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Article Information:
Foreign Direct Investment and Economic Growth in Nigeria: An Analysis of the Endogenous Effects
Okon J. Umoh, Augustine O. Jacob and Chuku A. Chuku
Corresponding Author: Augustine O. Jacob
Submitted: November 01, 2011
Accepted: November 25, 2011
Published: June 30, 2012 |
Abstract:
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This research endeavour set out to empirically investigate the relationship between foreign direct
investment and economic growth in Nigeria between 1970 and 2008. The paper makes the proposition that there
is endogeniety i.e., bi-directional relationship between FDI and economic growth in Nigeria. Single and
simultaneous equation systems are employed to examine if there is any sort of feed-back relationship between
FDI and economic growth in Nigeria. The results obtained show that FDI and economic growth are jointly
determined in Nigeria and there is positive feedback from FDI to growth and from growth to FDI. The overall
policy implication of the result is that policies that attract more foreign direct investments to the economy,
greater openness and increased private participation will need to be pursued and reinforced to ensure that the
domestic economy captures greater spillovers from FDI inflows and attains higher economic growth rates.
Key words: Economic growth, endogeniety, FDI, Nigeria, three stage least square, ,
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Cite this Reference:
Okon J. Umoh, Augustine O. Jacob and Chuku A. Chuku, . Foreign Direct Investment and Economic Growth in Nigeria: An Analysis of the Endogenous Effects. Current Research Journal of Economic Theory, (3): 53-66.
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ISSN (Online): 2042-485X
ISSN (Print): 2042-4841 |
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