THE IMPACT OF MULTINATIONAL CORPORATIONS IN THE DEVELOPMENT OF NIGERIAN ECONOMY

ABSTRACT It become imperative, that there was an urgent need for the establishment of financial institutions, capable of providing medium and long term capitals to various gaps in the financial sectors. Traditionally, the commercial banks were the providers of short-term finance for working capital, although they do entertain some medium term financing but in exceptional circumstances. The purpose of establishing Banks in Nigerians is to impose the development of the Nigeria economy. Consequently, the first surviving indigenous Bank to be established in Nigeria was the National Bank of Nigerians, which came into existence in 1933. before the existences of National Bank the two bank established were industrial and commercial banks and the Nigerian ■'-merchant Bank. Both banks failed because of inadequate capital. Development Banks are socialized financial institutions that are primarily concerned with the allocation of mea.um arc long-term finance to the priority sectors of the economy. Thus, development: banks contribute to the rapid growth and development of the economy by facilitating the process of financial intermediation by the support and encouragement of the international Bank for reconstruction and development. The research sees MNC as a recognized feature of changing business and can help elevate the country from poverty to a higher level of living.