THE CONTRIBUTIONS OF FOREIGN DIRECT INVESTMENT TO THE NIGERIAN ECONOMY
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ABSTRACT
This study investigated the contributions of Foreign Direct Investment inflows on growth of Nigerian economy. The study tested for the level of Foreign Direct Investment inflows into the country; variables that affect the contributions of Foreign Direct Investment inflows on economic growth in Nigeria. Variables used for the study include GDP, Foreign Direct Investment inflows, and openness of the Nigerian economy, infrastructural development, size of Nigerian government expenditure, inflation rate and exports. The time series data used for the variables were generated from CBN statistical bulletin and the International Financial Statistics for 11 years (1999 – 2009). A multiple regression technique was used to analyze the model built for the study. Results from the AdjR2, F-stat, DW, t-stats and trend analysis showed that (1) government sustained increased level of FDI inflow into the country safe for the effect of the global crisis that affect all countries in the world; (2) FDI inflows and its influencing variables have combined significant effect on the growth of Nigerian economy; (3) FDI inflows, openness of the Nigerian economy and infrastructural development can influence the economy positively; while, size of Nigerian government Expenditure, inflation rate and exports have negative relationship with the growth of the economy, and that none of the variables has significant independent influence on the growth of the economy. The study therefore concludes that FDI and other variables in the study have no significant effect on Nigeria economy.
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