Foreign Direct Investment and Economic Growth in Nigeria: A Seemingly Unrelated Model

Abstract

J. ADELEGAN FOREIGN DIRECT INVESTMENT For years, it has been dinned into the governments of developing countries that financial liberalization is essential for prosperity. Instead of discouraging foreign investors, they were advised to open up so as to have access to global savings that could be invested in order to grow fast. This study examined the impact of foreign direct investment (FDI) inflows on economic growth in Nigeria from 1970 to 1995 using a seemingly unrelated model. It was discovered that there is a negative FDI growth linkage in Nigeria. The flow is not channeled towards productive use, rather it is used to supplement con sumption, substitute for saving and devoted to the importation of consumer goods and services at the expense of investments and exports. INVESTISSEMENT ETRANGER DIRECT ET CROISSANCE ECONOMIQUE AU NIGERIA: UN MODELE APPAREMMENT SANS RAPPORT (SEEMINGLY UNRE LATED MODEL)

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