Protagonists of free trade such as the World Bank and IMF are loud in proclaiming the virtues of international trade and globalization. They are quick to point out that granting free rein to these concepts would not only lead to optimal resource allocation but also engender growth in global economy. This paper sought to probe the veracity of these claims in the context of a developing economy like Nigeria. The paper first clears up conceptual issues involved and later cast the operations of these phenomena within the Nigerian economic setting. It was found that whereas industrial countries, in joint operation with their multinational corporations, may have benefited immensely from the opportunities created by international trade and globalization, developing countries, characterized by weak technological base and unfavourable macro-economic factors, have hitherto benefitted minimally, but her losses far outweigh her gains such that she could rightly be characterized as a net loser in the competition. It therefore argues that countries like Nigeria should protect their domestic markets from the negative impact of foreign trade and globalization. It however recommends that Nigeria should adopt a selective technological transfer that fits into her domestic need for economic diversification via private sector-led initiatives.
The doctrine of frustration is one of the most efficient risk sharing mechanisms in a commercial contract under the Contracts for the International Sale of Goods (CISG), Institute for the Unification of Private Law (UNIDROIT) Principles of International Commercial Contract and the English law. This article investigates and comparatively discusses the various remedies that can apply under a frustrated contract.
The promotion and protection of investors have over the years suffered policy and developmental drive. The Nigerian system is characterized by inconsistent policies of the governments in investments growth. The country has a high desire for economic development. This article begins with an introduction, followed by the historical development of investors' protection in Nigeria, the agencies created for the investment protection such as Nigerian Investment and Promotion Commission (NIPC) and Investment Promotion and Protection Agreement (IPPA), the factors that militate against investment growth in Nigeria, the legal methods by which investment disputes could be settled and concludes that if the recommendations proposed in this article would be adopted apparently, Nigeria will become one of the world's greatest economy.
The promotion and protection of investors have over the years suffered policy and developmental drive. The Nigerian system is characterized by inconsistent policies of governments in investments growth. The country has a high desire for economic development. This article begins with an introduction, followed by the historical development of investors’ protection in Nigeria, the agencies created for investment protection, such as the Nigerian Investment and Promotion Commission (NIPC) and the Investment Promotion and Protection Agreement (IPPA), the factors that militate against investment growth in Nigeria, the legal methods by which investment disputes could be settled and concludes that if the recommendations given in this article are implemented, that Nigeria shall become one of the greatest economies in the World. Investment protection, investment growth, Nigeria, foreign investment, litigation, arbitration
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