Domestic Investment and Economic Growth in Nigeria, 1980-2020

P. N. Prof. Nnamocha and Anyanwu, Austin C. (PhD)
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P. N. Prof. Nnamocha: Professor of Economics, Dept. of Economics, Imo State University, Owerri, Nigeria
Anyanwu, Austin C. (PhD): Dept of Economics, Imo State University, Owerri, Nigeria

International Journal of Research and Scientific Innovation, 2022, vol. 9, issue 8, 122-131

Abstract: The study examined domestic investment and economic growth in Nigeria for the period 1980 to 2020. The dependent variable was real GDP while the independent variables include corporate domestic private investment (proxied by banking sector lending to private sector), public sector investment (proxied by government capital investment expenditure) and domestic portfolio investment. The data were sourced from the Central Bank of Nigeria Statistical Bulletin and analyzed using the Ordinary Least Square Multiple regression analysis technique. The result showed that corporate domestic private investment had positive and significant effect on Nigeria’s economic growth while public sector investment (government capital expenditure) had significantly negative relationship with economic growth in Nigeria and domestic portfolio investment had an insignificant negative relationship with economic growth in Nigeria. The conclusion drawn from that the private sector domestic investment outperformed that of the public sector and that domestic portfolio investment was negative in relation to economic growth. The study recommended that government should intensify its capital expenditure especially to the real sector as this will help to improve domestic investment especially by the public sector. Equally, government should intensify efforts to further encourage the private sector through enacting favorable policies and giving the private sector enough support through public-private partnership programmes in order to enhance their domestic investments

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:bjc:journl:v:9:y:2022:i:8:p:122-131

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