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Foreign Private Investment And Economic Growth In Nigeria

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Author Info

  • Tokunbo S. OSINUBI

    ()
    (Department of Economics, Division of Business, Social & Behavioral Studies, Prince George’s Community College, Largo Road, Largo, Maryland, USA,)

  • Lloyd A. AMAGHIONYEODIWE

    ()
    (Department of Economics, Faculty of the Social Sciences, University of the West Indies, Mona Campus, Kingston, Jamaica,)

Abstract

Despite the increased flow of investment to developing countries in particular, Sub-Sahara African (SSA) countries, Nigeria inclusive, are still characterized by low per-capita income, high unemployment rates and low and falling growth rates of GDP, problems which foreign private investment are theoretically supposed to solve. The Nigerian government has been focusing on policies that will help attract foreign investors and yet the economy is still dwindling. It is against this background, that this study analyzed the direction and significance of the effect of foreign private investment on economic growth in Nigeria. Secondary data for the period 1970 to 2005 was used for the study. Among the findings was that Foreign Private Investment, Domestic Investment growth and Net Export growth were positively related to economic growth in Nigeria. More so, the Foreign Private Investment, Domestic Investment growth, Net export growth and the lagged error term were statistically significant in explaining variations in Nigeria's economic growth.

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File URL: http://rebs.ro/resource/REBS_5/Focus%20On%20Economic%20Development%20In%20Africa/Osinubi,%20T,%20Amaghionyeodiwe,L%20%97%20Foreign%20Private%20Investment%20And%20Economic%20Growth%20In%20Nigeria.pdf
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Bibliographic Info

Article provided by Alexandru Ioan Cuza University, Faculty of Economics and Business Administration in its journal Review of Economic and Business Studies.

Volume (Year): (2010)
Issue (Month): 5 (June)
Pages: 105-127

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Handle: RePEc:aic:revebs:y:2010:i:5:osinubit

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Keywords: Foreign Private Investment; Domestic Investment Growth; and Economic Growth;

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  1. Durham, J.B.J. Benson, 2004. "Absorptive capacity and the effects of foreign direct investment and equity foreign portfolio investment on economic growth," European Economic Review, Elsevier, vol. 48(2), pages 285-306, April.
  2. Robert E. Lipsey, 2000. "The Role of Foreign Direct Investment in International Capital Flows," NBER Working Papers 7094, National Bureau of Economic Research, Inc.
  3. Robert J. Barro, 1989. "Economic Growth in a Cross Section of Countries," NBER Working Papers 3120, National Bureau of Economic Research, Inc.
  4. Nikolina Kosteletou & Panagiotis Liargovas, 2000. "Foreign Direct Investment and Real Exchange Rate Interlinkages," Open Economies Review, Springer, vol. 11(2), pages 135-148, April.
  5. Mikesell, Raymond F & Zinser, James E, 1973. "The Nature of the Savings Function in Developing Countries: A Survey of the Theoretical and Empirical Literature," Journal of Economic Literature, American Economic Association, vol. 11(1), pages 1-26, March.
  6. J. Benson Durham, 2003. "Foreign portfolio investment, foreign bank lending, and economic growth," International Finance Discussion Papers 757, Board of Governors of the Federal Reserve System (U.S.).
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Cited by:
  1. Raza, Syed Ali & Sabir, Muhammad Sarwar & Mehboob, Farhan, 2011. "Capital inflows and economic growth in Pakistan," MPRA Paper 36790, University Library of Munich, Germany.
  2. Alimi, R. Santos & Ibironke, Adesola, 2012. "Dolado - Lütkepohl Causality Tests between Foreign Direct Investment and Economic Growth in Nigeria," MPRA Paper 49277, University Library of Munich, Germany.
  3. Al Akbari, Salah, 2013. "Proposing Architecture and Process Governance for Risk Mitigation in Organizational Change : a Case Study of the Flight Test and Development Centre (FTC), A Division of the UAE Armed Forces," Economics Thesis from University Paris Dauphine, Paris Dauphine University, number 123456789/12334 edited by Poix, Michel, September.
  4. Malik, Saif Ullah, 2013. "Role of Foreign Private Investment and Remittance in Stock Market Development: Study of South Asia," MPRA Paper 54530, University Library of Munich, Germany.

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