CHAPTER ONE GENERAL INTRODUCTION
1 BACKGROUND OF THE STUDY
In the course of an indept consideration of this research topic “An Analysis of The Regulatory Legal Frame Work for Foreign Investment in Nigeria: Issues and Challenges,” the researcher‟s mind flashed on what Martin1 Khor referred to as “globalization” of national policies and policy making mechanisms. National policies that until recently were under the jurisdiction of states and people within a nation have increasingly come under the influence of international agencies and processes or of big private corporations and economic/financial players. This has led to the erosion of national sovereignty and narrowed the ability of governments to make choices from options in economic, social and cultural policies. Martin Khor observed that most developing countries‟ independent policy making capacity had been eroded while they now have to adopt policies made by other entities, which might be detrimental to them. While on the other hand the developed countries, where the major economic players reside which also control the processes and policies of international economic agencies, are better able to maintain control over their own national policies as well as determine the policies and practices of international institutions and the global system.