Knickerbocker proposed a variation to this argument. An oligopoly is an industry made up of a small number of large players (for example, an industry in which four firms control 80 percent of a domestic market). One key features of such market is the interdependence of major players: the action of one firm have immediate impact on the major competitors, forcing a response in kind. This interdependence leads to imitative behaviour; rivals are usually quick to imitate opponents in and oligopoly – â€Å"the bandwagon effect†. Imitative behaviour can take many forms in an oligopoly. Some good examples are price war and capacity increase. Rivals imitate lest they be left at a disadvantage in the future. F. T. Knickerbocker argued that the same kind of imitative behaviour characterizes FDI. Although Knickerbockers’ theory and its extensions can help to explain imitative FDI behaviour by firms in oligopolistic industry, it does not explain the choice and efficiency of FDI over exporting or licensing. This is explained by the internalization theory. 3.1.1.2 The Product Life Cycle Theory The product life cycle theory was proposed by Raymond Vernon in the mid-1960s and was based on the observation that for most of the 20th century, a very large proportion of the world’s new products had been developed by U.S. firms and sold first in the U.S. market (e.g. automobiles, photocopiers, televisions and semiconductor chips). Vernon opined that the wealth and size of the U.S. market gave U.S. firms a strong incentive to develop new consumer products and the high labour cost also gave firms in the U.S. an incentive to develop cost-saving process innovations. The theory went further to argue that early in the life cycle of a typical new product, while demand is starting to grow rapidly in the United States, demand in other advanced countries does not make it worth while for firms in those countries to start producing the new product, but it does necessitate some export from the United State to those countries. However, over time the demand for new product starts to grow in other advanced countries. As this happens, foreign producer begin to produce at home for their own market and growing demand causes U.S. firms to setup production facilities in those advanced countries. This limits the potential for export for the United States. Finally, at maturity product becomes standardized, cost consideration start to play a greater role in the competitive process and producer in advanced countries with lower labour cost than the U.S. might now begin to export to the United States. Under intense cost pressure, the cycle by which the United State lo st its advantage to other advanced countries might be repeated once more as developing countries begin to acquire a production advantage over advanced countries (Hill, 2009). The effect of these trends is that over time the United States switches form being an exporter of the product to an importer of the product as production becomes concentrated in lower-cost foreign locations. The product life cycle seems to be an accurate explanation of international trade patterns. However, the product l