Nigeria multinationals: Bring home the profits - Punch Newspapers

Multinational corporations all over the world represent pride to their countries. They carry the flag of their countries beyond their economies and promote not just the business of the respective countries but also the culture. In the developing countries, the word multinational corporation is generally attributed to foreign companies from Europe and the United States. In Africa, for example, Africans do not see companies within the continent and outside their country as multinationals.

As we were growing up in this work of academics, multinational corporations were being lampooned by academics in Latin America and Africa and probably some Asian countries for transferring their huge profits to home countries. Many countries on these three continents have adopted the import substitution industrialisation model for development. They thought it was a way of saving foreign exchange that they were using to import consumer goods in particular, from the industrialised countries.

The academics of the ‘left’, those who supported or professed socialism or Marxism were seen as well informed, vociferous and more importantly, radical; speaking ‘big’ grammar that can easily suave students. Students were easily captured by the erudition of Bade Onimode and Ola Oni of University of Ibadan; Mike Kwanashie and Bala Usman of Ahmadu Bello University, Zaria; and Wagbafor and Wangboje of University of Benin, among others.

We often hear of remittances from Nigerians working abroad and sending money home to their families for investments or family welfare. Also, are researchers or consultants working for international organisations or getting grants to carry out some investigations? The estimated remittances received by Nigeria from diaspora in 2018 amounted to $25.08bn; $17.57bn in 2019 and $55.68bn between 2018 and 2020, though these data remain controversial in Central Bank’s books.

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