Foreign Direct Investment and Economic Growth: Co-Integration and Casualty Analysis of Nigeria
AbstractThe FDI-growth nexus in developing countries has been of tremendous interest to a number of researchers. The inconclusive debate on the relationship between foreign direct investment (FDI) and economic growth has continued to inspire this interest. In Nigeria, the sustainability of the FDI-growth relationship is of utmost concern in the development discuss. This study employs the Johansen cointegration framework and the vector error correction technique to shed more light on the problem. The empirical results show that a long-run equilibrium relationship exists between economic growth and FDI inflows. The study also revealed a unidirectional causality from FDI to economic growth.
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Bibliographic InfoArticle provided by Africagrowth Institute in its journal African Finance Journal.
Volume (Year): 11 (2009)
Issue (Month): 1 ()
FDI; Economic Growth; Johansen Cointegration Framework; Vector Error Correction; Casuality;
Find related papers by JEL classification:
- C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
- F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
- F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
- F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
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- Kolawole Olayiwola & Henry Okodua, 2013. "Foreign Direct Investment, Non-Oil Exports, and Economic Growth in Nigeria: A Causality Analysis," Asian Economic and Financial Review, Asian Economic and Social Society, Asian Economic and Social Society, vol. 3(11), pages 1479-1496, November.
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