Foreign Direct Investments and Economic Development in Nigeria
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This study examined the impact of foreign direct investments on economic development in Nigeria using annual time series data from 1980-2018. The dataset were filtered using Augmented Dickey Fuller unit root test and thereafter a cointegration test was carried out. These tests suggested the method of error correction mechanism, which was used to estimate the dynamic short run model. The result shows that foreign direct investments impacted positively on economic development but with fairly low impact. Moreso, official development assistance domestic capital formation could be good sources of economic development. Based on these findings, the study therefore recommends that; the government should put up new investors friendly policies/measures that will attract foreign direct investments into the country and also, the existing policies/measures that are not investors' friendly should be strengthened or repeal.