Foreign direct investment and Nigeria’s economic growth: a sectoral analysis

Sunday Mauton A. Posu, Ismail Soile, A. O. B. Sangosanya and Sunday Mauton A. Posu
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Sunday Mauton A. Posu: Olabisi Onabanjo University, Nigeria
A. O. B. Sangosanya: Olabisi Onabanjo University, Nigeria
Sunday Mauton A. Posu: University of the West Indies, Jamaica

Philippine Review of Economics, 2007, vol. 44, issue 2, 171-194

Abstract: Aggregate flows of foreign direct investment (FDI) to Nigeria, as in economies of the world, fall into different classified sectors of the economy. Studies on FDI in economic literature have been directed at the macroeconomic effects of FDI on economic growth. As sound as the findings of such studies appear, the growth impacts that FDI flows create on each sector of the economy are, however, masked. Thus this paper, using time-series data for the period 1970-2003 and adopting the ordinary least square technique, investigated the impacts of FDI flows on the outputs of some selected sectors in the Nigerian economy. The parsimonious form of analysis of general-to-specific was applied in the analysis of the model. The results shows that FDI flow was significant to sectoral growth of the mining and quarrying, and the transportation and communication sectors, but was not significant to the growth of the agriculture, forestry, and fishery sector.

Keywords: foreign direct investment; sectoral growth; human capital; investment flows (search for similar items in EconPapers)
JEL-codes: E23 F21 O15 O30 (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:phs:prejrn:v:44:y:2007:i:2:p:171-194

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