THE DETERMINANTS OF FOREIGN PRIVATE INVESTMENT IN THE NIGERIAN ECONOMY (1970-2008)

THE DETERMINANTS OF FOREIGN PRIVATE INVESTMENT IN THE NIGERIAN ECONOMY (1970-2008)

ABSTRACT

The focus of this research work is to carry out an empirical study of the determinants of foreign private investment in Nigerian economy spanny from 1970-2008. Variables like Real Foreign Private Investment (RFPI), Interest Rate (INTR), Inflation Rate (INFR), Exchange Rate (EXR) and Real Gross Domestic Product (RGDP) were used for the study. The data employed in the study is secondary data from Central Bank Statistical Bulletin, Golden Jubilee 2010. In other to achieve the objectives of the study, the vector Autoregression model approach was used. The study revealed that there is positive correlation between the variables i.e. interest rate, inflation rate, exchange rate and real gross domestic product on foreign private investment in Nigerian economy, but area to be strengthen the more to contribute or encourage foreign private investment in Nigeria. Based on the findings of this study, the study recommended among others that; the macro-environment should be strengthened. Socio-political instability should be addressed and policies towards enhancing the determinants of foreign private investment should be pursued in the Nigerian economy.


TABLE OF CONTENTS

Title Page

Certification

Dedication

Acknowledgements

Abstract

Table of Contents

CHAPTER ONE

INTRODUCTION

  • Background to the Study
  • Statement of the Problem
  • Objectives of the Study
  • Research Questions
  • Research Hypotheses
  • Justification of the Study
  • Scope of the Study

CHAPTER TWO

LITERATURE REVIEW AND THEORETICAL FRAMEWORK

  • Introduction
  • Conceptual Clarification
    • Exchange Rate and Economic Growth
    • Interest Rate and Economic Growth
    • Inflation Rate and Economic Growth
    • Gross Domestic Product and Economic Growth
  • The Determinants of Foreign Private Investment
  • Theoretical Framework
    • Theory of Accelerator Principles
    • Theory of Capital Flows
  • Review of Empirical Findings
  • Summary of Literature Review

CHAPTER THREE

METHODOLOGY

  • Introduction 20
  • Model Specification
  • Identification and Choice of Variables
  • Apriori Expectation
  • Estimation Techniques
    • Stationarity Test
    • Co-Integration Regression and Vector Error Correction Model
    • Impulse-Response Function
    • Variance Decomposition
  • Sources of Data

CHAPTER FOUR

RESULTS AND DISCUSSION

  • Introduction
  • Presentation of Data
  • Presentation and Interpretation of Results
    • Policy and Sensitivity Analyses
    • Correlation Matrix of Selected Variables
    • Co-Integration test and Results
    • Vector Autoregression (VAR) Results
    • Pairwise Granger Causality Test Results
    • Impulse-Response Function Results
    • Variance Decomposition
  • Discussion of Findings

CHAPTER FIVE

SUMMARY, CONCLUSION AND RECOMMENDATIONS

  • Summary
  • Conclusion
  • Recommendations

References

Appendix I

Appendix II

 

 

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