Nigeria and Fdi
FDI and Economic Growth: Evidence from Nigeria
By Adeolu B. Ayanwale Department of Agricultural Economics Obafemi Awolowo University Ole-Ife, Nigeria
AERC Research Paper 165 African Economic Research Consortium, Nairobi April 2007
THIS RESEARCH STUDY was supported by a grant from the African Economic Research Consortium. The findings, opinions and recommendations are those of the author, however, and do not necessarily reflect the views of the Consortium, its individual members or the AERC Secretariat.
Published by: The African Economic Research Consortium P.O. Box 62882 - City Square Nairobi 00200, Kenya
Printed by:
Modern Lithographic (K) Ltd. P.O. Box 52810-City Square Nairobi 00200, Kenya
ISBN
9966-778-09-8
© 2007, African Economic Research Consortium.
Contents
List of tables List of figures Abstract Acknowledgements 1. 2. 3. 4. 5. 6. 7. Introduction Literature review Some stylized facts about FDI in Nigeria Theoretical framework Methodology and analytical framework Results and discussion Summary and conclusion 1 3 9 17 19 25 35 37
References
List of tables
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Nigeria: Net foreign direct investment inflow (US$ million) Nigeria: Foreign direct investment, 1970–2002 Sectoral composition of FDI in Nigeria, 1970–2001 percentage Basic statistics on FDI in Nigeria, 1970–2002 Summary statistics of included variables Nigeria unit root tests for stationarity, 1970–2002 Regression results: Determinants of FDI Instruments estimates for FDI OLS regression results – FDI and growth OLS regression results – FDI and non-oil growth 2SLS regression results – FDI and growth 2SLS regression results – FDI and non-oil growth Differences between Nigeria and sub-Saharan Africa (mean of selected variables) Actual and percentage share of oil and non-oil export earnings in Nigeria 9 10 12 13 21 24 26 28 28 29 29 30 31 33
List of figures
1. 2. FDI inflow into Nigeria, 1970–2002 Components of FDI inflow
By Adeolu B. Ayanwale Department of Agricultural Economics Obafemi Awolowo University Ole-Ife, Nigeria
AERC Research Paper 165 African Economic Research Consortium, Nairobi April 2007
THIS RESEARCH STUDY was supported by a grant from the African Economic Research Consortium. The findings, opinions and recommendations are those of the author, however, and do not necessarily reflect the views of the Consortium, its individual members or the AERC Secretariat.
Published by: The African Economic Research Consortium P.O. Box 62882 - City Square Nairobi 00200, Kenya
Printed by:
Modern Lithographic (K) Ltd. P.O. Box 52810-City Square Nairobi 00200, Kenya
ISBN
9966-778-09-8
© 2007, African Economic Research Consortium.
Contents
List of tables List of figures Abstract Acknowledgements 1. 2. 3. 4. 5. 6. 7. Introduction Literature review Some stylized facts about FDI in Nigeria Theoretical framework Methodology and analytical framework Results and discussion Summary and conclusion 1 3 9 17 19 25 35 37
References
List of tables
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Nigeria: Net foreign direct investment inflow (US$ million) Nigeria: Foreign direct investment, 1970–2002 Sectoral composition of FDI in Nigeria, 1970–2001 percentage Basic statistics on FDI in Nigeria, 1970–2002 Summary statistics of included variables Nigeria unit root tests for stationarity, 1970–2002 Regression results: Determinants of FDI Instruments estimates for FDI OLS regression results – FDI and growth OLS regression results – FDI and non-oil growth 2SLS regression results – FDI and growth 2SLS regression results – FDI and non-oil growth Differences between Nigeria and sub-Saharan Africa (mean of selected variables) Actual and percentage share of oil and non-oil export earnings in Nigeria 9 10 12 13 21 24 26 28 28 29 29 30 31 33
List of figures
1. 2. FDI inflow into Nigeria, 1970–2002 Components of FDI inflow