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On whether foreign direct investment catalyzes economic development in Nigeria

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  • OKPARA, GODWIN CHIGOZIE

Abstract

This paper investigated the impact of Foreign Direct Investment on some selected macro-economic variables such as real GDP, gross fixed capital formation and unemployment. Data for the variables were sourced from the Central Bank of Nigeria’s Statistical Bulletin. For the assessment of this impact, the author used co-integration and error correction model to arrive at a parsimonious result which revealed that foreign direct investment though impacts positively and significantly on the gross fixed capital formation and the real GDP, has not made any positive and significant impact on the reduction of unemployment in Nigeria. The researcher therefore calls for putting in order the Country’s social, political and economic environment for foreign investment to yield dividends that will be enormous enough as to significantly reduce unemployment and engender instant growth on real GDP.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 36319.

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Date of creation: 27 Jan 2012
Date of revision: 27 Jan 2012
Handle: RePEc:pra:mprapa:36319

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Keywords: foreign direct investment; economic growth; unemployment rate; co-integration; vector error correction model;

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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. Moran, Theodore H., 1978. "Multinational corporations and dependency: a dialogue for dependentistas and non-dependentistas," International Organization, Cambridge University Press, Cambridge University Press, vol. 32(01), pages 79-100, December.
  3. Alfaro, Laura & Chanda, Areendam & Kalemli-Ozcan, Sebnem & Sayek, Selin, 2010. "Does foreign direct investment promote growth? Exploring the role of financial markets on linkages," Journal of Development Economics, Elsevier, vol. 91(2), pages 242-256, March.
  4. Laura Alfaro & Areendam Chanda & Sebnem Kalemli-Ozcan & Selin Sayek, 2006. "How Does Foreign Direct Investment Promote Economic Growth? Exploring the Effects of Financial Markets on Linkages," DEGIT Conference Papers c011_023, DEGIT, Dynamics, Economic Growth, and International Trade.
  5. James R. Markusen & Anthony J. Venables & Denise Eby Konan & Kevin H. Zhang, 1996. "A Unified Treatment of Horizontal Direct Investment, Vertical Direct Investment, and the Pattern of Trade in Goods and Services," NBER Working Papers 5696, National Bureau of Economic Research, Inc.
  6. Morisset, Jacques, 2000. "Foreign direct investment in Africa : policies also matter," Policy Research Working Paper Series 2481, The World Bank.
  7. Alexander Cobham, . "Capital Account Liberalisation and Poverty," QEH Working Papers qehwps70, Queen Elizabeth House, University of Oxford.
  8. Aitken, Brian & Harrison, Ann & DEC, 1994. "Do domestic firms benefit from foreign direct investment? Evidence from panel data," Policy Research Working Paper Series 1248, The World Bank.
  9. Constantine Bourlakis, 1987. "Multinational corporations and domestic market structure: The case of Greek manufacturing industries," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 123(4), pages 719-733, December.
  10. Sanjaya Lall, 1979. "Multinationals and market structure in an open developing economy: The case of Malaysia," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 115(2), pages 325-350, June.
  11. Akinlo, A. Enisan, 2004. "Foreign direct investment and growth in Nigeria: An empirical investigation," Journal of Policy Modeling, Elsevier, Elsevier, vol. 26(5), pages 627-639, July.
  12. Driffield, Nigel, 2001. "The Impact of Domestic Productivity of Inward Investment in the UK," Manchester School, University of Manchester, vol. 69(1), pages 103-19, January.
  13. V. N. Balasubramanyam & M. Salisu & David Sapsford, 1999. "Foreign direct investment as an engine of growth," The Journal of International Trade & Economic Development, Taylor & Francis Journals, Taylor & Francis Journals, vol. 8(1), pages 27-40.
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