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Foreign Direct Investment in Nigeria: Its Role and Importance in Industrial Sector Growth

Author

Listed:
  • Philip Ifeakachukwu Nwosa

    (Federal University Oye-Ekiti)

Abstract

This study examined the role of foreign direct investment in industrial sector growth in Nigeria for the period spanning 1970 to 2016. Examining this issue is pertinent owing to the need to transform the Nigerian economy from an oil dependent economy to an industrialized economy. The study utilized the error correction modelling technique and the result of the study showed that foreign direct investment had negative and significant impact on industrial sector growth in Nigeria. The study concluded that the role of foreign direct investment in the growth of the Nigerian industrial sector had been harmful rather than enhancing it. Thus, the study recommended the need for the Federal government to shift her focus and policy directives from the oil sector to the industrial sector as this will attract the attention of foreign investors into the industrial sector. Also, there is the need for improve strategies to enhance the competitiveness of Nigerian industrial sector in attracting foreign direct investment.

Suggested Citation

  • Philip Ifeakachukwu Nwosa, 2019. "Foreign Direct Investment in Nigeria: Its Role and Importance in Industrial Sector Growth," EuroEconomica, Danubius University of Galati, issue 1(38), pages 152-161, May.
    • Handle: RePEc:dug:journl:y:2019:i:1:p:152-161
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    File URL: http://journals.univ-danubius.ro/index.php/euroeconomica/article/view/4736/4969
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