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Foreign Direct Investment, Foreign Aid, Worker’s Remittances and Economic Growth in Nigeria

Foreign Direct Investment, Foreign Aid, Worker’s Remittances and Economic Growth in Nigeria

 

Abstract: This study examined the impact of capital inflow (foreign direct investment, foreign aid and international workers’ remittances) on economic growth in Nigeria for the period 1970 to 2014. The study employed the Vector Error Correction Modelling (VECM) technique. The VECM estimate showed that workers’ remittances had a positive and significant effect on economic growth while foreign direct investment had a negative and significant effect. The impact of foreign aid on economic growth was insignificant. Thus, the study concluded that the impacts of foreign direct investment, foreign aid and workers’ remittances on economic growth are different. Based on these findings, the study recommended the formulation of specific capital inflow policies rather than one-for-all capital inflow policies.

JEL classification: F21, F24, F35

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