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Impacts of Foreign Direct Investments on Nigeria’s Economic Growth 2017-2021

Year 2022
Volume/Issue/Review Month Volume XV, Issue-II, Jul-Dec
Title Impacts of Foreign Direct Investments on Nigeria’s Economic Growth 2017-2021
Authors Said Murtala Said , Umar Abbas Ibrahim
Broad area FDI
Abstract

Most African countries struggle to attract foreign direct investment (FDI) and Nigeria
particularly is part of this countries. This research empirically examined the Impact of foreign
direct investment on macroeconomic variables (exchange rate, and inflation rate) in Nigeria and
the period analysis covered 5 years (2017-2021). The study employed is the Generalized
Autoregressive Conditional Heteroscedasticity (GARCH) model. The econometric analysis started
with pre-diagnostic and this is a first condition for estimating GARCH. Augmented Dickey-Fuller
(ADF) unit root test was used to study and test properties of the time series variables. The result at
this revealed that the variables: foreign direct investment, exchange rate and inflation rate were
first difference I(I) or stationary at either level I (0). The GARCH model discovered that foreign
direct investment (FDI) has positive Impact on exchange rate while the inflation rate has negative
Impact. Based on this, the study recommended the delivery of suitable policy framework that will be
conducive for doing business in Nigeria, to attract the inflow of FDI necessary to stimulate growth
Macroeconomic variables.

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