DIRECT PRIVATE FOREIGN INVESTMENT AND ECONOMIC GROWTH IN NIGERIA (1980-1996): AN EMPIRICAL INVESTIGATION

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DIRECT PRIVATE FOREIGN INVESTMENT AND ECONOMIC GROWTH IN NIGERIA (1980-1996): AN EMPIRICAL INVESTIGATION

Abstract:

This study has attempted to analytically and empirically investigate the impact of direct private foreign investment on the economic growth process of the country over the period 1980 -1996. The Data used in this study were time series data derived from secondary sources. Obviously, the great potentials of direct private foreign investment for accelerating the pace of economic growth cannot be overemphasized. It not only helps fill the gap between domestically available supplies of savings, foreign exchange and government revenue but also encourages the inflow of technology and skills. Based on the recognition of the relevance of private foreign investment in economic growth, ever singe the attainment of political independence in 1960, various strategies involving policies and regulatory measures have been pursued by the Nigerian government geared essentially towards the promotion of the inflow of private foreign investments into the country. The objectives of this study basically are to verify and identify the nature and extent of private foreign investment in Nigeria, evaluate the country’s past and current efforts designed to promote foreign investment, analyse the flow of such external resources and highlight some lessons of experience and impact of foreign investment on growth. The results of the empirical investigation revealed that direct private foreign investment in the identified Manufacturing sub-sectors based on the International Standards of Industrial Classification (ISIC) in this study has contributed positively though not on equal proportion to productivity growth, national income, private and government savings.

DIRECT PRIVATE FOREIGN INVESTMENT AND ECONOMIC GROWTH IN NIGERIA (1980-1996): AN EMPIRICAL INVESTIGATION

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