THE IMPACT OF FOREIGN LOAN AND FOREIGN INVESTMENT ON THE NIGERIA ECONOMY
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ABSTRACT
This study examined the impact of foreign loan and foreign investment on the Nigerian economy. Real gross domestic product was used as a proxy for economic growth which is the dependent variable while external debt stock, foreign direct investments and exchange rate were the independent variables. External debt stock and foreign direct investments were used to capture the economic situation in Nigeria.
The Johansen co-integration test was used to test the first hypothesis of no long run relationship between external debt and economic growth. The null hypothesis was accepted as the results showed no long run relationship between external debt and economic growth. The Granger causality test was used to test the second null hypothesis of no causal relationship between external debt and economic growth in Nigeria. The null hypothesis is rejected as the results show that there exist bi-directional causal relationship between external debt and economic growth.
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