Earticle

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영어

The Nigerian economy has, in reality, remained fragile to fluctuations in the rate of exchange, inflation, and dependence on oil revenues, despite all efforts to utilize foreign direct investment as a driver for improvement in growth. This has, therefore, influenced this study to look critically at the impact foreign direct investment has on Nigeria's economic growth from 1986 to 2023. An Autoregressive Distributed Lag model was utilized to estimate both the short and long-term effects, while data were sourced from the Central Bank of Nigeria Statistical Bulletin, National Bureau of Statistics, and the World Bank. From the long run estimates, foreign direct investment and exchange rate influenced economic growth positively and significantly. Inflation exhibited negative but significant impact both in the long and short run. Money supply, both in the long and short run, exerted a positive impact on the growth of the economy, however, the impact was insignificant in the short run. Furthermore, trade openness showed a positive but insignificant impact in the long run. The coefficients of oil revenue were positive but insignificant in the long-run estimations. The error correction term, ECT of - 0.1064 with a p-value of 0.0000, inferred that about 10.6% of the deviations were corrected annually. This suggested an average speed of adjustment to the long-run equilibrium after an economic shock. Based on these findings, the study recommended that foreign direct investment in Nigeria should be encouraged by ensuring national security, maintaining business-friendly environments, and offering appropriate fiscal incentives that can attract and sustain more capital inflow into Nigeria.

목차

Ⅰ. INTRODUCTION
Ⅱ. LITERATURE REVIEW
Ⅲ. RESEARCH METHODOLOGY
Ⅳ. ANALYSIS AND RESULT
Ⅴ. CONCLUSION
REFERENCES

키워드

해외직접투자 경제성장 유가 화폐공급 나이지리아 Foreign Direct Investment Economic Growth Oil Revenue Non-oil Revenue Money Supply Nigeria

저자

• Osigbo Vincent Chukwudi [ Department of International Trade, Graduate School, National Korea Maritime & Ocean University ]
• Jaewook Lim [ Division of International Trade and Economics, National Korea Maritime & Ocean University ]

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