DOMESTIC ECONOMIC DEVELOPMENT

This primary task of this study was to examine Third World Countries, Foreign and Domestic Economic Development: xamination of the Impacts in Nigeria. The study adopted a descriptive survey. The population for this study was Lecturers from the University of Benin. A total number of twenty (20) respondents from the Departments of Political Science and Economics were drawn from the population of the study using the purposive sampling technique. The research instrument for the study was a Questionnaire titled: ‘Third World Countries, Foreign and Domestic Economic Development: Examination of the Impacts in Nigeria’ which was distributed to the respondents and collected immediately after completion. The simple percentage and mean score was used in computing the responses of the questionnaire items. To account for the reliability of the study, the Pearson’s Product Moment Correlation Coefficient was used which gave a value of 0.83. At the end of the study, the researcher found amongst others that the inflow of foreign aid and development assistance, contributes to poverty reduction and human
development outcomes in Third World nations; foreign aid effectively alleviates poverty and improves living conditions; foreign aid contributes to the development of private sector enterprises and entrepreneurship. It was recommended amongst others that the government should explore microfinance institutions and small enterprises in driving domestic economic development in third world countries