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Article Information:
Measuring the Impact of Fdi on Economic Growth in Nigeria
M.S. Ogunmuyiwa and O.J. Ogunleye
Corresponding Author: M.S. Ogunmuyiwa
Submitted: August 16, 2011
Accepted: March 02, 2012
Published: September 25, 2012 |
Abstract:
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This study investigates the impact of FDI on Nigeria’s economic growth process. In an attempt to
do this, the paper tests the validity of the modernization or depending hypothesis by employing various
econometric tools such as Augmented Dickey Fuller (ADF) and Phillips Perron (PP) tests, Johansen Cointegration
test, the Error Correction Mechanism (ECM) and Granger Causality test on time series data from
1970-2008. The results reveal that a long run relationship exists between the variables and a unidirectional
causality from FDI to growth was also established. Thus, empirical findings support the modernization
hypothesis that FDI is growth promoting in Nigeria.
Key words: Co-integration, , , , economic growth, error correction, FDIJEL CLASSIFICATION: F21, F30, F23, 040., , ,
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Cite this Reference:
M.S. Ogunmuyiwa and O.J. Ogunleye, . Measuring the Impact of Fdi on Economic Growth in Nigeria. Current Research Journal of Social Sciences, (5): 338-342.
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ISSN (Online): 2041-3246
ISSN (Print): 2041-3238 |
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