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The Impact of Foreign Direct Investment on Economic Growth: Nigeria Experience

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Document pages: 14 pages

Abstract: This study investigated the impact of foreign direct investment oneconomic growth in Nigeria. Secondary source of data was employed in this studyfrom 1986 to 2017 which were sourced from Central Bank of Nigeria StatisticalBulletin (2017) published in 2018 and World Development Indicator published in2019. Descriptive and regression analyses were used as the estimationtechniques. The findings of the study revealed that the coefficient value ofLFDI is 0.633506 and its p-value is 0.0002 implying that a unit increase inLFDI will increase LGDP with the value of 0.633506. The coefficient value ofRINTR is 0.004127 with p-value of 0.310 indicating that a unit increase in realinterest rate will increase gross domestic product, but it is not significant.Also, LDI coefficient value is 1.758036 with p-value of 0.0688 implying that aunit increase in domestic investment will increase gross domestic productpositively with the value of 1.758036 which is significant at 10 but notsignificant at 5 alpha level. The coefficient value of exchange rate is0.835206 with the p-value of 0.0000 signifying that exchange rate is positiveand significant to economic growth. It was concluded that foreign directinvestment was positive and significant to economic growth of Nigeria while thedomestic investment was also positive but not significant at 5 alpha level.

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