FOREIGN PRIVATE CAPITAL INFLOWS AND ECONOMIC GROWTH IN NIGERIA
Journal Title: European Journal of Business and Social Sciences - Year 2015, Vol 4, Issue 8
Abstract
Foreign capital inflows into recipient economies have been viewed as a stimulant to improved economic growth. This is anchored on the belief that they help to boost investment and productivity. It is in the light of this, that this study empirically examines the effect of foreign private capital inflows on Nigerian’s gross growth rate (GDP), gross savings and investment, using data from period 1980 to 2013. The research design adopted for this study is the ex-post factor research design. The Ordinary Least Square (OLS) Regression technique was also employed in testing the causal relationship between foreign capital inflow and GDP, domestic investment and domestic savings in Nigeria. Findings from the analysis reveal that foreign capital inflow has a positive but insignificant effect of on economic growth (GDP) and domestic investment, while having a negative and non-significant effect on national savings. The study therefore, recommends a re-assessment of government’s foreign direct investment policies as well as institutional and general macro-economic policies to make them more hospitable to foreign funds.
Authors and Affiliations
Edu, Gabriel Tobi| Department of Banking and Finance, Department of Accountancy Delta State polytechnic, Ogwashi-Uku, Nigeria +234 803 3342 387 or edutobi@yahoo.com, Inaya Lucky| Department of Banking and Finance, Department of Accountancy Delta State polytechnic, Ogwashi-Uku, Nigeria +234 803 3342 387 or edutobi@yahoo.com, Bassey, A Francis| Department of Banking and Finance University of Uyo, Uyo, Nigeria
Keywords
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