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Factors Determining FDI in Nigeria: Role of Emerging Economies

  • Dinda, Soumyananda

This paper investigates the determinants of FDI in Nigeria, which is poor in terms of income but rich in natural resources. This study is an extension of our earlier work (Dinda 2012). Incorporating emerging trade partners of Nigeria in VECM this paper re-examine the factors determining FDI inflow to Nigeria in this globalized era. The economic activity of the emerging trade partners may be good proxy for exogenous factors to Nigerian economic activity. Considering per capita income of trading partners as proxy for their economic activities are incorporated as exogenous variables in this study. Findings clearly ensure that FDI inflow to Nigeria is resource-seeking FDI and market size has no role that contradicts our earlier result and also the existing literature. Short run dynamics as well as causal linkage are also completely different from our earlier paper. China is emerging as a strong trade partner of Nigeria and significantly influences its natural resource outflow while South Africa raises its competitiveness.

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File URL: http://mpra.ub.uni-muenchen.de/40192/1/MPRA_paper_40192.pdf
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File URL: http://mpra.ub.uni-muenchen.de/46914/1/MPRA_paper_40192.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 40192.

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Date of creation: 18 Jul 2012
Date of revision: 20 Jul 2012
Handle: RePEc:pra:mprapa:40192
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  1. Chakrabarti, Avik, 2001. "The Determinants of Foreign Direct Investment: Sensitivity Analyses of Cross-Country Regressions," Kyklos, Wiley Blackwell, vol. 54(1), pages 89-113.
  2. Quintos, Carmela E., 1998. "Stability tests in error correction models," Journal of Econometrics, Elsevier, vol. 82(2), pages 289-315, February.
  3. James R. Hines Jr., 1993. "Altered States: Taxes and the Location of Foreign Direct Investment in America," NBER Working Papers 4397, National Bureau of Economic Research, Inc.
  4. M. Hashem Pesaran & Ron P. Smith, 1998. "Structural Analysis of Cointegrating VARs," Journal of Economic Surveys, Wiley Blackwell, vol. 12(5), pages 471-505, December.
  5. M. Hashem Pesaran & Yongcheol Shin & Richard J. Smith, 2001. "Bounds testing approaches to the analysis of level relationships," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(3), pages 289-326.
  6. Dinda, Soumyananda, 2009. "Factors determining FDI in Nigeria: an empirical investigation," MPRA Paper 40172, University Library of Munich, Germany, revised 16 Jul 2012.
  7. Dinda, Soumyananda, 2008. "Factors Determining FDI to Nigeria: An Empirical Investigation," MPRA Paper 28097, University Library of Munich, Germany, revised Nov 2010.
  8. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
  9. Toda, Hiro Y. & Yamamoto, Taku, 1995. "Statistical inference in vector autoregressions with possibly integrated processes," Journal of Econometrics, Elsevier, vol. 66(1-2), pages 225-250.
  10. Banerjee, Anindya & Dolado, Juan J. & Galbraith, John W. & Hendry, David, 1993. "Co-integration, Error Correction, and the Econometric Analysis of Non-Stationary Data," OUP Catalogue, Oxford University Press, number 9780198288107, March.
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