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Foreign Direct Investment and Economic Growth: Co-Integration and Casualty Analysis of Nigeria

Henry Okodua

The African Finance Journal, 2009, vol. 11, issue 1, 54-73

Abstract: The FDI-growth nexus in developing countries has been of tremendous interest to a number of researchers. The inconclusive debate on the relationship between foreign direct investment (FDI) and economic growth has continued to inspire this interest. In Nigeria, the sustainability of the FDI-growth relationship is of utmost concern in the development discuss. This study employs the Johansen cointegration framework and the vector error correction technique to shed more light on the problem. The empirical results show that a long-run equilibrium relationship exists between economic growth and FDI inflows. The study also revealed a unidirectional causality from FDI to economic growth.

Keywords: FDI; Economic Growth; Johansen Cointegration Framework; Vector Error Correction; Casuality (search for similar items in EconPapers)
JEL-codes: C51 F21 F23 F43 (search for similar items in EconPapers)
Date: 2009
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