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Rivers State University, Port Harcourt.
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| Title: | Effects of Capital Flight on Industrial Development in Nigeria |
| Author(s): | EZEH Matthew Chinedum |
| Abstract: | This study examined the effects of capital flight on industrial development in Nigeria using secondary data spanning between 1990 and 2020 from Central Bank of Nigeria Statistical Bulletin. The study adopted the ADF unit root test? ARDL bounds test co-integration, short-run ARDL error correction model and Pairwise Granger Causality test for the analysis of data. The empirical work shows that there is a long run relationship between capital flight and industrial development. The results further revealed that capital flight is negatively and statistically significant to industrial development in Nigeria. Finally, the Granger causality test ascertain that there is no causal relationship between capital flight and industrial development in Nigeria but one way causal link runs from real gross domestic product to industrial development in Nigeria. The study therefore recommends amongst other, that government as a matter of urgency should design feasible economic policy measures to restrain the continuous rising capital flight. |
| Keywords: | Capital flight, external debt, foreign direct investment, current account and foreign reserve |
| Journal: | Economic and Social Science Review (ESR) |
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