Research Article
Usang, Eteng Eloma and Ekpo, E
Abstract
The Socio-cultural and political situation in Nigeria has not changed much since the advent of democratic government in the country. Thus, in the economic sphere the wealth of the nation continued to be concentrated in a few hands. The neo-literal policies of the state including privatization, puts less role for governance in the economy, and deregulation of the economy remain in place. As a consequence, control of foreign forces and interests over the economy and the nation remains, the oil and gas industry, the main stay of the economy is largely controlled global foreign capital, while there is allegedly a private sector in Nigeria, which is foreign dominated. The private sector where Nigerians are involved ironically, exist to import what is manufactured elsewhere into the s situation jobs, balance of payments, out flow of resources, inflation, personal incomes, creativity, innovation and technological development are better imagined. It is thus, no wonder that we are seeing more unemployment, more foreign closures, low wages and unpaid pension benefits among others. A recent estimate by World Bank indicates that only 10% of Nigerians are in paid employment and the rate of unemployment among the youths, stand at least 40%. The study therefore was aimed at addressing this sad situation of Nigeria by re-branding Nigeria such that foreign direct investment/tourism could stimulate Nigeria economy based on our re-branding image. To address this situation a null hypothesis was formulated to guide the study. Two hundred respondents’ responses were utilized. Pearson product moment correlation (r) and contingency chi-square (x) statistical procedure were utilized. The analyses revealed that with direct foreign investment in the field of tourism, our economy will be stimulated. While major recommendation point to the fact that for foreign direct investment to be achieved in Nigeria, there should be aggressive need to re-brand Nigeria image by embarking on projects that are aimed at laundering the country’s image.