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| Title: | Sectoral Foreign Direct Investment and Economic Development in Nigeria |
| Author(s): | Cookey I. F. |
| Abstract: | This study appraised the effect of sectoral foreign direct investment on economic development in Nigeria from 1981 and 2022. The study proxied economic development by Human Development Index and proxied sectoral foreign direct investment by foreign direct investment to agricultural sector, foreign direct investment to manufacturing sector, foreign direct investment to transport and communication sector, foreign direct investment to service sector and foreign direct investment to oil and gas sector. The study made use of annual time series data and these data were sourced from Central Bank of Nigeria (CBN) Statistical Bulletin, National Bureau of Statistics (NBS) Report, and Word Development Indicators (WDI) of Word Bank. The major technique of data analysis adopted is Autoregressive Distributed Lag (ARDL) technique. The upshots of the study revealed that foreign direct investment to agricultural sector, foreign direct investment to manufacturing sector, foreign direct investment to transport and communication sector, foreign direct investment to service sector and foreign direct investment to oil and gas sector have a favourable and substantial effect on HDI in Nigeria in either short-run or long-run. Owing to the upshots, the study therefore concluded that sectoral foreign direct investment is relatively effective in promoting, improving and sustaining economic development in Nigeria. It was recommended among others that Nigerian government should provide sector-specific incentives i.e. tax holidays, subsidies, and access to land for foreign investors in the agricultural sector. These incentives can attract FDI into agriculture, promoting modernization, increasing productivity, and enhancing food security, which are crucial for sustainable economic development. |
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| Journal: | Journal of Economic Research and Development Studies Vol 1 No 1 |
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