Journal VOL. 1 NO. 1, June. 2021, ISSN: 2811 - 2393
Impact of Industrial Sector and Foreign Direct Investment in Economic Development of NigeriaComfort Amire
This work discussed the position of the present-day industrial sector and foreign direct investment (FDI) in presnt day Nigeria. This work targets an in-depth discourse on the influence of foreign direct investment on one of Nigeria's most potent economic sector, that is, the industrial sector visà-vis the country's economic trajectory and growth. Data employed in this work was analyzed with a hybrid method consisting of econometric and statistical tools. The Auto Regressive Distributed Lag (ARDL) model used herein typified data results and variables on the long-run and on the short run. The industrial sector served as the dependent variable while FDI, capital accumulation, gross domestic product (GDP) and export indices were the independent variables. The result showed that there was a positive connection between FDI and the industrial sector in Nigeria on the long and short run. Similarly, this work reveals that there is a connection between export and industrial output in Nigeria. It made the following recommendations among others: that it has become imperative for the government and other key stakeholders in policy formulation to boost the chances of foreign investors making direct investment in the economy. In addition, this work also opines that it is necessary for key governmental and non-governmental players to map out strategic policies for an enabled development atmosphere for both local and foreign investors to thrive.
Keywords: Industrial Sector, Foreign Direct Investment, Economic growth and development
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