Influence of Foreign Direct Investment on Economic Growth in Nigeria (1989- 2019) (Published)
The aim of this study is to determine the Influence of Foreign Direct Investment in Economic Growth and Deployment of Nigeria. The study employed Ordinary Least Square (OLS) method of estimation using multiple regression analysis. The data generated for this study comprises of Foreign Direct Investment (FDI), Real Gross Domestic Product (RGDP) and Exchange Rate (EXR). The data was sourced from Central Bank of Nigeria statistical bulletin spanning the period of 1989-2019 (30years). We found that FDI has positive and significant influence on real economic growth. EXR also has positive and significant impact on economic growth in Nigeria. Results also showed that the overall regression is significant at 5% level of significance given that the F-statistic is 0.0000 which is less than 0.05. Based on the results, the study recommends an improvement in the level of institutional development on which the inflow of FDI is based. The study also recommends that government should as a matter of urgency takes appropriate measures in order to stabilize the exchange rate that may attract more investors in the country for desired economic growth and Development.
Keywords: Foreign Direct Investment, Real Gross Domestic Product, exchange rate and economic growth.