Foreign Direct Investment, External Debt and Economic Growth Nexus: Evidence from Nigeria

N. Nwaeze
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Abstract

The purpose of this research is to ascertain if inflow of FDI and external debt has significantly impacted the growth of the Nigerian economy from (1980-2017) using the ARDL-ECM framework. Data was extracted from the CBN Statistical Bulletin and WDI dataset of the World Bank. Results from the ARDL estimation output shows that foreign direct investment and external debt possessed a positive and significant effect on economic growth in Nigeria only in the short-run. On the other hand, results from the ARDL Bounds Test depicts an absence of a long-run relationship between foreign direct investment, external debt and economic growth in the case of Nigeria. The study recommended that borrowed funds acquired to finance capital and developmental projects should be properly channelled towards the actualisation and full implementation of such projects.
外商直接投资、外债与经济增长的关系:尼日利亚的证据
本研究的目的是利用ARDL-ECM框架确定外国直接投资和外债的流入是否对尼日利亚经济在1980-2017年间的增长产生了重大影响。数据摘自《尼日利亚中央银行统计公报》和世界银行的 WDI 数据集。ARDL 估计结果显示,外国直接投资和外债仅在短期内对尼日利亚的经济增长产生了积极而显著的影响。另一方面,ARDL 边界检验的结果表明,就尼日利亚而言,外国直接投资、外债和经济增长之间不存在长期关系。研究建议,为资助资本和发展项目而获得的借贷资金应适当用于这些项目的实现和全面实施。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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