FOREIGN INVESTMENT AND FINANCIAL GROWTH OF COMPANIES IN INSURANCE SECTOR NIGERIA
- Project Research
- 1-5 Chapters
- Quantitative
- Regression
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
ABSTRACT
This work studies the foreign investment and financial growth of companies in insurance sector Nigeria in the wake of the unprecedented capital flight from the Nigerian economy during the recent global economic recession (the credit crunch). Data which are secondary data nature were obtained from statistical bulletins of the Central Bank of Nigeria. The expost-facto research design was adopted to determine the level of the impact for 25 Insurance industries for the period 2006-2010. The ordinary least square (OLS) estimation technique was employed using statistical packaging for social sciences (SPSS) computer software version 16.0 for statistical analysis. Results revealed that there is a non-positive significant impact of foreign direct investment on the equity capital of the Nigerian Insurance industry, there is a negative insignificant impact of foreign direct investment on the growth of the Nigerian Insurance industry and there is a negative insignificant impact of foreign direct investment on the total assets of the Nigerian Insurance industry. It is recommended therefore that the Nigerian Government should take more seriously the responsibility of creating an enabling environment for effective, value- adding foreign direct investment in the Insurance industry without losing the prerogative of sovereignty. It is also recommended that already existing foreign direct investment in Nigeria should be sustained and that Government should begin to look at foreign direct investment from a deeper perspective. The quality and structure of foreign direct investment should now be viewed from the perspective of investment in broader aspects of the economy (i.e power, manufacturing, banking, and export-oriented industries) and the use of local suppliers, rather than a lopsided focus on extractive industries.
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