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Title: Foreign Direct Investment and Economic Growth Nexus in Nigeria
Author(s): AMAEGBERI Michael & KROKEYI Wisdom Selekekeme
Abstract: The importance of Foreign Direct Investment inflows to any country, particularly less developed cannot be overstated as it is expected to rejuvenate the economy for economic growth and development. Nigeria has benefited foreign direct investment inflows over the years. Hence, the paper interrogates the nexus between foreign direct investment and economic growth in Nigeria between the periods of 1970 – 2019. The study utilizes the Ordinary Least Square (OLS) technique. Empirical results indicate positive and significant impact of foreign direct investment on real GDP growth. Also, government aggregate expenditure and trade openness had positive and significant impact on real GDP growth. Population growth had negative insignificant impact on real GDP growth. No Granger causality was found to have run from neither FDI to real GDP growth or from real GDP growth to FDI. Further efforts should be made to ensure increasing economic growth rates by attracting increase inflow of FDI. This will result to increased investment and improvement in the volume and structure of savings.
Keywords: FDI, GDP, Granger Causality, Savings, Trade Openness
Journal: Journal of Contemporary Research in Economics and Development Studies (JCREDS)

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