Reference code: c022
ABSTRACT
The study examined the extent to which Foreign Investment affects or determines the Economic Growth of Nigeria for the period covering 1979 -2011. A number of models were specified to determine the impact of foreign investment on gross domestic product and domestic investment. While foreign direct investment and foreign portfolio investment were specified as the predictor variables, direct investment and gross domestic investment were used as the outcome variables. The research estimated the specified models using the ordinary least squares method applied on time series annual data collected from the central bank of Nigeria statistical bulletin, 2012 edition. The results garnered from the data analyses indicated among other things that: foreign direct investment was positively and significantly related to both gross domestic product and direct investment. Although foreign portfolio investment was also positively related to gross domestic product and direct investment, its impact in both cases were not statistically significant. Given the above findings, the following recommendations were made: government and policy makers should encourage greater inflow of foreign investment by providing investment incentives in the area of reduced taxes and removal of bureaucratic bottlenecks for setting up and operating foreign businesses in the country. Finally, the government should also provide basic economic and social infrastructure in order to reduce the operating costs of doing business as well as provide being proactive in dealing with the challenges of operating in an ever changing global environment.
INTRODUCTION
............... In most developing countries, there is need to attract a flow of net inward foreign investment in some form and for an extended period as a supplement to domestic savings during the process of development. Thus, a nation must be able to generate inflows of foreign funds in the form of direct investment, traditional private and official portfolio investment, modern portfolio investment or Official Development Assistance (ODA) to supplement its sustainable development initiatives. In the absence of a substantial increase in Official Development Assistance and other subsidized flows, the flow of private capital from the industrialized countries is perceived by the developing countries as the next best source to fill in the savings gap.
To this end, foreign investment (private) has become a subject of great interest especially to developing countries. This interest has been renewed in recent years for a number of reasons. First is the rapid growth in global foreign investment in the last two decades, and the possibility offered by foreign investment for channeling resources to developing countries that are in dire need of such resources. Other reasons advanced by pundits on why economic and political leaders in developing countries are so enamored to foreign investment include among other things; that bringing in capital and foreign exchange, foreign investors help in filling the savings and foreign exchange gap in order to achieve the goal of economic development in developing countries. In addition to the above, foreign investment also comes to developing countries bundled with managerial, administrative and technical personnel, new technology, research and innovation in products and better production techniques which are needed in developing countries.
In view of the perceived gains as enumerated above that can accrue to countries that are able to attract a high level of foreign investment, it is understandable why developing countries all over the world are devising new policies that are aimed specifically at attracting more foreign investment.
Blomstrom and Kokko (2003) are of the opinion that the attitudes towards foreign direct investment has changed considerably over the years as most countries have liberalized their economic policies to attract investments from foreign multinational corporations. This attitudinal change towards foreign investment they add stems from the expectation that foreign multinational corporations will raise employment, exports and tax revenue and also that some of the knowledge brought by foreign companies will spill-over into domestic firms in the local economy. ...............
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CHAPTER ONE: INTRODUCTION
1.11 BACKGROUND OF THE STUDY
1.12 STATEMENT OF THE PROBLEM
1.13 PURPOSE OF THE STUDY
1.14 RESEARCH QUESTIONS
1.15 RESEARCH HYPOTHESES
1.16 SIGNIFICANCE OF THE STUDY
1.17 DEFINITION OF TERMS
1.18 LIMITATIONS OF THE STUDY
1.19 SCOPE OF THE STUDY
1.20 ORGANIZATION OF THE STUDY
REFERENCES
CHAPTER TWO: REVIEW OF RELATED LITERATURE
2.0 INTRODUCTION
2.1 THEORETICAL FRAMEWORK
2.2 CONCEPTUAL CLARIFICATION 21
2.3 REGULATORY ENVIRONMENT OF FOREIGN INVESTMENT IN NIG
2.4 INSTITUTIONAL ARRANGEMENT FOR FDI PROMOTION IN NIG
2.5 SPECIFIC GOVT MEASURES TO ATTRACT FOREIGN INVESTMENT
2.5.1 Entry and Establishment of FDI
2.5.2 Funds Transfer
2.5.3 Dispute Settlement
2.5.4 Taxation
2.5.5 Labour
2.6 STRUCTURE AND TREND OF FOREIGN INVESTMENT IN NIG.
2.7 FOREIGN INVESTMENT AND THE NIGERIAN ECONOMY
2.7.1 The Oil Industry
2.7.2 The Manufacturing Sector
2.7.3 The Services Sector
Telecommunications Sub-sector
Power Sub-sector
Transport Sub-sector
2.9 REVIEW OF EMPIRICAL EVIDENCE
REFERENCES
CHAPTER THREE: RESEARCH METHODOLOGY
3.0 INTRODUCTION
3.1 RESEARCH DESIGN
3.2 SAMPLE PROCEDURE AND DATA COLLECTION METHOD
3.3 OPERATIONAL MEASURES OF VARIABLES
3.4 DATA ANALYSES TECHNIQUES
REFERENCES
CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS
4.0 INTRODUCTION
4.1 DATA PRESENTATION
4.1.1 SUMMARY OF RESULTS
4.2 DATA ANALYSES AND INTERPRETATION
4.3 HYPOTHESES TESTING
HYPOTHESIS ONE
HYPOTHESIS TWO
HYPOTHESIS THREE
HYPOTHESIS FOUR
HYPOTHESIS FIVE
HYPOTHESIS SIX
CHAPTER FIVE: SUMMARY, CONCLUSIONS AND RECOMMENDATIONS
5.1 SUMMARY AND DISCUSSION OF FINDINGS
5.2 CONCLUSIONS
5.3 RECOMMENDATIONS
BIBLIOGRAPHY
APPENDICES
Reference code: c022
Reference code: c022
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119 Pages
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