Societal Perception Of Foreign Business In Nigeria Dissertation - 1

Societal Perception Of Foreign Business In Nigeria - Dissertation Example Such permission can only be granted by the local communities like the Ogoni. The social perceptions towards the foreign companies operating in Nigeria deteriorated as communities became displaced and their resources forcefully are taken to accommodate the oil fields. The societal perceptions of the oil-led development in many countries have many consequences. Some of these consequences include slow growth, inequality, and unemployment. Countries that depend on oil production are characterized by poor governance, high rates of corruption and high instances of conflict. This has added to the notion that foreign companies are exploitive and unfriendly. Norway has used the benefits of North Sea petroleum to develop its economy. Nigeria and Angola have been suffering from poor management of the same resource. In Nigeria, the disparity between poverty and oil wealth is notable (Parker 2006). The same trend has been observed in Venezuela. Foreign companies like Shell-BP for partnerships with domestic elites with an aim of protecting their interests. The multinational has been blamed for the inequalities created by the oil-led development. In the Niger Delta region, exploration began in 1958. The compensation of the land acquisition in the delta region has aided only a small group of people (Apter 2005). The environment and the local economy remain devastated. Gas flaring has permanently destroyed food crops and the only source of livelihoods for the local communities (Parker 2006). Barren farmlands and destruction of drinking water have created tensions between the local communities and the foreign mining companies. Thousands of villagers have been killed through explosions and raptures.