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Foreign Private Investment And Economic Growth In Nigeria

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  • Tokunbo S. OSINUBI
  • Lloyd A. AMAGHIONYEODIWE

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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Bibliographic Info

Article provided by Euro-American Association of Economic Development in its journal Applied Econometrics and International Development.

Volume (Year): 10 (2010)
Issue (Month): 2 ()
Pages:

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Handle: RePEc:eaa:aeinde:v:10:y:2010:i:2_15

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Related research

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

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References

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  1. Barro, R.J., 1989. "Economic Growth In A Cross Section Of Countries," RCER Working Papers 201, University of Rochester - Center for Economic Research (RCER).
  2. 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.
  3. 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.
  4. J. Benson Durham, 2003. "Foreign portfolio investment, foreign bank lending, and economic growth," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) 757, Board of Governors of the Federal Reserve System (U.S.).
  5. Robert E. Lipsey, 2000. "The Role of Foreign Direct Investment in International Capital Flows," NBER Working Papers 7094, National Bureau of Economic Research, Inc.
  6. Nikolina Kosteletou & Panagiotis Liargovas, 2000. "Foreign Direct Investment and Real Exchange Rate Interlinkages," Open Economies Review, Springer, Springer, vol. 11(2), pages 135-148, April.
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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. 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, Paris Dauphine University, number 123456789/12334 edited by Poix, Michel.
  3. 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.
  4. Alimi, R. Santos & Ibironke, Adesola, 2012. "Dolado - L├╝tkepohl Causality Tests between Foreign Direct Investment and Economic Growth in Nigeria," MPRA Paper 49277, University Library of Munich, Germany.

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