Foreign Direct Investment: Catalyst for Sustainable Economic Development in Nigeria

Saudi Journal of Business and Management Studies, Vol-2, Iss-2 (Feb, 2017)

12 Pages Posted: 23 Feb 2018

See all articles by J. N. Taiwo

J. N. Taiwo

Covenant University - Department of Banking and Finance

B.U. Achugamonu

Covenant University - Department of Banking and Finance

O. Okoye

Covenant University

Professor Edwin Agwu

London - United Kingdom

Date Written: February 12, 2018

Abstract

This is a conceptual review (content analysis) of the effect of foreign direct investment as a catalyst for sustainable economic development in Nigeria. The major objective is a comparative analysis of 87 developing countries with the capacity to attract FDI and proffer possible solutions that will catapult Nigeria as a globally acceptable haven for foreign investment. The secondary data were sourced from Investing Across Borders (IAB) 2010 report where 87 developing countries across the globe were assessed using the IAB indicators. The major conclusion drawn from the survey is that Nigeria as a country is yet to maximize its potentials (given available resources and market size) at attracting foreign investment. It also concludes that the process of foreign business establishment/ownership in Nigeria need to be improved upon to encourage high patronage of foreigners in economic activities. This study therefore recommends that Government should make policies that will encourage equity ownership of investments in Nigeria by foreigners. The authorities should put in place machineries that will ensure a transparent and simple business registration and ownership process.

Keywords: Foreign Direct Investment; Sustainable Economic Development; Equity Ownership; Productive Capacity

Suggested Citation

Taiwo, J. N. and Achugamonu, B.U. and Okoye, O. and Agwu, Professor Edwin, Foreign Direct Investment: Catalyst for Sustainable Economic Development in Nigeria (February 12, 2018). Saudi Journal of Business and Management Studies, Vol-2, Iss-2 (Feb, 2017), Available at SSRN: https://ssrn.com/abstract=3122500

J. N. Taiwo (Contact Author)

Covenant University - Department of Banking and Finance

P.M.B. 1023
Ota, Ogun State
Nigeria

B.U. Achugamonu

Covenant University - Department of Banking and Finance

P.M.B. 1023
Ota, Ogun State
Nigeria

O. Okoye

Covenant University

P.M.B. 1023
Km 10 Idiroko road
Ota, Ogun State 234
Nigeria

Professor Edwin Agwu

London - United Kingdom ( email )

United Kingdom
London, 7500
United Kingdom

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