Nexus between Foreign Direct Investment, Non-Oil Exports and Economic Growth in Nigeria: Dynamic Ordinary Least Square (Dols) Approach
Journal Title: IOSR Journal of Economics and Finance (IOSR-JEF) - Year 2018, Vol 9, Issue 6
Abstract
Empirical studies have found divergent views on the effect of FDI and non-oil exports on economic growth in the country. However, in achieving the objective of this study, the authorsemployed the dynamic OLS modeling to analyze the relationship between FDI, non-oil exports and economic growth in Nigeria during the period of 1980 to 2016.In testing for the time series properties, the evidence from estimated economic models suggests that all the variablesexamined are stationary at first difference I(Is) using the Augmented DickeyFuller (ADF) and Phillips-Perron. Also, Johansen Co integration test reveals that the variables are not co integrated. The study reveals that the impact of FDI on the economic growth was significant and as a unit change in FDI causes 64% impact on the productive capacity of goods and services in Nigeria during the period under consideration. Meanwhile, reverse is the case for non-oil exports. Therefore, the study recommends policy measuresshould be formulated and implemented with a view to attracting more of FDI inflows in the country. In the same vein, comatose state of non-oil sector of the Nigerian economy should be revamped as a matter of urgency.
Authors and Affiliations
Aderemi Timothy Ayomitunde
Keywords
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- DOI 10.9790/5933-0906012834.
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