FOREIGN DIRECT INVESTMENT CONTRIBUTION TO SOCIO ECONOMIC DEVELOPMENT ON DEVELOPING NATIONS: A CASE STUDY OF NIGERIA
Abstract
This article examines the contribution of foreign direct investment (FDI) to socioeconomic development in developing countries, using Nigeria (1990 - 2022) as a detailed case study. The study focuses on the contributions of FDI to the reduction of unemployment in Nigeria over the period. The study used unemployment rate (UNEM) as the dependent variable while FDI, DIV, and CPS were used as independent variables. Using time series and ARDL regression analysis and based on 5% level of significance, the paper finds that FDI credit to private sector, and domestic investment have contributed negatively to UNEM rate growth, implying that increase in these variables can potentially reduce the unemployment rate in Nigeria. The study concludes that to combat unemployment rate in Nigeria, FDI must be encouraged. It is therefore recommended that domestic investments must be encouraged using credit to private sector.
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Published in JOURNAL OF BUSINESS & ECONOMY
ISSN: 2808-5428
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