THE IMPACT OF FOREIGN DIRECT INVESTMENT ON ECONOMIC GROWTH IN NIGERIA
Abstract
ABSTRACT
Most countries strive to aitract foreign direct investment(FDI)because
of its acknowledged advantages as a tool ofeconomic development.Africa
-and Nigeria in particular-joined the rest of the world in seeking FDI as
evidenced by the formation of the New Partnershipfor Africa's Development
(NEPAD),which has the attraction of foreign investment to Africa as a
major component.This study empirically investigated the impact gfFDI
on Economic Growth in Nigeria.The secondary data were sourced from
various publications of the Central Bank ofNigeria,such as CBN Statistical
Bulletin,CBN Statement of Accounts and Annual Reports,and Bureau of
Statistics publications.The period analysis covered twenty-nine
(29)years(1991 - 2019).The estimated results showed that foreign direct
investment has a negative but insignificant relationship with economic
growth while gross domestic investment and interest rate have a negative
but statistical significant relationship with economic growth in
Nigeria.Based on the findings revealed by the study,it is recommended that
Nigerian economy should improve the investment climate for existing
domestic and foreign investors through infrastructure development.Also,it
should provide services and changes in the regulatory framework relaxing
laws on profit repatriation which
will encourage investors to increase their investments and also attract new
investors.
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