Exchange Rate Volatility, Inflation Uncertainty and Foreign Direct Investment in Nigeria

Edet Joshua Udoh · Festus O. Egwaikhide

79 citations0/0 files storedBotswana Journal of Economics

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Monetary Policy and Economic Impact International Business and FDI Market Dynamics and Volatility

Abstract

This article examines the effect of exchange rate volatility and inflation uncertainty on foreign direct investment in Nigeria. The investigation covers the period between 1970 and 2005. Exchange rate volatility and inflation uncertainty were estimated using the GARCH model. Estimation results indicated that exchange rate volatility and inflation uncertainty exerted significant negative effect on foreign direct investment during the period. In addition, the results show that infrastructural development, appropriate size of the government sector and international competitiveness are crucial determinants of FDI inflow to the country. This enquiry supports the commitment of policymakers to exchange rate and macroeconomic stability as key to FDI boom in Nigeria.

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References

1986Generalized autoregressive conditional heteroskedasticity 1982Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation 1986Generalized autoregressive conditional heteroscedasticity 2002On the Determinants of Foreign Direct Investment to Developing Countries: Is Africa Different?1996Inflows of Capital to Developing Countries in the 1990s 2001The Determinants of Foreign Direct Investments: Sensitivity Analyses of Cross‐Country Regressions 2004Foreign direct investment 1996The new wave of private capital inflows: Push or pull?

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