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Doctoral Thesis / Dissertation from the year 2016 in the subject Business economics - Investment and Finance, , course: Public Administration, language: English, abstract: The study examined foreign direct investment (FDI): a panacea to national economic development. The objectives set for the study are; to determine the causes of the Nigerian economic downturn, to ascertain the effects of foreign direct investment, to suggest measures that would be taken to accelerate the economic development of Nigeria. Primary and secondary data were used; the population of the study was 1200 from which the sample sizes of 400 were determined using Taro Yamani’s formula. The research instruments used were questionnaire and oral interview. The reliability of the research instruments was tested using Pearson Product moment correlation coefficient; the result gave a reliability index of 0.98 indicating a high degree of consistency. Chi-square and ANOVA approach were the statistical tools used. The findings from the study reveals that, decline in oil prices and revenue, increase government expenditure and decline in market indices are the challenges posed by economic downturn in Nigeria; consumption-based economy, poor savings, high credit culture and huge financial outflow are the causes of the economic crises in Nigeria; reduction in direct foreign investment and overseas development assistance are the effects of economic crisis to Nigeria and finally, diversification of the economy, robust regulatory policies and professional supervision to aid foreign direct investment in Nigeria. Based on the findings, the researcher made the following recommendation: Nigeria should adopt tough policy measures as effective strategies towards a comprehensive strengthening of the economy, government should ensure that policy recommendations are implemented in order to reposition the Nigerian economy against the impact of future economic downturn, government should create enabling environment to attract foreign investors in order to boost economic activities in the country. Finally, government needs to sincerely focus on developing/strengthening the economy and provide alternative sources of revenue on a sustained basis.
Developing countries, Nigeria inclusive, face a shortage of investible funds and hence strive to attract foreign direct investment (FDI) because of its acknowledged potentials as a tool of economic development. This study investigated the empirical relationship between FDI and economic growth in Nigeria. Secondary data sourced mainly from CBN publications were used in the OLS and granger causality regression equations conducted for the period 1986 to 2010. Although FDI coefficient in the regression result showed that about 13% of variations in GDP are accounted for by a percent increase in FDI, their relationship is statistically insignificant. The regression result also showed that other variables in the model - gross fixed capital formation (GFCF), net exports (NXP), consumer price index (CPI), and exchange rate (EXR) - impacted on the GDP. The result of the granger causality test showed a bi-directional causality between FDI and GDP, that is, each granger cause the other. On the basis of these, it was recommended that more sectors of the economy be deregulated so as to encourage more investor participation in the productive sector of the economy.
Nigeria has the potential to become Sub-Saharan Africa's largest economy because of its rich human and natural resources. These vast natural resources qualify Nigeria to be a major recipient of foreign direct Investment. Foreign Direct Investment in turn is believed to be an engine of economic development in that it brings about the transfer of technology, managerial skills, international production, access to markets, etc. A number of studies have been conducted on the Impact of Foreign Direct Investment on Economic Growth, with most of those studies focusing on cross-country studies. Yet, results about the relationship between foreign direct investment and economic growth come with varying outcomes. This Bachelor's thesis focused exclusively on Nigeria with a view to analysing the role foreign direct investment has played on economic growth in Nigeria since independence. This thesis concludes by making important recommendations that are particularly useful to investors who want to invest in Nigeria; academicians interested in studies of FDI-growth linkage; and to policymakers to adopt some measures to further strengthen and improve investment environment in Nigeria.
In an attempt to ensure greater participation in the global economy, developing countries have increasingly liberalized, privatized and deregulated their economies since the mid-1980s. More welcoming policies to attract foreign capital inflows have been a prominent component of this trend. In this study, an attempt is made to analyze the impact of foreign direct investment and remittances inflow on economic growth of Nigeria in a quest to find a reasonable answer to the question of whether FDI and remittances inflows constitute vital sources of economic growth to Nigeria. The study employed the Vector Autoregressive (VAR) approach. It was established that foreign direct investment has a positive but non-significant impact on Nigeria's economic growth. However, it is evident from the outcome of the study that the remittances inflow has a negative though non-significant impact on Nigeria economic growth. The policy implication of this study is that government should build an investment-friendly environment free of insecurity and corruption, reduce the cost of doing business and put in place the mechanism to attract more capital inflows to boost domestic production. By doing this, Foreign investors will have confidence in Nigeria economy and commit more funds in form of Foreign Direct Investment in Nigeria which will enhance domestic production. Remittances inflow can then be channeled to consumption of these domestic goods and services rather than on imported goods. This will increase aggregate demand and ultimately affect output and growth in Nigeria.
Scientific Study from the year 2018 in the subject Economics - International Economic Relations, , language: English, abstract: The controversy surrounding the impact of FDI and non-oil exports on economic growth and the dynamic interactions of these economic variables in Nigeria motivated this study. Empirical studies have found divergent views on the effect of FDI and non-oil exports on economic growth in the country. However, in achieving the objectives of this study, the author employed the dynamic OLS and VARS modeling to analyze the relationship between FDI, non-oil exports and economic growth in Nigeria during the period of 1980 to 2016. In testing for the time series properties, the evidence from estimated economic models suggests that all the variables examined are stationary at first difference I(Is) using the Augmented Dickey- Fuller (ADF) and Phillips-Perron. Also, Johansen Co integration test reveals that the variables are co integrated which confirms the existence of long-run equilibrium relationship among the variables. The study reveals that the impact of FDI on the economic growth was significant and as a unit increase in FDI impacted positively by 64% on the productive capacity of goods and services in Nigeria during the period. Meanwhile, reverse is the case for non-oil exports. In addition, the interactions among FDI, nonoil exports and economic growth appear very weak and do not follow a predictable pattern in Nigeria: that foreign direct investment should lead to improvement in non-oil exports and eventually expand the frontier of economic growth. This suggests that there are some structural rigidities in the economy that are preventing the impact of non-oil exports from being fully felt by the economy, particularly through economic growth channel. This further reinforces the presence of some institutional factors that create inherent problems in the economy that could frustrate any valid and sincere investment policies formulated by the government. Therefore, the study recommends that the policy makers need to create friendly economic policies and business environment that will boost further attraction of FDI into all sectors of the economy and the economy must be diversified as well towards non-oil sector in order to ensure maximum contributions from this sector to economic growth of Nigeria in the nearest future.
This book explores several aspects of foreign direct investment (FDI) and their linkages to African economies. It will appeal to policy makers, development agency professionals and researchers, based as it is on stylized facts and rigorous analytical studies. The reader will find state-of-the-art analyses on FDI-related topics throughout the chapters. Policy makers and development professionals will find in this book a useful guide to draw sound policies based on facts and rigorous analyses.
Provides a comprehensive review of the issues related to the impact of FDI on development as well as to the policies needed to maximise the benefits.