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AN EMPIRICAL ANALYSIS ON THE CONTRIBUTION OF FOREIGN DIRECT INVESTMENT ON NIGERIA ECONOMY
Abstract: Foreign direct investment inflow into a given country is expected to bring about significant changes in her economic development and output growth, FDI is seen as an engine of growth to developing countries such as Nigeria by increasing globalization and technology transfer. This paper attempt to empirically analyze the contribution of foreign direct investment to the Nigeria economy, by multiple regression analysis, the finding of the study revealed that there was a positive relationship between GDP and government expenditure, foreign direct investment and labor force between a periods of 1980-2009. In order to attract more seeking FDI and retain them in the country, it is recommended that government should improve the standard of infrastructure and provide relevant social amenities, and provide helps in liberalization of regulated backbone services which provides opportunities for private investment and management.
Key words: FDI; GDP; Economic growth; Spillover effect