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Nigeria is suffering from capital flight which has been a problem to the economy. This is affecting domestic investment especially at this period of financial globalisation. This study examined the relationship between capital flight in Nigeria and investment at this period of financial globalisation with data from 1970 to 2007. The OLS technique is used in determining the significant variables in investment and globalisation while ECM is adopted to determine relationship between investment and capital flight with the variables of exchange rates, investment, Kaopen, financial savings, external reserves and interest rate differential among others. The study finds that the rate of exchange is significant in investment and financial globalisation. The estimates of capital flight do not significantly impact investment. This study also shows role of errors and omissions in distorting the estimates of capital flight in Nigeria. The study recommends further floating of the currency to crowd in investment while investments should be increased by both public and private sectors to induce other domestic investments, which will facilitate further inflow of capital.
Seminar paper from the year 2019 in the subject Economics - International Economic Relations, University of Nigeria, course: ECONOMICS, language: English, abstract: This paper deals with the composition and constituents of capital flights, its implications as well as theoretical expositions and praxis. Virtually, all macroeconomic sage, as well as, most scintillating economists stress that Nigeria's economic somnambulism and financial crunch is consequent upon the following; dwindling of oil price in the international market, undiversified economy, unchecked inflation, high rate of unemployment and a little emphasis on the adverse effect of exchange rate volatility on economic growth, without a clear consideration of how capital flight contributes to the economic mess in Nigeria. Put differently, many scholars have actually exposed how the aforementioned macroeconomic variables are responsible for economic melt-down, but, the backwash of illegal financial exodus (capital flight) on the effeteness of Nigerian economy appears to have been jettisoned. Capital flight, no doubt, had remained conceptually an elusive phenomenon. This is because it seems unclear what differentiates capital flight from normal capital outflows. So, capital flight is one of the terms that suffer from problems of definition and is therefore prone to various interpretations and applications. In fact, so confused is the term that many researchers in international economics, in attempting to give empirical support become guilty of the concept and as a result thrive on barefoot empiricism and outlandish intellectual circumvention.
A comprehensive thematic analysis of capital flight from Africa, it covers the role of safe havens, offshore financial centres, and banking secrecy in facilitating illicit financial flows and provides rich insights to policy makers interested in designing strategies to address the problems of capital flight and illicit financial flows.
Abstract: The objective of this study is to evaluate the effect of capital flight on foreign investment in Nigeria. The study obtained financial data from Central Bank of Nigeria Statistical Bulletin. The study made use of exploratory survey tools. Secondary data was used for data collection. The empirical method which adopts regression analysis was used to test the stated hypotheses. The findings revealed that the relationship between capital flight and investment is insignificantly negative. High exchange rates do not significantly increase capital flights out of the economy nor reduce Foreign Investment. This shows that Nigerian investment process is not significantly benefiting the RGDP or there is insufficient investment to significantly affect the RGDP. The work recommends that Capital flight management and reactions to capital account restrictions be factored into the management of external reserves position of developing countries. Removal of the exchange rate misalignment and the premium will be a good start to reduce flights of capital out of the economy. The monetary authorities should begin to look seriously into how to reduce the unresolved statistical discrepancies that are posted into the Balance of Payments with a view to finding out what make up such figures and how they came about.
On the Trail of Capital Flight from Africa investigates the dynamics of capital flight from Angola, Côte d'Ivoire, and South Africa, countries that have witnessed large-scale illicit financial outflows in recent decades. Quantitative, qualitative, and institutional analysis for each country is used to examine the modus operandi of capital flight; that is, the 'who', 'how', and 'where' dimensions of the phenomenon. 'Who' refers to major domestic and foreign players; 'how' refers to mechanisms of capital acquisition, transfer, and concealment; and 'where' refers to the destinations of capital flight and the transactions involved. The evidence reveals a complex network of actors and enablers involved in orchestrating and facilitating capital flight and the accumulation of private wealth in offshore secrecy jurisdictions. This underscores the reality that capital flight is a global phenomenon, and that measures to curtail it are a shared responsibility for Africa and the global community. Addressing the problem of capital flight and related issues such as trade misinvoicing, money laundering, tax evasion, and theft of public assets by political and economic elites will require national and global efforts with a high level of coordination.
Globalisation is often conceptualised as a triumphant juggernaut, a massive inexorable force transforming economies, politics and culture, and inevitably vanquishing endemic poverty in poor countries. This is in line with what modernisation theorists envisaged in the 1950s and 1960s. Unfortunately, globalisation just like modernisation has failed Africa. Globalisation has intensified poverty and underdevelopment and the consequences are reflected in the huge debt burden of most Third World countries. Globalisation and Africa: Reverse Robin Hoodism calls for a new international economic order in which Africa and other Third World countries will participate as interdependent entities, and by so doing end the symmetric relationship in which the wealthy countries enjoy huge advantages - financial, economic, and others, over poor countries.