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THE IMPACT OF FOREIGN CAPITAL ON NIGERIA'S ECONOMIC GROWTH 1970 -1992

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Authors

OLANIYAN OLANREWAJU
DEPARTMENT OF ECONOMICS, FACULTY OF THE SOCIAL SCIENCES
DOI: https://doi.org/10.57054/codesria.pub.1175

Keywords:

Foreign capital economic growth foreign aid foreign investment capital inflow financing Nigeria

Synopsis

This study focuses on both theoretical and empirical
evidences of the impact of foreign capital on th; economic
growth of Nigeria. A simultaneous equation model
consisting of growth rate equation and savings equation
was estimated through the econometric method of Indirect
Least Square.
The main findings of this study is that non-commercial
flows has made a more significant positive contribution
to Nigeria's economic growth while commercial flow
component of foreign capital have had a depressing effect
on the economic growth between 1970 and 1992. The study
further reveals that export performance, rather than
any component of foreign capital inflows is the largest
contributor to the nation's economic growth.
The policy implication arising from this study is
that commercial component of the inflows should be well
planned and adequately monitored. This study concludes
that it is the adequate policy mix rather than any
particular components of foreign capital inflows that
leads mostly to positive economic growth.

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References

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  7. Bhagwati (1985) Dependence·and Independence, Oxford Basil Blackwell.
  8. Central Bank of Nigeria (1992) Annual Reports and Statement of Account Lagos, Central Bank of Nigeria. (1992) CBN Statistical Bulletin Vol. 3 No. 2. Lagos Central Bank of Nigeria.
  9. Chenery H.B. & Strout A.M. (1966) Foreign Assistance and Economic Development American Economic Review Vo. 56, No. 4.
  10. Crowson, P. (1991) Foreign Investment in Natural Resources: A One Way Pendulum? IDS Bulletin Vol. 22, No. 2.
  11. Dowling J.M. Jnr. and Hiemenz.U. (1983) Aid, Savings and Growth in Asia Region. Developing Economies Vol. 21, No. 1.
  12. Ferrer A. (1987) Latin America's Debt, Problems and Prospects in 1983 IEA Proceedings Structural Change, Economic Interdependence and World Debt Vol 2. Macmillan London.

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Published

February 27, 1994

Language

English

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Dissertations
Copyright (c) 1994 CODESRIA Books Publication System

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APA OLANREWAJU, O. (1994). THE IMPACT OF FOREIGN CAPITAL ON NIGERIA'S ECONOMIC GROWTH 1970 -1992. CODESRIA. https://doi.org/10.57054/codesria.pub.1175

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Chicago OLANREWAJU, OLANIYAN. THE IMPACT OF FOREIGN CAPITAL ON NIGERIA'S ECONOMIC GROWTH 1970 -1992. Dakar: CODESRIA, 1994. https://doi.org/10.57054/codesria.pub.1175.

MLA OLANREWAJU, OLANIYAN. THE IMPACT OF FOREIGN CAPITAL ON NIGERIA'S ECONOMIC GROWTH 1970 -1992. CODESRIA, 1994. https://doi.org/10.57054/codesria.pub.1175.

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