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FDI and Economic Growth in Nigeria: A Co-integration Analysis

Lateef Olatunji () and Muhammad Shahid

Business and Economic Research, 2015, vol. 5, issue 1, 243-261

Abstract: This paper establishes an empirical relationship between foreign direct investment (FDI) and economic growth in Nigeria under the framework of cointegration analysis over the period 1970-2010. The econometric evidence from the Engle Granger cointegration tests suggests that there is no long-run relationship between FDI and economic growth in Nigeria. However, there is a short-run dynamic relationship between FDI and economic growth. And finally the study concluded that, for the achievement of a long-run relationship between FDI and economic growth in Nigeria, there is a need to improve the business environment, with the provision of necessary infrastructure and political stability in the country.

Keywords: FDI; Growth; Cointegration; Human capital; Nigeria (search for similar items in EconPapers)
JEL-codes: R00 Z0 (search for similar items in EconPapers)
Date: 2015
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