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Modeling the Long-Run Determinants of Private Investment in Nigeria

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  • Abu Nurudeen

Abstract

The paper examines the long-run determinants of private investment in Nigeria by using the error correction method. The econometric results indicate that growth of real income, increase in public investment and exchange rate, openness of the economy, and higher savings have a positive effect on private investment. On the other hand, credit to private sector, rising inflation, and high lending rates impede private investment. It is recommended that government and relevant authorities adopt policies that would facilitate the growth of national income, increase public investment and savings, increase the exchange rate, and enhance foreign trade. Moreover, the government should employ policies that would check the rising inflation and lending rates, try to strengthen the democratic institutions in order to sustain the current political stability, and increase the funding of the anticorruption agencies to check the massive corruption that is found in almost all facets of the economy.

Suggested Citation

  • Abu Nurudeen, 2009. "Modeling the Long-Run Determinants of Private Investment in Nigeria," The IUP Journal of Financial Economics, IUP Publications, vol. 0(3 & 4), pages 48-63, September.
    • Handle: RePEc:icf:icfjfe:v:07:y:2009:i:3&4:p:48-63
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