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SMEs in Developing Countries and the Problem of Exporting: Market Entry Costs, Exchange Rate Shocks and the Capital Structure of Firms
Get PDFThis paper integrates a sunk-cost model of foreign trade with a discussion on the capital structure of small and medium-sized enterprises (SMEs) in developing countries. A model of foreign trade where firms have to incur irrecoverable market entry costs in international markets is presented. As a result of the market entry costs the foreign trade structure is non-linear. This non-linearity complicates the relationship between foreign trade flows and exchange rates, compared to the predictions of conventional foreign trade theory. Both the entry and the operating decision are affected, as the non-linearity puts pressure on the capital structure of firms. In most developing countries the link between SMEs and professional risk allocating institutions is weak, as SMEs often rely on informal sources of capital in domestic markets. The size of entry costs that SMEs from developing countries face in international markets, and the extent of exchange rate volatility they have to handle, makes their traditional sources of capital insufficient for operating here. As the ability to handle the non-linearity is weak, SMEs in developing countries are unable to adapt optimally to international markets and to take advantage of the potential gains from internationalization. The policy implication of such a situation is a big push, where export-led growth strategies are accompanied by strategies to develop national capital markets, help SMEs adapt optimally to international markets, and acquire the gains of internationalization
Globalization and the Impact of Multinational Corporations on Developing Economies: A Case Study of Nigeria\u27s Oil Sector
Get PDFThis study examines the meaning and significance of globalization, especially the role and impact of multinational corporations on developing economies. Specifically, there is more emphasis on the impact of globalization and multinational corporations on Africa in general, and specific focus on Nigeria as a case study because of the large and significant role of foreign multinational corporations, such as Shell, Elf, Agip, Chevron, Mobil, Texaco, Phillips, and Ashland, in the exploration, production, refining, management, and marketing of the country\u27s crude oil reserves. The environmental impact of the multinational oil corporations on Nigeria\u27s oil sector receives special attention
Nigeria\u27s Federalism and the Threat of Secession: The Case of the IPOB
Get PDFSince 2015, there has been renewed agitation for the creation of the Republic of Biafra. This article focuses on one of the two organizations involved in that struggle: The Indigenous People of Biafra (IPOB, the second being the Movement for the Actualization of the Sovereign State of Biafra, MASSOB). The Federation of Nigeria, inaugurated on 1 October 1954 under the Lyttelton Constitution, which became operational on that date, has been assailed by a plethora of centrifugal pulls and secession threats since 1950. While many of these threats were resolved politically and at round tables, a few had involved armed confrontation the most famous being the 7 July 1967 to 15 January 1970 Civil War that caused pervasive dislocations and inter-generational trauma. In this article, we argue that four and a half decades after the failure of the attempt to establish a Republic of Biafra, the IPOB is whipping the corpse of Biafra back to life. The paper examines some of the peculiar features of Nigeria\u27s federalism that had made it unusually secession-prone and afflicted by centrifugal pulls. We conclude that while the lack of elitist support and \u27federal might\u27 might quash the IPOB and avert an immediate assault on the country\u27s unity; without a well entrenched policy of inclusiveness and belongingness of the country\u27s diverse ethnic nationalities, Nigeria might have to fight \u27wars of unity\u27 cyclically and indefinitely
What Model for Language Planning in Education and Development?
Get PDFThe implementation of language policies by African countries after independence was very similar to what prevailed in the colonial era in that its centerpiece was the promotion of European languages, to the exclusion of native languages. The official rationale for such policies was political and economic in nature: In a multiethnic context, imposing a foreign language would promote national unity and foster the acquisition of the technical know-how necessary for development. Such a policy was characterized by several weaknesses. In its implementation, for many years, the school system seemed content with being a graduate generating machine, with little attention being paid to the actual role to be played by these diploma holders in developing their immediate environment. Furthermore, governments appeared to ignore or to be unaware of the perverse effects of foreign educational aid that mainly promoted foreign languages, cultures and values. As the flaws of this language policy became obvious, various language-planning models were put forward for a better harmonization between education and development. This article argues that an effective model should be grounded in a structural-historical approach, which takes into account any relevant factors that determine both individual and collective choices, as well as government policies. Such an approach would emphasize the link between language policies, economic development issues, and social changes, and thus lead to a language-planning model that promotes development
The Effect of Mauritania\u27s Human Rights Deficit on the Political Process: A Case Against To Forgive and Forget
Get PDFThe Management of Elections in Namibia: An Appraisal
Get PDFNamibia\u27s accession to independence in 1990 culminated in the holding of elections in November 1989. What was called the independence elections was supervised by the United Nations (UN) and occurred in an expectant and almost carnival-like atmosphere. The outcome of the 1989 elections was accepted by all contending parties. In the aftermath of independence, an electoral commission established in 1992 had the primary purpose of managing elections in Namibia. During the first decade of independence, the Electoral Commission of Namibia (ECN) was successful in arranging National Assembly elections in both 1994 and 1999. While minor problems were reported by the opposition, the outcomes of these two elections were not as contested as the elections held in Namibia since that time. Despite successive reforms to the Electoral Act of 1992, the election results of both 2004 and 2009 were contested in court by the opposition. The recurrence of electoral administrative mistakes suggests that Namibia needs a new and comprehensive Electoral Act that addresses the problems experienced in 2004 and 2009. Failure to address the electoral administrative deficiencies will not undermine effective and efficient electoral governance only, but the consolidation of democracy as well