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Nigeria has put in place an elaborate foreign direct investment policy in order to attract foreign investors. As the largest economy in Africa, Nigeria has become a final destination for foreign investors. Currently, Nigeria is the single largest recipient of FDI in Africa. Nigeria seeks to diversify its revenue base with the active participation of MNCs and so reduce overdependence on oil. The recent crash in the international oil price has caused deep abrasion in the Nigerian economy thereby casting aspersion on the effectiveness of FDI to stimulate growth. This study focused on identifying key factors which influenced the contribution of FDI to economic growth in Nigeria. The study revealed that two potent factors namely public sector investment and marginal efficiency of capital influenced the contribution of FDI to growth in Nigeria while public sector investment was found to boost foreign capital, declining marginal efficiency of capital eroded the private capital of domestic firms which had low absorptive capacity to harness the sophisticated technology of MNCs. It was recommended, inter alia, that only a dynamic FDI policy that takes into cognizance the importance of public sector investment and marginal efficiency of capital can harness FDI to contribute maximally to growth.
This is a conceptual review (content analysis) of the effect of foreign direct investment as a catalyst for sustainable economic development in Nigeria. The major objective is a comparative analysis of 87 developing countries with the capacity to attract FDI and proffer possible solutions that will catapult Nigeria as a globally acceptable haven for foreign investment. The secondary data were sourced from Investing Across Borders (IAB) 2010 report where 87 developing countries across the globe were assessed using the IAB indicators. The major conclusion drawn from the survey is that Nigeria as a country is yet to maximize its potentials (given available resources and market size) at attracting foreign investment. It also concludes that the process of foreign business establishment/ownership in Nigeria need to be improved upon to encourage high patronage of foreigners in economic activities. This study therefore recommends that Government should make policies that will encourage equity ownership of investments in Nigeria by foreigners. The authorities should put in place machineries that will ensure a transparent and simple business registration and ownership process.
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.
Globally, investments in physical and human capital have been identified to foster real economic growth and development in any economy. Investments, which could be domestic or foreign, have been established in the literature as either complements or substitutes in varying scenarios. While domestic investments bring about endogenous growth processes, foreign investment, though may be exogenous to growth, has been identified to bring about productivity and ecological spillovers. In view of these competing-conflicting perspectives, this chapter examines the differential impacts of domestic and foreign investments on green growth in Nigeria during the period 1970-2017. The empirical evidence is based on Auto-regressive Distributed Lag (ARDL) and Granger causality estimates. Also, the study articulates the prospects for growth sustainability via domestic or foreign investments in Nigeria. The results show that domestic investment increases CO2 emissions in the short run while foreign investment decreases CO2 emissions in the long run. When the dataset is decomposed into three sub-samples in the light of cycles of investments within the trend analysis, findings of the third sub-sample (i.e. 2001-2017) reveal that both types of investments decrease CO2 emissions in the long run while only domestic investment has a negative effect on CO2 emissions in the short run. This study therefore concludes that as short-run distortions even out in the long-run, FDI and domestic investments has prospects for sustainable development in Nigeria through green growth.
This edited volume provides a critical evaluation of financing options for sustainable development in Africa. While sustainability has long been the watchword for development programs, and while many African countries have taken initiatives to develop integrated frameworks that tackle developmental challenges—including poverty, education, and health—financing has remained a challenge. In this book, an expert team of chapter authors examines new financing options while also exploring how traditional financing means, such as foreign aid and foreign direct investment, can be more effective for sustainability. The authors discuss how African nations can build adequate structures and productive capacity to create a platform that can meet present economic, social, and environmental needs without compromising the ability of future generations to meet their own needs. Practical case studies and scientific evidence give this book a unique approach that is both qualitative and quantitative. This book will be of interest to students, practitioners, and scholars of development studies, public policy and African economics.
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.
Economic growth remains a necessary ingredient for poverty reduction. Recent studies suggested that growth tends to lift the incomes of the poor proportionately with overall growth. Investment is known to be the engine of sustainable growth and due to the huge gap that exist between the required rate of investment and the existing rate of savings in LDCs, thus FDI is a vehicle to generate growth and an important ingredient to poverty reduction.
A few Sub-Saharan countries, by improving their business environment, have begun to attract more substantial foreign direct investment than other African countries with bigger domestic markets and greater natural resources. Like Ireland and Singapore, perhaps they can become competitive internationally and attract sustainable foreign direct investment.
This Review assesses Ukraine’s investment climate vis-à-vis the country’s energy sector reforms and discusses challenges and opportunities in this context. Capitalising on the OECD Policy Framework for Investment and other relevant instruments and guidance, the Review takes a broad approach to investment climate challenges facing Ukraine’s energy sector.