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This study examines the nexus between political unrest, insurgent activities, and their detrimental impact on Nigeria's economic prospects and the viability of human livelihoods. These factors have been identified as formidable impediments to foreign direct investment (FDI), posing substantial risks to international business engagements within the nation. Utilizing a dataset spanning from 1990 to 2022, the investigation employs a Vector Auto-regression (VAR) model to dissect the influence of insecurity and political volatility on FDI inflows in Nigeria. The findings elucidate a pronounced and adverse response of FDI to the prevailing terrorism, insurgency, and political instability. Moreover, the analysis reveals inflation as a concurrent challenge that jeopardizes international investment. In response to these findings, the study underscores the imperative of democratic consolidation and the implementation of robust strategies to counteract insurgency and terrorism. Additionally, it advocates for monetary policies aimed at inflation control through judicious regulation of the money supply, alongside stabilization of prices for goods and services critical to the industrial sector and household consumption. [ABSTRACT FROM AUTHOR]

Due to the importance of foreign direct investment (FDI), scholars are always keen to explore FDI determinants and analyze their implications. Nevertheless scholars have proposed mixed viewpoints of FDI and interpreted its determinants differently, which do not contribute to the knowledge advancement and amalgamation of FDI literatures. The current research, therefore, aims to advance the knowledge of FDI determinants in Nigeria through a new investigation on the key determinant factors affecting Nigeria's inward FDI. Data were collected from UNCTAD (1970-2014) and analyzed by auto-regressive distributed lag tests (ARDL). A comprehensive theory-based model was developed accounting for many variables, such as the interest rate, external debt, oil rents, the Gross Domestic Product (GDP) growth rate, trade and exchange rate volatility. The analysis of FDI determinants in the Nigerian economy yielded reliable, robust, and economically meaningful results thereby offering an insight into the driving factors of inward FDI. Findings indicate that the interest rate, external debt, oil rents, and GDP growth are all important determinants, possessing a long-run effect on FDI. Different from the literature, however, trade and exchange rate volatility are barely important to FDI. Several policy implications flow from the findings. From a policy point of view, regarding the GDP growth rate, there should be concerted efforts to boost the performance of the non-oil sector in Nigeria through more investments in the agricultural and industrial sectors making the growth of the economy spread across other sectors and, in turn, encouraging inward FDI in such areas. Countries such as Nigeria, endowed with natural resources, should pursue policies targeted at full deregulation (privatisation) of their natural resource sector to better utilize the abundance of their natural resources thereby attracting additional FDI. Nigeria should also pursue better debt management practices. When debts are acquired, they should be targeted towards future consumption and longer-term investments. Most importantly, as an import-dependent economy, the Nigerian government should also formulate export-driven and appropriate fiscal policies that will stabilize Nigeria's trade relationship with other world economies. The Nigerian government should create the necessary environment that will regulate macroeconomic and specifically monetary policy (interest rate) which is essential for the attraction of FDI inflows into the economy. Finally, Nigeria should ensure that the quality of exportable commodities is improved to enhance international competitiveness. [ABSTRACT FROM AUTHOR]

Many emerging economies, particularly oil-rich countries such as Nigeria, have neglected the key drivers of growth, and consequently resulting in a decline in investment and employment. In the midst of this, the current study sought to examine the extent to which foreign direct investment and oil revenue impact Nigerian economic growth. The estimation was done using ordinary least squares (OLS) techniques, and the Granger causality test was used to determine the direction of causality between FDI, oil revenue, and economic growth using annual time series data from 1991 to 2019. Hence, recognising that annual time series are high-frequency data, all the variables were subjected to OLS assumptions. The empirical findings revealed that FDI and oil revenue significantly impacted growth. Accounting for the impact of economic activities reflected in the role of financial inflow and outflow on economic growth, a significant and positive relationship was found. This implies that international monetary transactions between entities captured in the current account balance are key determinants of growth in Nigeria. Further evidence revealed that variables such as real exchange rate, inflation and interest rates significantly determine economic growth in Nigeria. As such, this finding was further supported by their interactive effects, revealing an inverse and significant influence on economic growth. The Granger causality results show bidirectional causality between oil revenue and growth, as well as between oil revenue and foreign direct investment in Nigeria. The robustness test, which employs GDP per capita and GDP growth as proxies for economic growth, is consistent with empirical evidence. As a result, FDI and oil revenues are important drivers of Nigeria's growth, ceteris paribus. [ABSTRACT FROM AUTHOR]

The growth of manufacturing sector output in Nigeria is currently sluggish, if not stagnant, despite massive inflows of Foreign Direct Investment (FDI) as well as macroeconomic policies initiated by successive Nigerian governments. The study investigated how macroeconomic policies and FDI inflows have impacted on the manufacturing sector in Nigeria. The Augmented Dickey Fuller (ADF) unit root test was adopted to determine the stationary properties of the data, and the order of integration of the variables was tested using the Johansen cointegration test. The impact and interactions of macroeconomic policies on the manufacturing sector are less understood and shallow in the extant literature. The government's macroeconomic policies encourage FDI in the communications and oil sector with a negative impact on the manufacturing sector. This is implicated in inadequate capital investments and technological diffusion. Nonetheless, the study shifts the paradigm in popular arguments that FDI is imperialistic, hence universally exploitative, to a new hypothesis that the failure of the manufacturing sector to tap into FDI and yield desirable growth output is linked to less viable globally competitive macroeconomic policy frameworks in Nigeria. The study therefore recommends that the Nigerian government should review its macroeconomic policies, particularly the monetary and exchange rate, and draw up proactive human capital development plans that can directly contribute to the development of the productive capacity of the country's population. [ABSTRACT FROM AUTHOR]

Foreign direct investment (FDI) has been a significant source of capital needed for manufacturing firm performance in most nations for many years. FDI introduces cutting-edge technological transfer, enhances production methods, boosts competitiveness, and maximizes capacity utilization, resulting in increased output for the manufacturing sector. This study evaluates the impacts of FDI on manufacturing sector's performance in Nigeria. Data were collected, and an autoregressive distributed lags model is employed to analysis the data. The results demonstrated that FDI enhances manufacturing sector performance and that macroeconomic factors have a favorable impact on FDI. A long-run relationship exists between FDI and manufacturing capacity utilization. The relationship between FDI and the performance of the manufacturing sector follows the bidirectional Granger causality. The study recommends that the government to take action to promote trade openness in order to draw in more FDI. [ABSTRACT FROM AUTHOR]

The study investigates empirically the impact of foreign direct investment inflows to firms on firm value in South Africa, Nigeria and Ghana using listed firms. In order to control for any possible endogenity problems in the model, the study adopts a robust System Generalized Method of Moments to investigate the relationship between Foreign Direct Investment (FDI) and firm value (measured using Tobin's Q and ROA) from the period of 2008 to 2019. From the findings, it is established that FDI has a positive significant impact on firm value in all the three countries (South Africa, Nigeria and Ghana). This positive relationship between FDI and firm value in the selected countries can be attributed to; technological transfer, managerial transfer, innovation transfer and skills transfer in favor of the host firms through inflows of FDI. This study does not only serve as a reference work for subsequent investigations into the impact of FDI on firm value in Sub-Saharan Africa, but it also serves as a guide to policy makers on the impact of FDI inflows to firm value in the region. It is one of the pioneering works that comprehensively examines the effect of FDI inflow on firm value among firms in Sub-Saharan African and also controls for endogeneity effects in the panel set. [ABSTRACT FROM AUTHOR]

Purpose: The aim is to examine the long run and short run linear and non-linear impact of foreign direct investment (FDI) inflows on poverty in Nigeria from 1980 to 2019. Design/methodology/approach: The Augmented Dickey Fuller, Phillips Perron and Kwiatkowski-Phillips-Schmidt-Shin unit root tests and bounds test were used to tests the series stationarity and co-integration, respectively. Autoregressive Distributive Lag (ARDL) and non-linear and linear autoregressive Distributive Lag (NARDL) estimators are employed to examine the long run and short run impact of the coefficients of the variables and diagnostic check. Findings: The study finds that the variables are integrated at a level I(0) and the first difference I(I) and co-integrated. The ARDL estimator indicates that FDI significantly reduces poverty in the long and short run. The findings under NARDL shows FDI positive shock and FDI negative shock reduces poverty substantially in the long-short run, respectively. The error correction term is negative and significant. Research limitations/implications: This study is limited to a single country (time series) and less informative compared with the panel data study with much informative and free from hetero-scedasticity. Future studies should consider panel data using a similar or dissimilar approach. Practical implications: FDI inflows stimulate growth, thereby creating job openings, transfer of modern technology and reduce poverty and demonstrate that, if the finding integrated into policy actions, the government would attract FDI inflows for the real sector of the economy. Social implications: FDI inflows lead to environmental degradation if inferior technology is use in the host economy, especially the weak environmental regulations in Nigeria. Originality/value: The authors find no study that applied both ARDL and NARDL estimator, selection of variables measurement and time frame for the study in the context of Nigeria. Peer review: The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-08-2020-0530. [ABSTRACT FROM AUTHOR]

The study investigates the impact of corruption on tourism in Nigeria. The study employs quarterly frequency data spanning from 2002Q1 to 2018Q4. In examining the short- and long-run relationships between corruption and tourism in Nigeria, the study uses the autoregressive distributed lag (ARDL) technique. The findings show that the impact of corruption on tourism is negative in both the long and short-run, while individual income and foreign direct investment, as control variables, have a direct effect on tourism in the two periods. The negative relationship between corruption and tourism lends support to the "sanding the wheels" hypothesis in both the long and short-run. The study recommends that the Nigerian government should adopt corruption-reduction strategies for reducing the negative effect of corruption on tourism in Nigeria. [ABSTRACT FROM AUTHOR]

While examining various variables that could drive industrial development in Nigeria, this study verified the contributions of market size, agricultural output, GDP growth rate, exchange rate, foreign direct investment inflows and trade openness to industrial development via empirical investigation using annual data from 1990 to 2019. The study employed Fully Modified Ordinary Least Squares (FMOLS) alongside Granger causality test to analyse the collected data. It is important to report the following as the pertinent findings that came out of this study; market size, agricultural output, trade openness, GDP growth rate and exchange rate are not strong variables that have the capacity to drive industrial development in Nigeria. This implies that these factors are not drivers of industrial development in Nigeria. However, FDI inflows is a weak driver of industrial development in Nigeria. In another page, the Granger causality results submitted that among all the determining variables paired with industrial development, it is only availability of huge market that is a vital condition for industrial development in the country. In view of the above, the study makes these recommendations for the Nigerian policymakers that industrial development in Nigeria requires the expansion of the country's market size, production of sufficient agricultural product with value addition, expansion of the country's GDP, controlling exchange rate, export promotion and attraction of more inflows of FDI in the country. Therefore, policy measures should be put in place by the Nigerian policymakers to facilitate the implementation of these recommendations in the country. [ABSTRACT FROM AUTHOR]

Nigeria is undoubtedly faced with unstable inflows of FDI at the present time, and that country has continued to contend with rising insecurity and a relatively high level of corruption. We employ the DOLS and ARDL estimation techniques to explore the long-term response of FDI to both insecurity and corruption using quarterly data from Nigeria over the period 1996-2020. A long-term relationship was found amongst insecurity, FDI and corruption (alongside market size, the presence of natural resources, inflation, and exchange rate) based on the bounds testing approach to cointegration. The results point to a long-term significant and positive influence of lower corruption and higher security on FDI. Also, the size of the market, the presence of natural resources and depreciation of the domestic currency have a long-run significant positive influence on inbound FDI, while inflation has a long-term significant and decreasing influence on FDI. Thus, policymakers and government are advised to employ measures to reduce both insecurity and corruption to encourage the inflow of FDI over the long term. [ABSTRACT FROM AUTHOR]

This study investigated whether Foreign Direct Investment (FDI) supported the resource curse hypothesis in Nigeria. The precise methodological contribution was based on the Vector Error Correction and Granger causality test. The finding showed cointegration among the variables, whereas the speed of adjustment was slightly low. Similarly, natural resource to gross domestic product, FDI, and exchange rate unidirectionally Granger cause economic welfare, whereas bidirectional Granger causality is observed between indicators of natural resources to export, trade, and economic welfare. The results clearly indicate that FDI and natural resource management could improve economic wellbeing, although with a cost of volatility in the exchange rate and utilisation of resources. Thus, the study recommends the urgent need for effective and efficient management of the country's natural resources to attract foreign direct investment and generate growth that can contribute meaningfully to the welfare of the citizens. Likewise, there is a need to diversify oil resources to other non-natural resources for the economy to stimulate growth and reduce the vulnerability of the economy to external shocks. [ABSTRACT FROM AUTHOR]

This aim of study is on the nexus between foreign capital inflows and human capital development in Nigeria spanning from 1990 to 2020. This study relied on secondary data which was sourced from the World Development Indicators. Consequently, the FMOLS method was utilized to analyze the data. Based on the findings erupted from this study, trade openness has a negative and significant relationship with human capital development. In the same vein, FDI and portfolio investment have a significant inverse relationship with human capital development in Nigeria. However, official development assistance has a direct relationship with human capital development, the relationship is significant at 10 percent level of significance. And exchange rate has a positive and significant relationship with human capital development. Both external debt and remittances have insignificant positive relationship with human capital development in Nigeria. In a nutshell, the majority of the inflows of foreign capital in Nigeria have a significant and negative relationship with human capital development in this study. Steaming from the above findings, this study recommends that the policymakers in Nigeria should deploy the inflows of foreign capital in the direction of the human development oriented programmes in the country. [ABSTRACT FROM AUTHOR]

The necessity to confirm the effectiveness of ICT tax and FDI to government income from tax in Nigeria. The policy to levy ICT-based enterprises appears to raise firms' tax burdens, however it requires rigorous analysis to determine if this policy should be amended or supported. The purpose of this study is to look into the boost that ICT taxes and FDI inflows have brought to tax revenue collection in Nigeria. The study employs descriptive and inferential statistics, different diagnostic tests, and ordinary least squares techniques to analyze the efficacy of ICT taxes and FDI in increasing general tax income. The analysis shows that ICT tax has a positive and considerable impact on tax revenue, whereas FDI inflows have a somewhat favorable impact but have no effect on tax revenue. The global growth of ICT and the accompanying tax in Nigeria has certain economic and financial ramifications that have not been examined. Several researches on ICT and FDI have been published, however this unusual taxing feature has yet to be explored in the current studies. [ABSTRACT FROM AUTHOR]

It is evident that there is nexus among electricity consumption, foreign direct investment and aggregate economic activity. Unfortunately, the causal relationship among the three variables in Nigeria based on modern econometric methods, recent time-series data and ways that sufficiently cater for inflation and population growth has not been adequately investigated. This study, among other things, used a trivariate vector error correction model, autoregressive distributed lag bounds test for cointegration and Granger causality test to analyse the causal relationship among electricity consumption, foreign direct investment and aggregate economic activity based on time-series data from 1970 to 2018. The study found the presence of neutral causality between electricity consumption and aggregate economic activity in the short run as well as unidirectional causality from aggregate economic activity to electricity consumption in the long run. The study also found the presence of unidirectional causality from foreign direct investment to electricity consumption as well as neutral causality between foreign direct investment and aggregate economic activity in both the short run and the long run. It is therefore recommended that steps should be taken to adequately increase foreign direct investment and aggregate economic activity in ways that will guarantee an optimal increase in electricity consumption in Nigeria. [ABSTRACT FROM AUTHOR]

The public interest in justness, equity and fairness in the use of environmental resources between the present and future generations have raised concern about the current depletion rate of environmental resources in Nigeria. Several socioeconomic factors are involved. Worrisome however is the inflow of foreign direct investment and external debt escalation in recent years in the economy. Importantly, we asked, do they contribute to the depletion of environmental resources in Nigeria? In that, we modelled the implications of growth in FDI and external debt on four cases of environmental resources depletion (forestry, solid minerals, fisheries, and crude oil resources productions). The estimated results suggested that though the depletion rate of environmental resources like crude oil depends largely, over the long run and short run, on the movement in FDI inflow, critical to the level of depletion of the forest is the short run effect of external debt. Furthermore, the depletion level of fisheries responds positively only to a change in FDI with a lag in the short run. In terms of solid minerals, we found a long run impact of external debt. Therefore, provided the impact of a rise in FDI and external debt on the depletion of environmental resources is subject to the particular resource and time in Nigeria, selective policies based on the FDI and external debt management is appropriately adequate to control the level of depletion of environmental resources in Nigeria for the benefit of the future generation. [ABSTRACT FROM AUTHOR]

The study analyzed the response of agricultural growth to foreign direct investment and public agricultural spending from 1980 to 2018. Data were collected from secondary sources and analyzed using Johansen Co integration, Vector Error correction model and Monte Carlo Simulation. The result showed that foreign direct investment and public agricultural spending increased agricultural production in the long but decreased it in the short run. The study concluded that an increase in foreign direct investment and an increase in public agricultural spending (scenario 3) provided the best alternative for the sustainability of agricultural growth in Nigeria. It was recommended friendly business policies should be made to attract more foreign direct investment into the country and the issues of insecurity and infrastructures should be handled for meaningful and sustainable FDI to be attracted into Nigeria. [ABSTRACT FROM AUTHOR]

This study examined the relationship between FDI inflows and poverty reduction vis-à-vis Human Development Index in which majority of past studies have not fully explored in Nigeria. Data were extracted from secondary sources with application of ARDL and Bounds test technique. The major findings that came up in this study are as follows; FDI net inflows had an insignificant negative relationship with GDP per capita that measures welfare of the people in terms of the socio-economic benefits in Nigeria. Similarly, net FDI inflows had a negative but insignificant relationship with literacy rate, which measures welfare of the people in terms of educational attainment. Whereas, net FDI inflows had an insignificant positive relationship with life expectancy which measures welfare of the people in terms of health. Consequently, steaming from the principal findings that emerged in this work, the following recommendations are therefore made for the policy makers in Nigeria. When the Nigerian policy makers want to address poverty holistically in the country, the human development variables should be targeted. Also, policy measures that would stimulate FDI inflows into the country should be encouraged, and FDI inflows in the country should be utilized maximally in order to bring poverty reduction in the country in the short run. [ABSTRACT FROM AUTHOR]

Studies have shown that factors like trade, urbanization, and economic growth may increase the ecological footprint (EFP) since ecological distortions are mainly human-induced. Therefore, this study explores the effect of economic growth and urbanization on the EFP, accounting for foreign direct investment and trade in Nigeria, using data from 1977 to 2016. This study used the EFP variable as against the CO2 emissions used in the previous studies since the former is a more comprehensive and extensive measure of environmental quality. We apply the novel dynamic autoregressive distributed lag (ARDL) simulations for model estimation, the Bayer and Hanck J Time Ser Anal 34: 83–95, (2013) combined cointegration, and the ARDL bounds test for cointegration. Although the results affirmed the presence of long-run relationship among the variables, economic growth deteriorates the environment in the short run, while urbanization exacts no harmful impact. In the long run, FDI and trade deteriorate the environment while economic growth adds to environmental quality. It is recommended that policymakers strengthen the existing environmental regulations to curtail harmful trade and provide rural infrastructures to abate urban anomaly. [ABSTRACT FROM AUTHOR]

This study evaluates the impact of COVID-19 pandemic on oil price, exchange rate and stock market performance, and the implications for Transnational Corporations (TNCs) and Foreign Direct Investment (FDI) inflow in Nigeria. The study used daily data over the period 1 Decebber 2019 to 31 May 2020. The study employed descriptive and causality techniques. The study observed that COVID-19 had adverse effects on oil price, exchange rate and stock market performance in Nigeria. Also, the study observed that COVID-19 had more impact on oil price, exchange rate and stock market performance than the 2009 and 2016 global recessions. The causality estimate showed that oil price had significant influence on exchange rate and stock market performance while exchange rate significantly influenced stock market performance. The study concluded that impact of COVID-19 pandemic on oil price, exchange rate and stock market performance had implications for TNCs and FDI inflow in Nigeria. [ABSTRACT FROM AUTHOR]

This study aims at examining the contributions of the different components of foreign capital inflows in driving one of the key goals of sustainable development-poverty reduction in Nigeria. In achieving the objective of this study, annual data between 1990 and 2019 were utilized with the application of FMOLS and Granger causality technique of estimation. The findings of this research work are as follows; firstly, foreign capital inflows and poverty reduction have a long run equilibrium relationship in Nigeria. Furthermore, there is a unidirectional causality flowing from poverty reduction to foreign direct investment. Poverty reduction Granger causes foreign portfolio investment. Also, feedback relationship exists between poverty reduction and remittances. This implies that poverty reduction is a strong factor causing the inflows of foreign capital such as FDI, FPI and remittances in Nigeria. Moreover, the majority of the components of foreign capital inflows such as FDI, FPI and remittances contributed immensely to the reduction of poverty in Nigeria. This implies that foreign capital inflows have the capacity to propel the achievement of Sustainable Development Goal one - poverty reduction in Nigeria. Therefore, this study makes the following recommendations for the policymakers in Nigeria and by extension Africa that, any time these policymakers set to achieve Sustainable Development Goal one i.e poverty reduction, foreign capital inflows such as remittances, foreign portfolio investment, FDI and external debt should be given priority in their country. And such, the policy that facilitates the sporadic inflows of these variables should be embarked upon by the Nigerian policymakers in particular and African policymakers in general. [ABSTRACT FROM AUTHOR]

In the globalized world with intense competition, emerging markets have attempted to attract more foreign private capital to bridge the dual gap and ultimately achieve their developmental goals. Against this backdrop, it has become imperative to ascertain the drivers of these inflows. This study advances the international private capital flows literature by empirically identifying the drivers of both foreign direct investment (FDI) and foreign private investment (FPI) inflows in Nigeria between 1986 and 2017. To achieve this objective, we employed the ARDL bounds test for cointegration. The estimated model revealed counts of the number of significant push and pull factors influencing the flows of FDI to Nigeria in the short run. The findings further revealed that countryspecific factors seem to be much more important than global factors in explaining the dynamics of FPI inflows to Nigeria both in the short-run and long-run. The policy inference of this study is that Nigerian policymakers should embrace a more open approach to international economic integration, combined with a proactive macroeconomic policy measure to managing the risks associated with volatile foreign private capital flows. [ABSTRACT FROM AUTHOR]

Achieving high volume of FDI inflow is key to attaining economic growth in the host economy because FDI inflow is observed as a factor that play a complementary role to the domestic resource to help generate the desired growth Kinda (2013). Recently, the Nigeria economy suffered setback in attracting FDI inflow which is presumed to be in connection to the fall in oil price and the economic recession considering the fact that Nigeria is an oil-driven economy (UNCTAD 2018). Thus, this study mainly seeks to investigate the determinants of FDI inflow to Nigeria within the time frame from 1970 to 2018 to ascertain the empirical reality of this presumption. The empirical analysis begins with stationarity test using the traditional ADF and PP tests which revealed a mixed order of integration. This informed the adoption of the dynamic ARDL bound test for the purpose of analyzing the relationship between the series. The findings show that trade openness exerts positive and significant impact on FDI inflow implying that trade openness is a key determinant of FDI inflow into the economy. A 1% improvement in trade openness will cause a drastic increase in FDI inflow by about 0.609% (P>0.0762) and 0.830% (P>0.0679) in both short and long run. Similarly, oil price was found to positively influence FDI inflow into the economy. In contrast, the finding revealed that economic recession plays anti-growth in FDI inflow. A 1% change in recession will discourage FDI inflow by 0.011% (P>0.9886) and 0.015 (P>0.9886) in both short run and long run, similar to the impact of economic growth on FDI inflow. Thus, this study suggests sound economic planning coupled with strong management institution as way of achieve stable macroeconomic environment for investment purpose in addition to economic diversification which will help diversify FDI inflow too. [ABSTRACT FROM AUTHOR]

Following the global alertness and consciousness over the increasing warming and heating on the ground of climate change, over 200 countries including Nigeria have committed themselves in reducing this global phenomenon. Nigeria being among the countries placed with individual country's task and also known as a one-economy operating county because of its oil and gas gifting is subject to investigation of its efforts and result in decarburization of its economy and environment. The oil and gas sector of Nigeria has been identified as the major sector where the heavy utilization of energy is centered on through mining and exploration activities of these foreign companies who have investments and stakes in the main stream sector. This is the major reason of adopting FDI as a major variable to test the performance of the environmental condition of the country. To effectively carry this research, the authors, adopt, cointegration test and the linear ARDL test to unveil the true picture of the foreign investors impact on carbon emission reduction. Among the findings is the positive but not significant interaction between economic growth and carbon emission which infers the capability of the economic operation to initiate the degradation in the environment via pollutant emission. Energy use depicts inducement to carbon emission with positive association with carbon emission. FDI established both negative and positive relationship with carbon emission at initial stage and lag 1 respectively. All the variables point towards carbon emission increase in the country which call for serious attention towards decarburization of the country to fall in line with the agreed policy of Paris formation. [ABSTRACT FROM AUTHOR]

The paper examines the effect of FDI and its interaction with trade openness on income inequality in Nigeria. In doing this, the DOLS estimator is employed to analyse annual time series data covering the period from 1981 to 2015. The study finds that FDI inflows positively affect income inequality. However, the interaction between FDI and trade openness negatively affects income inequality suggesting that greater openness of the economy to international trade would engender reduction of income inequality caused by FDI in the country. Further evidence from the study are that financial system development and economic development are crucial for reduction of income inequality in the country. Based on these, it is recommended that barrier to flow of trade should be cautiously relaxed, the financial system should be developed and effort should be made by the government to set the economy on the path of sustainable development. [ABSTRACT FROM AUTHOR]

This study examined the nexus between the inflows of FDI and exports of crude oil in Nigeria. Data were collected over the period of 1990 to 2018 from the UNCTAD Investment Reports and the Central Bank of Nigeria respectively. Dynamic Ordinary Least Square (DOLS) and Granger causality were consequently adopted in estimating the objective of this study. It is imperative to summarize the major findings in this study as follows; FDI inflows had a significant positive impact on oil exports in Nigeria. The relationship between FDI inflows and exchange rate was positive but insignificant. Meanwhile, FDI inflows and inflation rate have insignificant negative relationship. In addition, these findings in this study motivated the following recommendation in Nigeria, that policy measures that would stabilize oil exports, exchange rate and inflation rate should be embarked upon by the policy makers in Nigeria in order to induce the inflows of FDI accordingly in the long run. [ABSTRACT FROM AUTHOR]

This research work aims at investigating the critical macroeconomic variables that determine the inflows of FDI in Nigeria over the period of 1990 to 2017 which past studies have not fully explored. Consequently, the study utilized data from UNCTAD, World Bank database and CBN Statistical Bulletin and the Autoregressive Distributed Lag (ARDL) model was used to address the objective of this study. The study came up with following findings as summarized thus; the principal determinants of FDI inflows in Nigeria are the past FDI inflows, market size, exchange rate and growth rate. These macroeconomic variables have a positive and significant impact in driving FDI inflows in Nigeria. However, the inflation rate discourages FDI inflows in the country. Moreover, based on these findings, it is important for this paper to make the following recommendations for both the policy makers and the investors in Nigeria. The policy makers in the country should be committed towards policy measures that will ensure the continuous expansion of the country’s market size, double digits growth rate and exchange rate stability. In the same vein, the policy measures that would address inflation rate problem on FDI inflows in the country should be put in place by the policy makers in Nigeria. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to empirically explore the asymmetric relationship between corruption control and foreign direct investment (FDI) in Nigeria. Design/methodology/approach: The study utilized the non-linear autoregressive distributed lag (NARDL) bounds test technique for the time-series analysis covering the period 1984-2017. Findings: The findings reveal that corruption inhibits FDI inflow and corruption control has asymmetric effects on FDI inflow to Nigeria. The coefficient of positive shock or changes in respect of corruption control is positive as well as statistically significant during the long run, while the coefficient of negative shock is negative, but statistically insignificant. This implies that improvement in corruption control encourages inflow of FDI to the country, whereas a decrease in corruption control has an insignificant effect. Practical implications: Nigeria needs to intensify its corruption control efforts to effectively enhance the conduciveness as well as attractiveness of its business operating environment for FDI inflow. Originality/value: This paper is among the first to use time-series analytical process to empirically verify the asymmetric association of corruption control and FDI inflow in Nigeria. In this regard, the insight generated by outcomes of the study will enable specific inferences to be drawn from the empirical findings by policy makers, academic researchers and business practitioners. [ABSTRACT FROM AUTHOR]

The aim of this study is to examine whether FDI inflow is a market seeking in the African largest economy in which majority of the past studies have not fully explored. FDI Data and other macroeconomic data were collected from UNCTAD investment report and WDI respectively. ARDL and Bound test techniques were used to address the objective this study. Consequently, the findings that originated from this work established the following among others that the principal determinants of FDI inflows in Nigeria are past FDI inflows and growth rate of the economy. Meanwhile, openness of the economy is a minor determinant of FDI inflows in the country. However, market size is a minor factor that discourages FDI inflows in Nigeria. This implies that FDI inflow in Nigeria is not market seeking. Furthermore, due to these important findings, this paper makes the following recommendations for the policy makers, investors, financial institutions regulators and future researchers as follows: firstly, if the goal of the policy makers in Nigeria is to attract more FDI inflows, the country should be committed to the continuous expansion of its market size, liberalizing its economy and ensuring double digits growth rate in the country. [ABSTRACT FROM AUTHOR]

The aim of this study is to examine the long run equilibrium relationship between official development assistant and poverty alleviation in Nigeria over the period of 1981 to 2017 which past studies have failed to explore. Consequently, the study utilized data from UNCTAD, World Bank database, CBN Statistical Bulletin and Cointegration, DOLS and Granger Causality approach was used to address the objective of this study. However, the major findings in this study are summarized as follows. Firstly, there is a significant negative relationship between official development assistance and poverty level in Nigeria. However, FDI which also constitutes a strategic part of foreign capital in Nigeria does not contribute to poverty alleviation in Nigeria. Furthermore, official development assistance and poverty level in Nigeria have a bidirectional feedback. Due to the findings that emerged from this study, the following recommendations are made for the policy makers that whenever alleviation of poverty is the target of the policy makers in the country, the Nigerian government should be committed to the provision of a sound environment and good governance that can facilitate further inflows of official development assistance from the developed countries, especially G 7 countries. Also, the policy makers in Nigeria should ensure that ODA should be tailored towards projects and programs that have trickle down effects on the masses in the country. [ABSTRACT FROM AUTHOR]

The study examines the short run and the long run effects of public debt (disaggregated into external and domestic debt) and FDI on economic growth in Nigeria using the Bounds test approach to cointegration and error correction analysis. The short run causal relationships among public debt, FDI and economic growth in the country are also examined using the Toda-Yamamoto's approach to Granger non-causality test. Annual time series data spanning the period from 1981 to 2016 are utilized for the analysis. The study finds significant negative effect of domestic debt on economic growth in Nigeria in the short run and in the long run. It also finds the growth effect of external debt to be non-significant in the short run, but positive and significant in the long run. The growth effects of FDI on economic growth are found to be non-significant in the long run and in the short run. Further evidence from the study is that trade openness negatively affects economic growth in the short run, while its long run effect is also negative, but not statistically significant. The Toda-Yamamota test for Granger causality found unidirectional causation running only from domestic debt to economic growth. In view of the empirical evidence, the study proffers as recommendations for policy consideration efforts by the government to enhance the credit worthiness of the country so as to be able to access external loans for financing of long-run growth. It further recommends some degree of restrictions on imports (especially of consumption goods) as a measure to enhance the country's long run growth. [ABSTRACT FROM AUTHOR]

This study majorly aims at investigating the impact of government expenditure on economic growth by controlling FDI inflow as additional variable for the timeframe from 1981 to 2016. The inclusion of FDI inflow in the model become imperative because government spending policies especially in areas such as infrastructure play significant role in attracting potential investors (inflow of FDI) as closely linked to the work of Cristina, (2012) and Adeoye, (2007). Thus, the linear combination of these key macroeconomic variables is expected to drive economic growth appropriately. The traditional ADF and PP unit root tests were employed for the stationarity tests of the series in which both show a mixed order of I(1) and I(0). The dynamic ARDL test found that the variables in view equate in the long term at the speed of 30% and at 1% level of freedom. The findings further show that government expenditure asserts significant positive impact on economic growth both in the short-long run, while FDI effect is positive but insignificant in both terms. Furthermore, the pairwise granger causality revealed a unidirectional link which flows from economic growth to government expenditure in support of the Wagner's law for the Nigeria economy, and a one way feedback from FDI to government expenditure, while a divergent interaction was revealed between FDI and economic growth. This study therefore suggests a possible way out which is to pursuit a strong and disciplined fiscal policy where her hard earned resources would be channel majorly to the productive sector with high returns and to ensure close monitoring. Finally, this study suggests that government should first focus on improving the absorptive capacity of the economy which will help trigger the spillover effects of FDI inflow into productive gains. [ABSTRACT FROM AUTHOR]

Foreign direct investment (FDI) is an investment geared towards controlling ownership in a business enterprise in domestic country by an entity based in a foreign country. It is one of the major sources of capital inflows to developing countries, from the resource surplus countries and among developing countries themselves, and has been widely considered to be important in contributing to growth in productivity in the receiving country. FDI is vital to any economy, it augments domestic investment. Developing sub-Saharan African (SSA) countries and especially Nigeria has been a major beneficiary of technological spill overs, job creation, improved managerial skills and other benefits from these inflows. The fluctuation of exchange rate can lead to currency depreciation or appreciation. When exchange rate appreciates, it causes the cost of production to rise in a country's economy, and this will lead to low and volatile FDI. Poverty, high inequality and underdevelopment also will ensue with the attendant huge deficit that will be recorded in the domestic country's balance of trade and of payment. [ABSTRACT FROM AUTHOR]

This study examines the influence of exchange rate volatility on foreign direct investment flows to the Nigeria economy. The study employs the ARCH, GARCH and EC models to analyze time series data for the period 1970 to 2016. The study established the stationarity of the data series and carried out the cointegration tests. The result of the study reveals that exchange rate volatility tends to persist throughout the study period. The findings of the study established empirical evidence to support the views that exchange rate volatility has a negative and significant influence on foreign direct investment inflows to Nigeria. The study demonstrates that increase in inflation exerts a negative effect on foreign direct investment inflows to Nigeria. The results of the analysis revealed that trade openness and interest rate have a positive influence on FDI in Nigeria. Thus, it is important for the government to muster the political will with efforts to create a stable environment to boost domestic production of export commodities and investment inflows. In addition, it is imperative for the government through its regulatory agencies to pursue a sound exchange rate regime with good policies and programs that would encourage investments in the economy. [ABSTRACT FROM AUTHOR]

Econometrically, we analyzed role of selected African stock exchanges in welcoming FDI inflows by estimating time-varying factor augmented vector auto-regression (FAVAR) model for 2006:Q1 to 2017:Q4. Our results support FDI being massively influenced by movements in two stock market predictors namely, stock market's size, that is, total market value of stock market's listed shares calculated by multiplying a stock market's shares listed by current market price of one share and stock market liquidity which is total value of traded shares relative to the size of the economy. By empirical inference, African stock exchanges exhibit inordinate turnover ratio and so these markets are exceedingly liquid. Particularly, transactions at stock exchange are significant indicators for foreign investors and total market value of listed shares in stock markets is linked positively with FDI inflow into Africa. The empirical finding is that viable African stock exchanges are attractive indicator of market concentration and high investment profile in Africa. The study so remarked the requisite to advance the stock exchange in order to boost funds accumulation for investment drive. Also, African governments should project and implement stock market-friendly procedures acceptable to maximize welfares of spillover effects of FDI. [ABSTRACT FROM AUTHOR]

The research examined the effect of international business on SMEs growth in a competitive environment, particularly Nigeria. The secondary data were gathered from the Nigerian Bureau of Statistics and the Central Bank of Nigeria (CBN) annual report. This study adopted ordinary least square method of data analyses. The finding revealed that trade openness as a measure of competitiveness and FDI has no significant effect on SMEs growth in Nigeria. It was also revealed that the exchange rate has a significant effect on SMEs growth in Nigeria, and the level at which exchange rate affects SMEs growth is relatively high. It was further showed that the exchange rate has a negative coefficient indicating that, as the exchange rate reduces SMEs growth increases. It is concluded that trade competitiveness had no significant effect on SMEs growth in Nigeria. It is therefore recommended that government should formulate policies, which will encourage the reduction of exchange rate in the country in order to enhance competition and improve business activities across the country, and improve the growth of SMEs across the country, as well as encouraging entrepreneurship spirit in the country. [ABSTRACT FROM AUTHOR]

Corruption as one of major factors which have slow down economic growth and development in Nigeria has also deterred political and economic reforms which have undermined efforts to improve the living standards of Nigerians and to foster democratic governance. It is evident that the majority of Nigerians see corruption as a serious problem today and most public agencies are rated low in terms of honesty and integrity. Consequently, the factors that drive corruption become pertinent. So, this study examined the effect of corruption on economic growth in Nigeria using fully modified OLS regression technique. Our empirical analysis confirms that in the long run, corruption is negatively related to economic growth which retards economic growth directly and indirectly by increasing poverty and restricting investment. The study recommends among other strategies the implementation of stiff penalties such as stringent punishment for those convicted of corrupt acts in our law courts, promotion of poverty reduction programmes and an enabling environment for inward investments. [ABSTRACT FROM AUTHOR]

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Foreign Direct Investment (FDI) has been affecting global business affairs for decades. A country, whether developed or developing, necessitates more FDI entry than other countries because the FDI inflow may bring certain advantages such as capital accumulation, knowledge, know-how transfer, and obtainment of updated technology. Thus, the entry of FDI into a host country is expected to reveal positive aftermaths. The objective of this study is to analyze the impact of FDI entry into Nigeria and Turkey for the years 1970–2012 by using econometric methods such as VAR, VECM, unit root test, cointegration test, causality test, impulse-response functions, and variance decomposition. As a result, it was estimated that there is no positive impact of FDI entry on economic growth in Nigeria and in Turkey. [ABSTRACT FROM AUTHOR]

The paper argues that the rise of China may well be the most significant trend today redefining the geopolitics of Asia and the world beyond. However,economic,political,and security cooperation between China and Nigeria has grown exponentially in the last decades,presenting new opportunities and challenges for Nigeria and Africa as whole. Essentially,this significant development about China has been linked to its "opening-up policy,"which has taken effect since the 1980s. The contemporary waves of diplomatic relations between China and Nigeria appear to be mutually beneficial to a reasonable extent. China views Nigeria as a gateway to the West African region,which has become a key focus of China's trade and economic strategy in Africa. More interestingly,the past four decades have been a critical period for Chinese people to seek harmonious,scientific,and sustainable development at home and strengthen cooperation and embrace globalization with the outside world. Nigeria,like many other African countries, has gratitude in counting China as one of its friends in the global village. The year 2013 marks the 42 nd anniversary of the establishment of diplomatic relations between the People's Republic of China and the Federal Republic of Nigeria. These bilateral ties have witnessed sustained,rapid and unprecedented development. Based on the principles of equality and mutual benefit,respect and trust,especially under the framework of the Forum on China-Africa Cooperation known as FOCAC,China and Nigeria have enjoyed fruitful cooperation in economy,trade, investment, human resources development, and cultural exchanges and coordination in international affairs. This study looks into this great relationship and tries to outline the path that leads into the future. [ABSTRACT FROM AUTHOR]

The paper investigates the impact of foreign direct investment (FDI) on economic growth in Nigeria, for the period 1970–2001. The ECM results show that both private capital and lagged foreign capital have small, and not a statistically significant effect, on the economic growth. The results seem to support the argument that extractive FDI might not be growth enhancing as much as manufacturing FDI. In addition, the results show that export has a positive and statistically significant effect on growth. Financial development measured as M2/GDP ratio has significant negative effect on growth, which might be due to high capital flight it generates. Finally, the results show that labour force and human capital have significant positive effect on growth. These findings suggest the need for labour force expansion and education policy to raise the stock of human capital in the country. [Copyright &y& Elsevier]