International Journal of Accounting, Finance and Risk Management

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Foreign Direct Investment (FDI) and Nigerian Economic Growth

Received: 26 December 2018    Accepted: 25 January 2019    Published: 14 March 2019
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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.

DOI 10.11648/j.ijafrm.20190401.12
Published in International Journal of Accounting, Finance and Risk Management (Volume 4, Issue 1, March 2019)
Page(s) 15-23
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Foreign Direct Investment, Gross Domestic Product, Oil Sector and Financial Sector

References
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Author Information
  • Department of Accountancy, Faculty of Management Sciences, Nnamdi Azikiwe University, Awka, Nigeria

  • Department of Accountancy, Faculty of Management Sciences, Nnamdi Azikiwe University, Awka, Nigeria

  • Department of Accountancy, Faculty of Management Sciences, Nnamdi Azikiwe University, Awka, Nigeria

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  • APA Style

    Theophilus Okonkwo Okegbe, Raymond Asika Ezejiofor, Darlington Ifeanyi Ofurum. (2019). Foreign Direct Investment (FDI) and Nigerian Economic Growth. International Journal of Accounting, Finance and Risk Management, 4(1), 15-23. https://doi.org/10.11648/j.ijafrm.20190401.12

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    ACS Style

    Theophilus Okonkwo Okegbe; Raymond Asika Ezejiofor; Darlington Ifeanyi Ofurum. Foreign Direct Investment (FDI) and Nigerian Economic Growth. Int. J. Account. Finance Risk Manag. 2019, 4(1), 15-23. doi: 10.11648/j.ijafrm.20190401.12

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    AMA Style

    Theophilus Okonkwo Okegbe, Raymond Asika Ezejiofor, Darlington Ifeanyi Ofurum. Foreign Direct Investment (FDI) and Nigerian Economic Growth. Int J Account Finance Risk Manag. 2019;4(1):15-23. doi: 10.11648/j.ijafrm.20190401.12

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  • @article{10.11648/j.ijafrm.20190401.12,
      author = {Theophilus Okonkwo Okegbe and Raymond Asika Ezejiofor and Darlington Ifeanyi Ofurum},
      title = {Foreign Direct Investment (FDI) and Nigerian Economic Growth},
      journal = {International Journal of Accounting, Finance and Risk Management},
      volume = {4},
      number = {1},
      pages = {15-23},
      doi = {10.11648/j.ijafrm.20190401.12},
      url = {https://doi.org/10.11648/j.ijafrm.20190401.12},
      eprint = {https://download.sciencepg.com/pdf/10.11648.j.ijafrm.20190401.12},
      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.},
     year = {2019}
    }
    

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  • TY  - JOUR
    T1  - Foreign Direct Investment (FDI) and Nigerian Economic Growth
    AU  - Theophilus Okonkwo Okegbe
    AU  - Raymond Asika Ezejiofor
    AU  - Darlington Ifeanyi Ofurum
    Y1  - 2019/03/14
    PY  - 2019
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    DO  - 10.11648/j.ijafrm.20190401.12
    T2  - International Journal of Accounting, Finance and Risk Management
    JF  - International Journal of Accounting, Finance and Risk Management
    JO  - International Journal of Accounting, Finance and Risk Management
    SP  - 15
    EP  - 23
    PB  - Science Publishing Group
    SN  - 2578-9376
    UR  - https://doi.org/10.11648/j.ijafrm.20190401.12
    AB  - 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.
    VL  - 4
    IS  - 1
    ER  - 

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