Foreign Capital Inflow and Nigeria’s Industrial Development: Evidence from Central Bank of Nigeria

Phd Ejike Sunday Okoroigwe, Phd James Obilikwu, Usman Ismaila Yelwa and Phd Abdullahi Babandako Yusuf
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Phd Ejike Sunday Okoroigwe: Department of Accounting, Ibrahim Badamasi Babangida University, Lapai, Nigeria
Phd James Obilikwu: Department of Economics, Ibrahim Badamasi Babangida University, Lapai, Nigeria
Usman Ismaila Yelwa: Niger State Internal Revenue Service, Minna Nigeria
Phd Abdullahi Babandako Yusuf: Department of Business Administration, Ibrahim Badamasi Babangida University, Lapai, Nigeria

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 6, 1910-1921

Abstract: This study is aimed to examine the impact of foreign capital inflow through the Central Bank of Nigeria (CBN) to the Nigerian industrial sector. The study aligns with the Modern Portfolio Theory and adopted quantitative and descriptive research design. The study used secondary sources of data which includes recent publications, bulletins, reports and special statistics from the CBN for the period 2021-2022. Data analysis was carried out using descriptive statistics via the Statistical Package for Social Sciences (SPSS). The Central Bank of Nigeria, which is the central focus of this study presented economic reports which reveals significant impacts of foreign capitals on the industrial development of Nigeria. The impact was seen in trade performance, as higher trade surplus was recorded, owing to increased crude oil export receipts. The research concludes that significant impacts were recorded on the industrial development of Nigeria, given the foreign capital inflow. The study recommended that there should be an improved effort from the monetary policy committee of the Central Bank of Nigeria and all other concerned stakeholders to regulate the constant fluctuation in exchange rates in the country.

Date: 2024
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