FACILITATION OF FOREIGN DIRECT INVESTMENT: EVIDENCE FROM CROSS RIVER STATE, NIGERIA

Lionel Effiom and Samuel Etim Edet
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Lionel Effiom: University of Calabar, Postal: Department of Economics, Calabar, Cross River State
Samuel Etim Edet: University of Calabar, Postal: Department of Business Management, Calabar, Cross River State

International Journal of Contemporary Accounting Issues-IJCAI (formerly International Journal of Accounting & Finance IJAF), 2019, vol. 08, issue 2, 75-95

Abstract: This is a study on foreign direct investment in one of Nigeria's subnational unit – the Cross RiverState (CRS). With an overarching desire to attract private investment into its domain, this study investigates private investment facilitation strategy of CRS. It sought to determine the impact of this strategy on investment generation in the State. It further sought to discover the extent to which the State has 'sold' itself to the world of investors as the number one destination of choice for investment. The methodology employed was both qualitative and descriptive. Findings show that though CRS has established the Cross River State Investment Promotion Bureau (CRSIPB) as the main mechanism with a mandate to market or“sell” the State as a prime location for private sector investment, the reality however is that Cross River State has limited visibility. It is relatively unknown as an investment location and its attractiveness and competitiveness as an investment location is unclear and not well recognised among investors. Put simply, the State does not typically appear on the long-list of location alternatives for active consideration by investors, let alone it being a preferred location in Nigeria. The study recommends, inter alia, that CRSIPB should consolidate its investment generation activities by developing, identifying and targeting individual companies, which fit with the State's investment priorities and targets and initiate constructive and proactive relationship building with such businesses.

Keywords: Foreign direct investment; Cross River State; Investment promotion and facilitation; Capital importation. (search for similar items in EconPapers)
Date: 2019
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