Foreign Direct Investment in Nigeria: Examining the Statutory Reach (Published)
A fundamental shift in economic policy in Nigeria is the focus on a market driven economy and the diversification of the revenue source expressed in the quest and solicitation for foreign direct investment (FDI) and entails a private sector-led growth strategy with foreign investors as its focal target. In order to attract the necessary foreign investments, Nigeria has increased efforts at liberalizing foreign investment entry through policies and statutes to reinvigorate the investment architecture. This paper examines the statutory framework for FDI to ascertain if the depth and pith inures for a sustained and profitable foreign investment inflow. The paper finds that inflow of foreign investment into Nigeria is impacted negatively by uncompetitive investment legislations. It recommends that the laws governing foreign direct investor be reviewed to provide for a wider platform for dispute resolution and investor confidence in the areas of implementation, compliance and supervision to assure their competitiveness.
Keywords: Foreign Direct Investment, Globalization, capital inflow, investor confidence