An examination of determinants of private investment in Nigeria: Evidence from the Nigerian Economic Summit Group (NESG) (2000–2020)
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Background of the Study :
Private investment is a critical driver of economic growth, innovation, and job creation. In Nigeria, the Nigerian Economic Summit Group (NESG) has played a pivotal role in shaping policies that influence private sector investment between 2000 and 2020 (Ibrahim, 2023). Determinants such as political stability, regulatory frameworks, access to finance, and macroeconomic stability are widely recognized as key factors influencing private investment decisions. Empirical studies indicate that an improved investment climate encourages domestic and foreign private investments, which in turn stimulate economic development (Adeniyi, 2024). However, Nigeria continues to face challenges such as inconsistent policy implementation, infrastructural deficits, and high levels of corruption, which negatively impact private investment flows. This study examines the determinants of private investment in Nigeria using evidence from NESG reports and data analyses. The research integrates quantitative investment metrics with qualitative insights from business leaders and policymakers to provide a comprehensive evaluation of the factors driving or hindering private investment, thereby offering recommendations for improving the investment climate (Chinwe, 2025).
Statement of the Problem
Despite reforms aimed at improving the investment climate, private investment in Nigeria remains below its potential. Challenges such as regulatory inconsistencies, corruption, and infrastructural shortcomings deter investors (Ibrahim, 2023). This study aims to investigate the determinants that influence private investment and understand why current policies have not fully spurred investment growth, thereby providing a basis for enhancing the overall investment climate.
Objectives of the Study:
1. To identify determinants influencing private investment in Nigeria.
2. To assess the effectiveness of current investment policies.
3. To recommend measures to improve the investment climate.
Research Questions:
1. What are the key determinants of private investment in Nigeria?
2. How effective are current policies in promoting private investment?
3. What reforms can enhance the investment climate?
Research Hypotheses:
1. Stable regulatory frameworks positively influence private investment.
2. Infrastructural deficits hinder investment flows.
3. Policy reforms significantly boost private sector investment.
Significance of the Study (100 words):
This study is significant as it explores the determinants of private investment in Nigeria, offering insights to policymakers and business leaders on improving the investment climate. The findings will help in designing targeted reforms that attract more private capital, stimulate economic growth, and enhance overall competitiveness (Ibrahim, 2023).
Scope and Limitations of the Study:
This study is limited to analyzing determinants of private investment in Nigeria using NESG data from 2000 to 2020. It does not address macroeconomic variables beyond investment determinants.
Definitions of Terms:
1. Private Investment: Capital investment made by private entities.
2. Investment Climate: The overall economic environment that influences investment decisions.
3. Nigerian Economic Summit Group (NESG): A policy advocacy group focused on economic reform in Nigeria.
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