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Impact of foreign direct investment inflows on economic growth in Nigeria

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  • Ozili, Peterson K

Abstract

This study examines the effect of foreign direct investment (FDI) inflows on economic growth in Nigeria from 2010 to 2019. Using the ordinary least square regression methodology, the findings reveal that foreign direct investment inflows do not have a significant effect on economic growth in Nigeria. The result holds when different measures of economic growth and different measures of foreign direct investment inflows are employed. Meanwhile, population size, real interest rate, domestic private credit and the inflation rate are significant determinants of economic growth in Nigeria while gross capital formation is an insignificant determinant of economic growth in Nigeria. The implication of the findings is that policy makers in Nigeria should focus on other drivers of economic growth other than foreign direct investment inflows when developing policy initiatives to stimulate economic growth in Nigeria.

Suggested Citation

  • Ozili, Peterson K, 2024. "Impact of foreign direct investment inflows on economic growth in Nigeria," MPRA Paper 122167, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:122167
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    More about this item

    Keywords

    Nigeria; foreign direct investment; economic growth; gross capital formation; GDP; inflation; domestic private credit; population; interest rate; GDP growth;
    All these keywords.

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F18 - International Economics - - Trade - - - Trade and Environment
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F38 - International Economics - - International Finance - - - International Financial Policy: Financial Transactions Tax; Capital Controls
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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