|University||Singapore Institute of Management (SIM)|
|Subject||International business management|
International business management Dissertation, SIM, Singapore WHAT IMPACT DID INTERNATIONAL BUSINESS HAVE ON WEST AFRICA?
WHAT IMPACT DID INTERNATIONAL BUSINESS HAVE ON WEST AFRICA?
The study is about the research proposal in which the topic is the impacts that international business has on West Africa. It generally depicts the issues or challenges that provide a critical tone of understanding. Additionally, the context is done systematically without no doubt which helps in understanding the fact in detail.
International business focuses on strengthening economic relations among nations by exporting goods or services across borders (Van Assche, 2018). Additionally, it is for maintaining mutual understanding among nations to build healthy relationships. Similarly, West Africa is one of the regions in which international business has a major impact (Newfarmer, Page and Tarp, 2019). West Africa is supposedly trading some of the items such as ivory, kola nuts, metal goods, or beads.
Additionally, the most important are gold and salt. In addition to this, there are some major factors of issues that impacted international trade. Such as poor transportation infrastructure, security issues, and high population (Connolly, Keil and Ali, 2021). The study provides a broader review of the facts why Western Africa faces problems in dealing with international business.
The purpose of the study is to critically evaluate the impact that international business has on West Africa. There are some Western African countries, such as Nigeria, Ghana, and Liberia, Chad, Botswana, Togo, Liberia, Cote d’lvoire, Gambia, Gabon, Equatorial Guinea, Senegal and Mali that have been majorly affected due to the changing dynamics of international trade.
However, there has been impacting on trade due to the increase in the European traders and the political instability (Cinar and Nulambeh, 2018). This has been the reason behind the destruction of wealth or trade in the country. Therefore, they are required to look over the critical areas where West Africa lacks and this might impact international business as well.
1.3 Aims and objectives
The aim of the study is to critically evaluate the impact that international business has on West Africa. Along with this, the study aims to explore all the factors that have been the reasons behind the negative impact or the positive impact on West Africa considering international business. The Objectives are:
- To critically evaluate the impact that international business has on West Africa.
- To identify the affected areas in which West Africa lacks.
- To understand the significance of international business in West Africa
1.4 Research Questions
- How international business has impacted West Africa?
- In which areas, West Africa lacks that affect international trade?
- How international business is important for West Africa?
Exploring the areas of potential and challenging situations, it has been found that there have been prominent issues faced by Western Africa. On the other hand, the study also reveals the governmental policies related to issues that Western Africa is facing currently (Carodenuto, 2019). In addition to this, there are some major factors of issues that impacted international trade.
Such as poor transportation infrastructure, security issues, and high population. The study provides a broader review of the facts why Western Africa faces problems in dealing with international business. There are some Western African countries, such as Nigeria, Ghana, and Liberia that have been majorly affected due to the changing dynamics of international trade (Osabohien et al. 2021).
With the help of these sections, it is accessible to understand the real issues that can be resolved by taking strategic steps. Although, it can be possible with the involvement of legislative bodies and strategies which West Africa must consider in terms of resolving these issues mentioned.
Impact of International business on West Africa
International business, economic growth, and business have a vast effect on all regions in West Africa. As West Africa’s population increases and its financial system expands, the possibilities for companies to exchange across the continent grow. Despite this, most countries’ economic indicators are slowing down, and food insecurity remains widespread.
Largely, farm owners and businesses in West Africa generate commerce in highly concentrated marketplaces, struggling to deliver the economy of scale aimed at attracting wide-ranging investment opportunities that could speed up development, reduce poverty, and economic growth (Tapsoba and Hubert, 2022). The potential factors behind the problematic situation in the context of international business in Ghana, Nigeria, Chad, Togo, Cameroon Benin, Gambia, Niger, Cape Verde, Burkina Faso, Sierra Leone, Mauritania, Angola and Liberia are due to a variety of restrictions, including ineffectual infrastructure and communication obstacles along routes and at boundaries, a heavily reliant on household and unofficial forms of funds, and a lack of a cheap and reliable supply of energy.
Some West African countries like Nigeria’s economic expansion is being hampered by a lack of reliable power supply (Adebayo and Adeniji, 2018). Instability in power sources affects potential shareholders entering this country because insufficient power source tends to mean investing in an alternate solution source of power, which incurs additional capital costs. The higher taxes imposed on the business owners further complicates doing business in West Africa.
The rise in insecurity in the country makes potential business owners afraid to invest in these countries (Onwujekwe et al. 2018). A higher corruption rate causes problems in starting a business, raises price levels, and, most pertinently, demotivates venture capitalists. As a result of many factors, West African product lines are unprofitable in the global market (Campos et al. 2017). Slavery had a severe effect on Africa.
Financial realities for warlords and tribal groups to interact in the slave trade fostered an ungoverned and violent environment (Burroughs, 2017). Population reduction and persistent fear of enslavement made effective agricultural and financial growth extremely difficult in much of western Africa.
Economic development in west Africa is also a problem its many aspects cause a slew of issues in sectors as diverse as government performance, medical facilities, land values and technology, child and other violence, human trafficking, housing and education services, effective traffic flow, and more. West African countries benefited greatly from the goldfields of West Africa. So, trading is very important in West Africa.
3.1 Research Design
The section depicts the significance of the methods utilised in the research study that fulfils the requirements needed. In the following study, the research design, research context, data collection (qualitative), and data analysis will be involved. All these sections will give a justified review that will make the study effective. Such a descriptive design would be applied in the current study because it describes the topic in detail with the description involved.
3.2 Data collection
In addition to this, the study will be analysed by undertaking a qualitative approach . It is because there are various areas to cover and the journals, as well as the relevant articles, will help in gaining accurate information (Saxon et al. 2018). The undertaken approach will totally focus on data from a variety of channels. It is contradictory to the primary research because it is the first-hand information that the research utilises.
3.3 Data analysis
With the help of qualitative data analysis, It will be beneficial to research the impact that international business has on West Africa (Spurlock, 2020). This analysis will be reliable because it gives secondary data and this might help in future research as well. On the other hand, it will explore each and every section of the areas that are required for this topic. The following sections will help the researcher to understand the topic very well and according to the applied methods, all the relevant data can be gained.
3.4 Ethical considerations
Considering the study, some requirements are needed to be fulfilled because this factor might affect the overall research. Ethical consideration is one of the vital parts of the research that helps in meeting the research goals (Cammaerts, 2020). The researcher will use ethics such as confidentiality, data protection, or autonomy in terms of maintaining the privacy of the data that are gained from the secondary research. It is because is important to complete the research ethically as it sustains the significance of doing research in the future. Additionally, the researcher will fill up the consent forms while going through this research because there are some requirements to be fulfilled before starting any research. Mainly, the researcher has to go through a consent form while considering the data collection procedure to maintain the standard of the research.
Supporting the statement of Tapsoba and Hubert, (2022), it is evident that the economical growth of the countries in West Africa is affected by trading and communicating with the outer world. West African countries face unemployment, food instability, low workflow, instability in market accessibility, and many more.
Corresponding to the statements of Adebayo and Adeniji, (2018), due to this discrepancy in the distribution and engagement of the international companies in various regions in West Africa creates a huge gap between the poor and wealthy society. Some countries are very rich and powerful. Other countries are demolished and their communities are annihilated as rivals absorbed them.
Due to these facts, there are slow rates of technological innovation, medical facilities, and educational development (Burroughs, 2017). In contrast to the statement of Campos et al. (2017), there is development in the market strategies of West African people, governmental regulations, and small companies are trying their best to sustain in the long run and contribute to the international market.
This research will provide an effective and relevant source of information on the impact of international business on the countries in West Africa. the collective evidence of the various countries inside West Africa will provide a diverse concept of the factors influencing the international market.
In the data collection method, qualitative approach is aimed to be done. It will be informative and show the best result of the study if the researcher has the aim to perform the primary data collection method in this section. also, the secondary will not be sufficient to understand the updating nature of the trend related to international business.
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