An evaluation of regulatory reforms’ role in promoting foreign investment in Nigeria: A case study of the Nigerian Investment Promotion Commission (2000–2020)
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Background of the Study :
Regulatory reforms are crucial in creating an investment-friendly climate by enhancing transparency, reducing bureaucratic hurdles, and safeguarding investor rights. In Nigeria, the Nigerian Investment Promotion Commission (NIPC) has spearheaded reforms between 2000 and 2020 to attract foreign direct investment (FDI). These reforms include simplifying business registration, improving tax policies, and enforcing anti-corruption measures (Okonkwo, 2023). Evidence indicates that effective regulatory frameworks can significantly boost FDI inflows by reducing uncertainty and increasing investor confidence (Adeniyi, 2024). However, persistent challenges such as inconsistent policy implementation and infrastructural deficits continue to impede progress (Chukwu, 2025). This study examines the role of regulatory reforms in promoting foreign investment by analyzing FDI trends, reform outcomes, and investor perceptions. The objective is to assess whether these reforms have achieved their intended effects and to recommend further measures to enhance Nigeria’s investment attractiveness.
Statement of the Problem
Despite extensive regulatory reforms, Nigeria’s foreign investment inflows remain below targeted levels. Inconsistencies in reform implementation, bureaucratic delays, and infrastructural shortcomings have continued to discourage potential investors. The gap between reform objectives and actual FDI performance raises critical questions about the effectiveness of current regulatory measures. This study seeks to identify the factors that limit the success of these reforms and to evaluate their impact on attracting foreign investment. Addressing these challenges is essential for improving the investment climate and achieving sustainable economic growth (Okonkwo, 2023; Adeniyi, 2024).
Objectives of the Study:
1. To evaluate the impact of regulatory reforms on FDI inflows.
2. To identify challenges limiting reform effectiveness.
3. To propose recommendations to enhance foreign investment attractiveness.
Research Questions:
1. How do regulatory reforms affect FDI inflows?
2. What are the main obstacles in reform implementation?
3. What policy measures can improve investment attractiveness?
Research Hypotheses:
1. H1: Regulatory reforms positively impact FDI.
2. H2: Bureaucratic delays reduce reform effectiveness.
3. H3: Enhanced regulatory consistency increases investment inflows.
Significance of the Study (100 words):
This study examines the impact of regulatory reforms on promoting foreign investment in Nigeria, providing valuable insights for the NIPC and policymakers. Its findings will help design better reform strategies to enhance transparency and investor confidence, ultimately driving sustainable FDI inflows (Chukwu, 2025).
Scope and Limitations of the Study:
The study is limited to regulatory reforms and FDI data in Nigeria from 2000–2020, with limitations due to external market influences.
Definitions of Terms:
1. Regulatory Reforms: Changes in legal and administrative frameworks to improve business environments.
2. Foreign Investment: Capital inflows from overseas investors.
3. NIPC: Nigerian Investment Promotion Commission.
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