Volume 4, Issue 1, March 2019, Page: 15-23
Foreign Direct Investment (FDI) and Nigerian Economic Growth
Theophilus Okonkwo Okegbe, Department of Accountancy, Faculty of Management Sciences, Nnamdi Azikiwe University, Awka, Nigeria
Raymond Asika Ezejiofor, Department of Accountancy, Faculty of Management Sciences, Nnamdi Azikiwe University, Awka, Nigeria
Darlington Ifeanyi Ofurum, Department of Accountancy, Faculty of Management Sciences, Nnamdi Azikiwe University, Awka, Nigeria
Received: Dec. 26, 2018;       Accepted: Jan. 25, 2019;       Published: Mar. 14, 2019
DOI: 10.11648/j.ijafrm.20190401.12      View  191      Downloads  64
Abstract
This study evaluated the extent to which Foreign Direct Investment (FDI) has contributed to the Gross Domestic Product (GDP) in Nigeria from 2000 to 2017. In the course of this study, three hypotheses were formulated in line with the objectives of the study. Ex-Post Facto research design was employed for the study. Regression analysis technique was adopted with the aid of E-view version 9.0 in testing the hypotheses. The study revealed that foreign direct investment on financial sector has positive and significantly affected Gross Domestic Product in Nigeria. It also showed that Foreign Direct Investment on oil sector has positive and significantly affected Gross Domestic Product in Nigeria. Another finding is that Foreign Direct Investment on non-oil sector has positive and significantly affected Gross Domestic Product in Nigeria. the study therefore conclude that inflow of FDI into the Nigerian economy for the stipulated period this research was carried out (2000-2017), showed that FDI was a major contributor to economic growth of the nation Based on the findings, the researcher recommended among other things that Policy makers should devise strategies to increase the FDI on financial sector and offer incentive for long investing and listing on the stock market so that the main objective of the government to stimulate growth will be fulfilled.
Keywords
Foreign Direct Investment, Gross Domestic Product, Oil Sector and Financial Sector
To cite this article
Theophilus Okonkwo Okegbe, Raymond Asika Ezejiofor, Darlington Ifeanyi Ofurum, Foreign Direct Investment (FDI) and Nigerian Economic Growth, International Journal of Accounting, Finance and Risk Management. Vol. 4, No. 1, 2019, pp. 15-23. doi: 10.11648/j.ijafrm.20190401.12
Copyright
Copyright © 2019 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/) which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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