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Foreign Investments -this Economic Principles, Fallacy - Nairaland / General - Nairaland

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Foreign Investments -this Economic Principles, Fallacy by olajide8(m): 7:39pm On Jan 06, 2013
I have been thinking for sometime and wondering, what is actually the problem of our so called technocrats and economists, DR., and PROF., in schools and in political office, they tell us foreign direct investment brings in finance into the economy, but is this true, I wouldn't want to get people all worked up but I want to give you a hypothetical example and allow you to do the rest of the thinking, their is a proliferation of Borehole drilling riggs in the FCT., most manned by indians, the net cost of purchase of these rigs are between N40m-50m, the first issue is we don't manufacture them in Nigeria so they have to buy them from india (TATA), firstly its not an investment in Nigeria at all, but looking at it critically most of them borrow loans from their indian banks for this investment - meaning that, there has to be a direct or indirect flow of capital from their nigerian's banks through their escrow accounts to their financiers (home banks) for buying heavy duty equipment to do work in Nigeria, which can easily be exported, if need be, and is used in drawing capital from nigeria, looking at manpower which they may think they are creating employment for, how many nigerian's are really at the heart of the juice of the inflow of finance how many professionals work in these organisations with them? That is just one of the so many instances I leave the rest to your contribution from other sectors of the economy.

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