Foreign Direct Investment, Foreign Aid, Worker's Remittances and Economic Growth in Nigeria

Author: Temidayo O. Akinbobola & Philip Ifeakachukwu Nwosa
Volume: 57 Issue No:2 Year:2015

Abstract: This study examined the impact of capital inflow (foreign direct investment, foreign aid and international workers remittances) on economic growth in Nigeria for the period 1970 to 2014. The study employed the Vector Error Correction Modelling (VECM) technique. The VECM estimate showed that workers remittances had a positive and significant effect on economic growth while foreign direct investment had a negative and significant effect. The impact of foreign aid on economic growth was insignificant. Thus, the study concluded that the impacts of foreign direct investment, foreign aid and workers remittances on economic growth are different. Based on these findings, the study recommended the formulation of specific capital inflow policies rather than one-for-all capital inflow policies.

JEL classification: F21, F24, F35

2015-03-15
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ANNOUNCEMENT! ANNOUNCEMENT!! ANNOUNCEMENT!!! NES 2024 Annual Conference Change of Date - Update The Nigerian Economic Society wishes to inform its members and the general public of change in the dates of the NES 65TH ANNUAL CONFERENCE Venue: Shehu Musa Yar'Adua Conference Centre, Memorial Drive, CBD, Abuja Date: Tuesday, 3rd September to Thursday, 5th September, 2024 Thank you

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