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1
Muhammad, Saidu D., Kenneth O. Diyoke, and Nnanna P. Azu. "The Consequences of Foreign Direct Investments in Redefining Bilateral Trade Flow in Nigeria: A Gravity Panel Approach." Asian Economic and Financial Review 10, no. 4 (March 26, 2020): 367–79. http://dx.doi.org/10.18488/journal.aefr.2020.104.367.379.
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Most of the Nigerian government’s transformation agenda is geared toward creating and enabling business environments to attract foreign direct investment. Opinions are divided as to the impact of foreign investment on trade and this researcher believed it could be either positive or negative. Hence, this research is to ascertain the magnitude of foreign investment’s impact on Nigeria’s bilateral trade. Integrating foreign direct investment in the gravity model, we applied the PPML technique because of its robustness and ability to recognise zero trade. We segregated foreign investment into three-flow, stock and its annual growth. Our estimation revealed that foreign direct investment stock impacts negatively on bilateral trade flow in Nigeria for both exports and imports and it is robust with the overall sample. Exporters’ foreign direct investment inflow was also revealed to have an impact on bilateral trade in Nigeria. But in all ramifications the magnitude of the negative impact is relatively small but statistically significant reflecting that trade and inward foreign investment are at least substitutes. Nigeria should further encourage inward foreign investment to further stimulate economic growth and aid in creating import substitution.
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Ajudua, Princess Pat Ada. "Musings on the legal framework for resolution of foreign investment disputes in Nigeria." Journal of Corporate and Commercial Law & Practice, The 6, no. 2 (2020): 251–59. http://dx.doi.org/10.47348/jccl/v6/i2a10.
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Resolution of dispute arising from foreign investments in Nigeria is achieved through non-judicial and judicial mechanisms, otherwise known as arbitration and litigation in courts. Foreign investors are expected to seek redress using one of the aforementioned mechanisms. Although the principles of public international law seem to be in contention with the business interests of an investor and the host country, there has been a rapid growth and development in investment arbitration as a trade dispute resolution mechanism in the past years, and the courts in Nigeria, through her decisions, have made pronouncements regarding the disputes from foreign investments. Consequent to this, it has become critically important for investors, solicitors, professional service providers and trainers, to understand the intricate legal elements involved in the resolution of disputes involving foreign investment. This study examines the legal framework for resolution of foreign investment disputes in Nigeria. Concepts such as nationalisation and expropriation of foreign investments, stability clauses and foreign investment disputes, renegotiating and the stability of contractual agreement as well as legal infrastructure were discussed and fully analysed.
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Lawal, Adedoyin I., Kelechi Promise Kazi, Johnson Olabode Adeoti, Osagie Godswill Osuma, Sunday O. Akinmulegun, and Bamidele Ilo. "Capital Flight and the Economic Growth: Evidence from Nigeria." Binus Business Review 8, no. 2 (August 31, 2017): 125. http://dx.doi.org/10.21512/bbr.v8i2.2090.
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This research examined the impact of capital flight and its determinants on the Nigerian economy using the Autoregressive Distributed Lag (ARDL) model to analyze data source from the period of 1981 to 2015. The variables included current account balance, capital flight, foreign direct investments, foreign reserve, inflation rate, external debt, and the real gross domestic product. It was to examine the existence of a long run relationship among the variables studied. The result indicates that capital flight has a negative impact on the economic growth of Nigeria. Therefore, there is a need for government to implement policies that will promote domestic investment and discourage capital flight from Nigeria.
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Dombin, Amos N. "Role of Corporate Governance in Attracting Foreign Investments in Nigeria." International Letters of Social and Humanistic Sciences 19 (December 2013): 148–57. http://dx.doi.org/10.18052/www.scipress.com/ilshs.19.148.
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Corporate Governance is a system of financial and other controls in a corporate entity and broadly defines the relationship between the Board of Directors, senior management and shareholders. Globalization and liberalization is sweeping across all sectors of economy with rising problems, risks, challenges more pronounce in developing economies. The position of Nigeria in global Transparency is among top ten from the rear and with continuous rise in the number of business collapsed, only organizations that adopt good Corporate Governance and best practices will survive and attain sustainable growth level locally and internationally in this competitive business environment. This paper examined the concept of Corporate Governance, its background in Nigeria, principles, importance/objectives as well as benefits to the Nigerian economy in terms of local and foreign investments.
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Ojogbo, Samuel E., and Nwanneka V. Ezechukwu. "Shareholder Protection: A Comparative Review of the Corporate Legal / Regulatory Regimes in the UK and Nigeria." Journal of African Law 64, no. 3 (September 7, 2020): 399–424. http://dx.doi.org/10.1017/s0021855320000200.
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AbstractForeign investment is a major source of the capital that Nigeria and other developing markets need to promote economic activities and drive economic development. While profit mainly drives the decision to invest abroad, such decisions are also influenced by the safety of any actual investments made. Thus, investors are interested in the laws and regulations that offer them protection against corporate insider opportunism. In Nigeria, the relationship between corporate actors is mainly regulated by the Companies and Allied Matters Act (CAMA). This article investigates the corporate legal and regulatory protection for corporate shareholders in Nigeria and the UK. Comparing the corporate regulatory regime in the two jurisdictions, this article argues that the identified weaknesses in the Nigerian regulatory framework negatively impact the growth of foreign investment in the country. In view of these weaknesses, the article suggests a major review of CAMA and other regulatory instruments with a view to addressing the protection of small investors and “outsiders”, such as foreign investors.
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W, Ibrahim, and Okunade, A. Sheu. "Analysis of Foreign and Domestic Investment on Economic Growth in Nigeria (1980-2013)." Artha - Journal of Social Sciences 14, no. 4 (October 1, 2015): 41. http://dx.doi.org/10.12724/ajss.35.3.
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Several factors have hampered economic growth in Nigeria, though there has been improvement in the recent times. Nevertheless, it remains fragile and is not strong enough to significantly reduce the prevailing level of poverty in the country. Against this backdrop, the study investigates the relationship between foreign and domestic investment on Economic growth in Nigeria, during the period 1980-2013, using Vector Error Correction Model (VECM). The study finds out that foreign and domestic investment have a strong influence both in short and long run, on the economic growth of Nigeria. The result shows unidirectional long-run causality between domestic investments to real GDP in Nigeria. Also, there is unidirectional long-run causality between exchange rate and real GDP in Nigeria. The result implies that change in current GDP is better explained by domestic investment and exchange rate rather than national income, foreign direct investment and credit to private sector. Hence, the government may encourage foreign investors to invest in the high risk areas, where the domestic investment lacks the technology and experiences needed.
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Idehen, Amadin Victor, and Osarumwense Vincent Iguisi. "Effect of Foreign Private Investment on the Development of Small and Medium Enterprises in Nigeria." International Journal of Research in Business and Social Science (2147- 4478) 9, no. 7 (December 12, 2020): 257–66. http://dx.doi.org/10.20525/ijrbs.v9i7.957.
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This study sought to examine the effect of foreign private investment on the development of small and medium scale enterprises (SME’s) in Nigeria. The study adopted a longitudinal research design which made the use of secondary data imperative. The study employed data on the foreign private investments and development of SMEs in Nigeria covering 1991-2018. The variables used are Net Foreign direct investment, Net Foreign Portfolio investment, percentage of foreign direct investment in Gross Domestic Product (GDP), and development of SMEs in Nigeria. The technique adopted in this study is multiple regressions to test the hypotheses. E-view econometric software 3:1 was used for the analysis. The result revealed that the value of Foreign Direct Investment (FDI) and Foreign Portfolio Investment (FPI) have a negative relationship with the development of SME’s and Foreign Direct Investment (FDI) in the percentage of gross domestic product and exchange rate have a negative and significant impact on the development of SME’s in Nigeria. It was recommended among others that government should increase its funding of small and medium scale enterprises, SME’s should be encouraged to go on public offer to expand the scope of funds, the exchange rate must be strengthened to encourage SME’s to attract funds and the needs to stabilized the economy to discourage divestment.
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Ikezam, Nwonodi Daniel. "Foreign Portfolio Investment and Performance of the Nigerian Capital Market." Australian Finance & Banking Review 2, no. 1 (February 7, 2018): 11–25. http://dx.doi.org/10.46281/afbr.v2i1.76.
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This study examined the effect of foreign portfolio investment on the performance of Nigerian capital market. The specific objectives are to investigate the impact of Net Foreign Portfolio Investment, Foreign Portfolio Investment in Equity, Foreign Portfolio Investment in Bonds, Foreign Portfolio in Government Securities and Nigerian Exchange Rate per US Dollar on the performance of Nigerian Capital Market. The required data were sourced from Central Bank of Nigeria (CBN) Statistical Bulletin and Stock Exchange Annual Report. The study has All Share Price Index and Market Capitalization as proxy for Capital market performance while Net Foreign Portfolio Investment (NFPI), Equity Investment (PIE), Bond Investment (PIB), Portfolio Investment in Government Securities (PIGS) and Exchange Rate as predictors variables. The Ordinary Least Square multiple regressions with econometric view were used as data analysis techniques. Cointegration test, Granger Causality Test, Augmented Dickey Fuller Test and Error Correction Model were used to examine the variables and its relationship to the dependent variables. Model one revealed that foreign portfolio investment in bonds and foreign portfolio investment in government securities have negative relationship with All Share Price Index while Net Foreign Portfolio investment, foreign portfolio investment in equities and exchange rate have positive relationship with All Share Price Index. Model two revealed that Net Foreign Portfolio Investment, Portfolio Investments in Bonds and Government securities has negative relationship with market capitalization while equity investment and exchange rate have positive relationship with market capitalization. The study concludes that foreign portfolio investment have significant relationship with Nigerian capital market performance. It therefore recommends that policies should be devised to enhance the operational efficiency of the Nigerian capital market, to attract foreign investors.
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Nriezedi-Anejionu, Chinenyendo. "Could the Non-domestication of Nigerian Treaties Affect International Energy Investment Attraction into the Country?" African Journal of International and Comparative Law 28, no. 1 (February 2020): 122–44. http://dx.doi.org/10.3366/ajicl.2020.0305.
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In a bid to attract foreign direct investments (FDI) into the energy sector, Nigeria has signed many investment and energy-related treaties. However, many of these treaties have not been ratified and domesticated as required by the 1999 Nigerian Constitution and as such cannot be applied by domestic courts when necessary. This raises serious legal questions on the status of the various energy investment-relevant treaties Nigeria has signed. This is especially relevant to bilateral investment treaties (BITs) where their non-domestication renders their provisions not legally binding on domestic courts. It becomes problematic in situations where certain provisions in BITs such as the exhaustion of local remedies (ELR), fork-in-the-road (FITR), denial of justice and expropriation claims, require disputes to be addressed (at least initially) in domestic courts before international arbitration is accessed. This article provides an analysis of various ways non-domestication of treaties could affect the investment interests of a dualist country such as Nigeria that is actively seeking to attract FDI for the development of its energy sector. Pointing out the implications and various ways both investors' and Nigeria's interests could be undermined, it argues for a reform in the way treaties are implemented in Nigeria to facilitate their domestication.
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Anastasia Chi-Chi, Onuorah, Nzotta Samuel Mbadike, Ozurumba Benedict Anayachukwu, and Chigbu Emmanuel Ezeji. "Impact of Selected Economic Indicators on Foreign Investment Inflow in Nigeria and South Africa: Optimal Indicators Search." International Journal of Management Science and Business Administration 1, no. 7 (2015): 39–47. http://dx.doi.org/10.18775/ijmsba.1849-5664-5419.2014.17.1004.
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Search for ways of attracting foreign investment into developing countries raises great interest among researchers and therefore, there is a search for the economic indicators affecting foreign investment appeal in Africa. This study focuses on the impact of economic indicators of Banking Sector Development Model on foreign investment inflows in Nigeria and South Africa. Various data on banking sector; economic indicators of the classified model were sourced from state statistical bulletins as well as World Bank for the year of 1980-2013. The analysis employed several econometric tools: Unit root, Co-integration, VAR estimates of relative and global statistics to measure the impact and significance of economic indicators attracting/repelling foreign investments. Akaike information criteria for best model selection results showed that economic indicators of Banking Sector Development Model in Nigeria attracted more foreign investment than it did in South Africa. The study concluded that the optimal economic indicators attracting foreign investment are domestic credit and inflation rate. Therefore, the study recommended that effort is highly needed by the government to promote sustainable domestic credit facilities to local industries to attract foreign investment and there should be proactive efficient interest rate control to encourage loans and advances in these two countries.
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Ajala, Taiwo. "Examining the legal safeguards against the environmental impact of land grabbing in African countries." Environmental Law Review 20, no. 1 (March 2018): 3–15. http://dx.doi.org/10.1177/1461452917746153.
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Large-scale land acquisitions in African countries by foreign investors who use such lands for agricultural purposes that have negative socio-economic and environmental impact in host countries is considered as ‘land grabbing in Africa’. In the context of the environment, the type of crops and monoculture practices undertaken by the foreign investors led to changes in land use, deforestation, exposure of land to soil erosion, depletion of water sources, pollution of surface water and contamination of ground water as a result of the intense use of agro-chemicals. Collectively, these have had a deleterious environmental impact in host countries. This article examines the phenomenon of ‘land grabbing in Africa’ by identifying the type of land-based agricultural investments by foreign entities and the environmental impact of such investments in African countries like Nigeria. The article argues that the prevailing Nigerian environmental law cannot ensure sustainable development as it does not address the environmental impact of land-based agricultural investments by foreign enterprises in the country. The article proposes that suitable environmental laws must contain the concepts of Community Participation in environmental impact assessment process of land based foreign investments and Environmental Justice for victims of environmental degradation of such investments.
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Edo, Onome Christopher, Anthony Okafor, and Akhigbodemhe Emmanuel Justice. "Tax Policy and Foreign Direct Investment: A Regime Change Analysis." GATR Journal of Finance and Banking Review VOL. 5 (3) OCT-DEC. 2020 5, no. 3 (December 22, 2020): 84–98. http://dx.doi.org/10.35609/jfbr.2020.5.3(3).
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Objective – Tax policies play significant role in the direction of foreign direct investments. We investigate the proposition that tax policies enacted by military and democratic regimes differ on the influence the foreign direct investments. Methodology/Technique – Our hypotheses are tested using the error correction model as we compare the impact of tax policies on flow foreign direct investments in Nigeria between two dispensations: military rule from 1983 to 1999 and democratic rule from 1999 to 2017. Panel data between 1983 and 2017 were obtained from the databases of the World Bank, Central Bank of Nigeria and the Federal Inland Revenue Services. The explanatory variables include company income tax, value added tax, tertiary education tax and customs and exercise duties. Findings – The study reveals that tax variables during the military regime exerted more explanatory power of 79% compared to the civilian administration of 66% with respect to the impact of corporate taxes on FDI. The effect of company income tax on FDI was more pronounced during the military regime than in the civilian regime. FDI had a higher degree of convergence during the military regime compared to civilian rule, and this is vital for policy assessments and comparison. Novelty – We bring to light new evidences on the effects of taxes polices on FDI. Type of Paper: Empirical Keywords: Corporate taxes; Tax Policies; Foreign Direct Investments; Error Correction Model; Military regime; Civilian regime. Reference to this paper should be made as follows: Edo, O.C; Okafor, A; Emmanuel, A. (2020). Tax Policy and Foreign Direct Investment: A Regime Change Analysis., J. Fin. Bank. Review, 5 (3): 84 – 98 https://doi.org/10.35609/jfbr.2020.5.3(3) JEL Classification: E22, F21, H2, P33.
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Nnanna, Joseph. "Is China’s investment in Africa good for the Nigerian economy?" Journal of Chinese Economic and Foreign Trade Studies 8, no. 1 (February 2, 2015): 40–48. http://dx.doi.org/10.1108/jcefts-09-2014-0020.
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Purpose – The aim of this paper is to assess the impact of China’s trade agreement and foreign direct investment (FDI) flows to Nigeria with special reference to the manufacturing sector utilizing the following key economic performance indicators: inflation, unemployment, income and gross domestic product, to name a few. Since the turn of the millennium, China has enjoyed a substantial presence in the African continent. In fact, the country has signed bilateral agreements with Angola, South Africa and Sudan to name a few. Recently, China established its West African trade hub in Lagos, the economic capital of Nigeria, to be strategically positioned. The results of the study revealed conclusively that although China’s investments over the years have benefited the Nigerian economy and its various firms in the manufacturing sector, the agreement signed by both countries ultimately needs to be reexamined to ensure equity. Design/methodology/approach – To thoroughly analyze the effects of China’s investments in Nigeria, this study was carried out in two phases. The first analysis of this study is anchored on a “before/after” framework based on descriptive statistical analysis of the selected economic performance indicators chosen from selected cross-national data. Accordingly, the time frame for this study runs from 1993-2012 which roughly corresponds to the era when China commenced significant investments in Nigeria. Second, employees, policymakers and individuals in the manufacturing/textile industries were interviewed. Furthermore, participation from federal as well as local government agency staff members was solicited using the Delphi technique. Findings – Empirically, the results conclusively reveal China’s dominance in the manufacturing and textile sectors in Nigeria. In other words, at face value, China’s investments are ultimately good for the Nigerian economy. However, at a micro-level analysis, the researcher examined the human factor, that is, the families of former and current employees, abandoned businesses/factories and a decaying textile industry that was once vibrant. Originality/value – To the knowledge of the researcher, this is the first study attempting to assess the impact of the rise of China on the Nigerian economy by combining key economic performance indicator in tandem with face-to-face interviews and the Delphi technique.
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Quiers-Valette, Suzanne. "Chocs/contre choc pétroliers et investisssements étrangers au Nigéria." Études internationales 21, no. 3 (April 12, 2005): 525–44. http://dx.doi.org/10.7202/702702ar.
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The problems linked to oil profits have been the subject of numerous studies. Few of these studies, however, have dealt with the specific problem of the impact of oil price shocks and return shocks on foreign investments in revenue-generating countries. This paper seeks to analyze the case of Nigeria which has been and still is a key country for the international oligopolies, thanks to the sheer size of its market and its oil wealth. In the face of Africa 's current decline Nigeria is, with South Africa, a potential keystone state that could in time bind together other states into a regional bloc with good prospects for growth. This possible unifying role, however, seems to depend on foreign investment picking up. It is therefore essential to understand better the extent to which foreign investment was spurred from 1973 onwards by the oil boom and what the consequences were of the crisis that began in 1982.
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Abere, Chioma Oluwaseun, Olusegun Adebayo Ogunba, and Terzungwe Timothy Dugeri. "An evaluation of property markets in Southwestern Nigeria." Property Management 36, no. 3 (June 18, 2018): 314–32. http://dx.doi.org/10.1108/pm-04-2017-0022.
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Purpose Studies on the maturity status of Sub-Saharan African property markets are scanty. The absence of such studies appear to have made African property markets – such as the Nigerian market – unattractive to foreign investors who require market information to assess the viability of proposed investments. The purpose of this paper is to explore the maturity status of selected city property markets in Southwestern Nigeria (i.e. markets in the capital cities of Lagos, Ibadan and Osogbo), with a view to providing information for enhanced property investment in Africa. Design/methodology/approach The study adopted and expanded on property market maturity paradigms suggested by Keogh and D’Arcy (1994), Akinbogun et al. (2014) and Jones Lang LaSalle (2014) to measure the maturity status of the property markets in the Nigerian cities. The study investigated the maturity of three markets in Nigeria by scoring the stated views of a range of stakeholders (estate surveyors and valuers, public land administrators and financiers represented by commercial banks) across a range of ten indicators. The responses were classified by means of a five-point classification scale which expanded on the initial four-point scale developed by Dugeri (2011). Findings The three property markets were found to exhibit varying maturity characteristics (with weighted mean scores of 3.07, 2.71 and 2.51, respectively), representing emerging and immature stages of evolution on the maturity path. These results suggest that there is a correlation between the tier of the market and the level of property market maturity. Practical implications The study concluded that first- and second-tier city property markets have emerged sufficiently to the point where they may safely attract foreign direct and indirect investment from courageous foreign investors. However, the state governments and real estate professional regulatory bodies in the second and third markets need to undertake substantial remodeling of market structures to make them attractive to international investors. Originality/value The value of the paper is in providing much needed information for enhanced property investment in Africa.
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Ezeji E, Chigbu, Ubah Chijindu Promise, and Chigbu Uzoamaka S. "Impact of Capital Inflows on Economic Growth of Developing Countries." International Journal of Management Science and Business Administration 1, no. 7 (2015): 7–21. http://dx.doi.org/10.18775/ijmsba.1849-5664-5419.2014.17.1001.
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This study examines the impact of capital inflows on economic growth of developing economies; the case of Nigeria, Ghana and India from 1986-2012. This is necessitated by the doubts being raised as whether the huge inflows of foreign capital in developing economies over the years have transmitted to real economic growth. Augmented Dickey Fuller unit root test was employed to evaluate the stationarity of the data, while Johansen Co-integration was used to estimate the long-run equilibrium relationship among the variables. The casual relationship was tested using Granger Causality, and Ordinary Least Square method was used to estimate the model. The findings reveals that capital inflows have significant impact on the economic growth of the three countries. In Nigeria and Ghana, foreign direct and portfolio investment as well as foreign borrowings have significant and positive impact on economic growth. Workers’ remittances significantly and positively related to the economic growth of the three countries. The enabling environment should be created in the developing countries to encourage more inflow of foreign investments and workers remittances. This will help in closing the savings-investment gap and encourage economic growth in these countries. The study signifies that capital inflows is indispensable in closing the savings-investment gap required for economic growth of developing countries.
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Nkwatoh, Louis Sevitenyi, and Hiikyaa A. Nathaniel. "Effect of Insecurity on Economic Growth in Nigeria." Journal of Economics and Management Sciences 1, no. 2 (September 27, 2018): p69. http://dx.doi.org/10.30560/jems.v1n2p69.
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Many studies in conformity with theoretical underpinnings have shown that insecurity exerts a negative effect on economic growth. This study investigated the effect of insecurity on economic growth in Nigeria. The vector autoregressive model was employed using quarterly data from 2009Q1 to 2016Q4. The major findings show that economic growth and investment activities tend to increase during periods of insecurity. Also the rate of unemployment reduced during periods of insecurity. This implies that insecurity only threatens economic activities with no negative effect on the entire economy as conjectured by various economic theories. Thus, to continuously sustain the Nigeria’s economic growth rate, the government needs to protect domestic and foreign investments by stepping up its national security.
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Zugliani, Niccolò. "HUMAN RIGHTS IN INTERNATIONAL INVESTMENT LAW: THE 2016 MOROCCO–NIGERIA BILATERAL INVESTMENT TREATY." International and Comparative Law Quarterly 68, no. 3 (May 23, 2019): 761–70. http://dx.doi.org/10.1017/s0020589319000174.
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AbstractThe 2016 Morocco–Nigeria bilateral investment treaty (BIT) stands out from other such treaties because of its innovative human rights approach to the protection and promotion of foreign direct investment. Human rights permeate its approach to the regulation of investment in a manner which is most unusual in international investment agreements (IIAs). As a result, this is the most socially-responsible BIT currently concluded. Although it remains exceptional within the investment-treaty framework, the treaty reflects African initiatives to ensure that the next generation of BITs encourages more responsible investments. As such, it shows that human rights-compliant investment treaties can find fertile ground in developing African countries and it sets an example for current and future negotiations aimed at fostering respect for human rights in investment activities.
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Ikpe, Marius, and Alwell Nteegah. "Macro-Econometric Modeling of Social Insecurity, Foreign Direct Investments and Economic Growth Association." International Journal of Social Sciences and Management 1, no. 4 (October 25, 2014): 129–38. http://dx.doi.org/10.3126/ijssm.v1i4.10944.
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Social insecurity has in recent time constituted a major hurdle to the Nigeria authorities. Theoretically, it is believed to have a strong negative link with Foreign Direct Investment (FDI) and levels of economic growth. This in Nigeria’s context ranges from Niger Delta crises, to the un-going Boko-Haram Islamists Militants insurgency. Given paucity of empirical literature on this line of investigation into this form of socioeconomic problem, this study empirically examines the link amongst social insecurity, FDI and growth of the Nigerian economy. The study adopted the Augmented Cob-Douglas production function in its analysis, introducing the variable (social insecurity) into the FDI model and subsequently traces its impact on economic growth. Result indicates that social insecurity stimulates the inflow of foreign technology, rather than inhibit it. The paper attributes this to merging of these distinct forms of social insecurity in the study and consequently recommend an explicit examination of these forms of social insecurity-FDI association Nigeria.DOI: http://dx.doi.org/10.3126/ijssm.v1i4.10944 Int. J. Soc. Sci. Manage. Vol-1, issue-4: 129-138
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Okougbo, Peace Onuwabhagbe, and Elewechi Okike. "Corporate governance and earnings management: Empirical evidence from Nigeria." Corporate Ownership and Control 12, no. 4 (2015): 312–26. http://dx.doi.org/10.22495/cocv12i4c2p7.
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This study contributes to the literature by providing a sub-Saharan African economy perspective on the relationship between corporate governance and earnings management, based on evidence produced from the accounts of listed companies in one of Africa’s largest economies, Nigeria. Using the Modified Jones model to estimate the discretionary accruals, the study examines whether CEO duality, board size and audit committee independence are able to restrain earnings management practices in the private sector in Nigeria. The results reveal there is a positive significant relationship between the size of the board, return on assets and earnings management. The study proposes that policy makers ensure that firms practise maintaining increasing levels of profits and desist from making losses so as to preclude downward management of earnings. This is essential in the current drive to attract foreign investments into the Nigerian economy.
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Egberi, Agbarha Kelvin, Monye, and C. Michael. "Effect of Foreign Portfolio Investments on the Performance of Financial Sector in Nigeria." Asian Journal of Management 11, no. 2 (2020): 201. http://dx.doi.org/10.5958/2321-5763.2020.00031.1.
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Adamu, Abdul, and Joel Haruna. "Ownership structures and firm performance in Nigeria: A canonical correlation analysis." Journal of Research in Emerging Markets 2, no. 4 (July 22, 2020): 21–32. http://dx.doi.org/10.30585/jrems.v2i4.537.
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This study examined the relationship between ownership structure and performance of listed non-financial firms in Nigeria. Secondary data on managerial ownership, ownership concentration, foreign ownership, institutional ownership, Tobin q, return on assets, return on equities, and earnings per shares were collected from forty (40) sampled firms. The data were analyzed using canonical correlation and the findings showed that managerial and foreign ownerships are the dominant ownership structures while Tobin q, EPS, and ROA are the dominant performance measures. The study also found that ownership concentration, foreign ownership, and institutional ownership are positively correlated with firm performance, while managerial ownership is negatively correlated with firm performance. The study recommended that listed non-financial firms should encourage foreign investments in their firms and rewards performing managers with shares in the firm.
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O, Fagbola O., Adegbite, E. O, and Oke, B. O. "Investigating the Effects of Foreign Direct Investments and Remittances on Economic Growth in Nigeria: A Vector Autoregressive (Var) Approach." International Journal of Trade, Economics and Finance 11, no. 2 (April 2020): 32–38. http://dx.doi.org/10.18178/ijtef.2020.11.2.662.
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Lucky, I. U. "Production of Rice in Nigeria: The Role of Indian-Nigerian Bilateral Cooperation in Food Security." MGIMO Review of International Relations 13, no. 3 (July 8, 2020): 138–50. http://dx.doi.org/10.24833/2071-8160-2020-3-72-.
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The article focuses on the impact of India-Nigeria agricultural cooperation on rice production in Nigeria. Since 2000 in the quest for food sufficiency, diversification of the country’s sources of foreign exchange, increasing employment for the rising population as well as expanding its external relations Nigeria has signed several bilateral agreements on agriculture with India. The analysis of the developments in the sub-sector, as well as media, governmental and non-governmental reports in the field and the interviews of the farmers has revealed that the Indian firms, including “Olam Group” and “Popular Farms and Mills Ltd”, have cultivated thousands of hectares of land, built mills and machinery, provided farmers in 16 Nigerian states with better rice seedlings, and engaged thousands of farmers in regular training improving employment and revitalizing communities in the country. The support given by the Indian firms has triggered an unprecedented increase in rice production. The paper concludes that the agreements, particularly the one of 2017, have further promoted, strengthened and expanded rice production in the context of food security, job creation and saving foreign exchange. The article, therefore, demonstrates how Nigeria-India bilateral ties and cooperative programs have changed the dynamics of rice production in the country and brought more profound economic consequences. Despite the fact that Nigeria is not yet selfsufficient in rice production with the gap of around 2.5 million tonnes, the agricultural programs initiated within the framework of the Nigeria-India bilateral agreements and realized as large-scale agriculture programmes including investments, training, supply of better seedlings, land cultivation promoted by powerful corporations have significantly changed the economic and social environment in Nigeria.
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Lucky, I. U. "Production of Rice in Nigeria: The Role of Indian-Nigerian Bilateral Cooperation in Food Security." MGIMO Review of International Relations 13, no. 3 (July 8, 2020): 138–50. http://dx.doi.org/10.24833/2071-8160-2020-3-72-138-150.
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The article focuses on the impact of India-Nigeria agricultural cooperation on rice production in Nigeria. Since 2000 in the quest for food sufficiency, diversification of the country’s sources of foreign exchange, increasing employment for the rising population as well as expanding its external relations Nigeria has signed several bilateral agreements on agriculture with India. The analysis of the developments in the sub-sector, as well as media, governmental and non-governmental reports in the field and the interviews of the farmers has revealed that the Indian firms, including “Olam Group” and “Popular Farms and Mills Ltd”, have cultivated thousands of hectares of land, built mills and machinery, provided farmers in 16 Nigerian states with better rice seedlings, and engaged thousands of farmers in regular training improving employment and revitalizing communities in the country. The support given by the Indian firms has triggered an unprecedented increase in rice production. The paper concludes that the agreements, particularly the one of 2017, have further promoted, strengthened and expanded rice production in the context of food security, job creation and saving foreign exchange. The article, therefore, demonstrates how Nigeria-India bilateral ties and cooperative programs have changed the dynamics of rice production in the country and brought more profound economic consequences. Despite the fact that Nigeria is not yet selfsufficient in rice production with the gap of around 2.5 million tonnes, the agricultural programs initiated within the framework of the Nigeria-India bilateral agreements and realized as large-scale agriculture programmes including investments, training, supply of better seedlings, land cultivation promoted by powerful corporations have significantly changed the economic and social environment in Nigeria.
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Akinwalere, Susan Nwadinachi. "The Impact of Foreign Direct Investment on the Utilisation of Natural Resources in Nigeria." BORDER CROSSING 8, no. 2 (November 5, 2018): 433–54. http://dx.doi.org/10.33182/bc.v8i2.605.
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The purpose of this article is to examine the impact of FDI on the utilization of natural resources in Nigeria. This article uses annual data from 1970 to 2015 and employs the Autoregressive Distributed Lag (ARDL) bounds testing approach to cointegration, a testing procedure for level relationships developed by Pesaran and Shin (1999) and Pesaran et al. (2001). The ARDL cointegration approach examines the long-run relationship between FDI and natural resources on one hand and GDP on the other hand. The empirical results indicate that aggregate FDI has a positive and statistically significant impact on both natural resources and GDP in Nigeria. The ‘OIL’ variable presents a positive coefficient while GDP presents a negative estimated coefficient. From a policy point of view, countries such as Nigeria, endowed with natural resources, should pursue policies targeted at full deregulation (privatisation) of their natural resource sector to better utilise the abundance of their natural resources and attract additional FDI. Regarding GDP, there should be concerted efforts to boost the performance of the non-oil sector in Nigeria through more investments in the agricultural and industrial sectors which will make the growth of the economy spread across other sectors and, in turn, encourage national economic growth and development, reducing the possibility of the ‘resource curse’. This is the first paper that employs ARDL in determining the impact of FDI on the utilization of natural resources in Nigeria.
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Flora, Umutoni, Ze Tian, and Joseph Obiora Ezezue. "FDI (Foreign Direct Investments) as a Determinant for the Economic Growth of Nigeria (2009-2018)." Open Journal of Business and Management 08, no. 02 (2020): 770–82. http://dx.doi.org/10.4236/ojbm.2020.82047.
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Adedigba, Abina, Praise. "External Debt, Exchange Rate, Foreign Investments and Economic Growth Inter-Relationships Further Empirical Evidence from Nigeria." Asian Journal of Economics and Empirical Research 6, no. 2 (2019): 101–7. http://dx.doi.org/10.20448/journal.501.2019.62.101.107.
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Kifordu, Anthony Anyibuofu, Florence Konye Igweh, and Judith Ifeanyi Aloamaka. "The Impact of Taxation and the Quest for Good Governance: Evidence from Nigeria." Webology 17, no. 2 (December 21, 2020): 416–29. http://dx.doi.org/10.14704/web/v17i2/web17042.
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Taxation affords governments everywhere an avenue for the strategic generation of revenue required for the development of societies. This is particularly true for developing societies that have historically relied on natural resources and foreign aid for state resources. This paper explores avenues through which emerging economies and the Nigerian state in particular can utilize taxation both as a channel for revenue generation and as a medium for the enhancement of state-society relations with a view to promoting good governance. Deploying secondary evidence, the paper argues that there is a palpable disconnect between the government and society in Nigeria owing to the historical fact that revenue generation from the natural resources domain and its utilization has been without accountability and transparency. It insists that governance in Africa’s most populous enclave is conducted without the requisite tactical taxation nous. On the basis of this evidence the paper suggests that Nigeria embrace a transparent and accountable tax regime which can aid economic development, strengthen economic institutions and policies, move beyond natural resources exploitation, and redistribute resources in favour of investments that require little skills and less capital with a view to bridging the gap between the rich and poor while simultaneously bringing a lot of people out of poverty.
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Pally, Agidi Ejime. "Restructuring, National Security and Nigeria’s Relationship with the External World." UJAH: Unizik Journal of Arts and Humanities 21, no. 4 (May 19, 2021): 34–52. http://dx.doi.org/10.4314/ujah.v21i4.2.
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Nigeria as a nation has been experiencing security challenges at alarming level in the last few years. This has taken various forms such as kidnapping from ransom, herders and farmers clashes, organized crimes, and cybercrimes, implosive movement of small and light arms. Trans border crimes, human trafficking, and slavery among others. This has affected Nigeria’s external relations with the outside world negatively in various ways, such as constriction of bilateral trade volume, cold diplomatic relations, low tourism attraction, low educational exchang e, reduction of military trainings abroad, refusal of arms purchase, low foreign investments among others. The diversity nature of the Nigerian state stands a gap in finding solutions to the myriads of problems as Nigeria’s image abroad has been dented badly. Restructuring the Nigerian state in various spheres has been the agitation of many Nigerians in the recent time. This paper therefore examines restructuring the Nigerian state, National security and its implications on her relationship with the external world. It is a qualitative paper that focused on secondary sources of information, and adopted structural functional theory as its framework of analysis. The paper argued that restructuring the political structures in Nigeria will advance quality security in Nigeria. It is the opinion of the paper that improves security in the country will enhance robust Nigerian’s relationship with the external world. The paper recommended among others, the restructuring of political economic and social structures through the instrument and legitimacy of national conference. This has to be backed by legislations from the national and state assembly.
Keywords: Restructuring, External Relationships, National Security, Political Structure, National Conference
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Muhammad, Saidu D., Kenneth O. Diyoke, and Nnanna P. Azu. "The Consequences of Foreign Direct Investments in Redefining Bilateral Trade Flow in Nigeria: A Gravity Panel Approach." Asian Economic and Financial Review 10, no. 4 (2020): 367–79. http://dx.doi.org/10.18488/journal.aefr.2020.103.367.379.
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Osabohien, Romanus, Oluwalayomi David Awolola, Oluwatoyin Matthew, Osayande Queen Itua, and Esther Elomien. "Foreign direct investment inflow and employment in Nigeria." Investment Management and Financial Innovations 17, no. 1 (February 18, 2020): 77–84. http://dx.doi.org/10.21511/imfi.17(1).2020.07.
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The advent of globalization has spurred the level of foreign direct investment (FDI), which has increased the employment level and economic growth in countries around the world. This scenario has also been debated in the extant literature. It is on this backdrop that this study was inspired to examine the relationship between FDI and the level of employment in Nigeria. The article uses the Fully Modified Ordinary Least Squares (FMOLS) and the Johansen co-integration econometric approach on the data, which were sourced from the World Development Indicators (WDI) of the World Bank and the Central Bank of Nigeria (CBN) statistical bulletin. The investigation period covered thirty-two years (1985–2017). Also, the authors adopted the theory of absorptive capacity as the baseline for the model. Results obtained from the study showed that foreign direct investment is statistically significant and positively related to the employment level in Nigeria. These findings imply that a 1 unit increase in the inflow of foreign direct investment to the Nigerian economy is capable of increasing the level of employment by about 0.97 units. Therefore, based on findings, the study is concluded by recommendations that the Nigerian economy should become viable through effective trade policies and programs, which are capable of attracting foreign direct investment into the Nigerian economy for employment creation. Acknowledgment(s) The publication support received from Covenant University Centre for Research, Innovation and Discovery (CUCRID) is appreciated
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Bose O. Okuntola, Bose O. Okuntola. "The Scourge of Financial Frauds in Foreign Investments: The Prespective of Nigeria- U. S. Bilateral Trade, 1990-2003." IOSR Journal of Humanities and Social Science 12, no. 1 (2013): 64–74. http://dx.doi.org/10.9790/0837-1216474.
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OMODERO, Cordelia Onyinyechi. "A RELATIVE ASSESSMENT OF THE CONTRIBUTIONS OF AGRICULTURE, OIL AND NON-OIL TAX REVENUES TO NIGERIA’S ECONOMIC EXPANSION." Annals of Spiru Haret University. Economic Series 19, no. 2 (June 28, 2019): 139–52. http://dx.doi.org/10.26458/1927.
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The decline in oil prices globally has led to diversification of economy in most oil enriched countries. In Nigeria, more attention is given to agriculture and non-tax revenue sources to ensure that the country overcomes a mono-economy syndrome which has affected the nation in the past. This study assesses the contributions of agriculture, oil and non-oil tax revenue to economic expansion in Nigeria using data that cover a period from 1981 to 2017. The regression results indicate that oil revenue has a significant negative impact on economic growth which is represented by gross domestic product. On the contrary, the study finds evidence that agriculture and non-oil tax revenue have a robust significant and positive influence on economic growth. Therefore, the study suggests that tax administration in Nigeria should be more business-growth conscious and that agriculture should be given a boost by creating an enabling environment that could attract foreign direct investments in the agricultural sector. The study also recommends that oil revenues should be utilized for reinvestments into other sectors of the economy. Keywords: Oil revenue, non-oil tax revenue, agriculture, economic growth, Nigeria.JEL Classifications: H27, H24, H25, N5, O4
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Nkoro, Emeka, and Aham Kelvin Uko. "The Sources of Economic Growth in Nigeria: A Growth Accounting Approach." European Journal of Economics and Business Studies 5, no. 1 (April 30, 2019): 89. http://dx.doi.org/10.26417/ejes.v5i1.p89-99.
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The study investigated the sources of growth in Nigeria for the period 1960 to 2017 using the growth accounting framework of the standard neoclassical production function.Specifically, the study focused on evaluating the contribution of capital, labour and total factor productivity to economic growth in Nigeria. Additionally, in order to establish the relationship between capital, labour and total factor productivity, and economic growth, correlation coefficients between the variables were estimated. The results correlation analysis showed that the growths of capital, labour and total factor productivity were positively correlated with economic growth. Furthermore, the results from the growth accounting framework revealed that capital was found to be the major driver of economic growth in Nigeria during the entire period, 1961-2017. In the case of the sub-periods, capital was the major driver of economic growth in Nigeria during the first sub-period, 1961-1980. However, during the period, 1981-2000, labour was the major driver of economic growth, followed by capital while TFP growth contribution deteriorated as it was negative. Also, TFP was the major driver of economic growth during the period 2001-2017. Based on the foregoing, the study therefore recommends that, policies that encourage physical capital, human capital and technological development through domestic and foreign investments should be adopted, nurtured, sustained and intensified, noting that capital, human capital and technological development are key to economic growth and development.
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Ekwueme, Khrushchev U. K. "NIGERIA'S PRINCIPAL INVESTMENT LAWS IN THE CONTEXT OF INTERNATIONAL LAW AND PRACTICE." Journal of African Law 49, no. 2 (October 2005): 177–206. http://dx.doi.org/10.1017/s0021855305000136.
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EKWUEME, KHRUSHCHEV, Nigeria's principal investment laws in the context of international law and practice, Journal of African Law, 49, 2 (2005): 177–206The enactment of the NIPC Act and FEMMP Act in 1995 represent a paradigm shift in Nigeria in three major areas of investment rule-making, namely, investment liberalization, investment protection and settlement of investment disputes. These statutes, especially the NIPC Act, contain certain investment-friendly provisions relating to foreign participation in Nigerian enterprises, guarantees against expropriation, nationalization and currency risk, as well as State-investor arbitration. Although the literature on the NIPC Act and FEMMP Act is vast, no in-depth scholarly study has been done on them in the context of international law and practice. Primarily, this article examines the provisions of these laws through a practical lens by studying them alongside the jurisprudence of the ICSID. It also explores specific constitutional and administrative law questions intimately related to the treatment of foreign investment in Nigeria. Finally, it assesses inflows of FDI into Nigeria and considers some of the impediments to foreign investment in the country.
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Asafo-Adjei, Emmanuel, Daniel Agyapong, Samuel Kwaku Agyei, Siaw Frimpong, Reginald Djimatey, and Anokye M. Adam. "Economic Policy Uncertainty and Stock Returns of Africa: A Wavelet Coherence Analysis." Discrete Dynamics in Nature and Society 2020 (November 22, 2020): 1–8. http://dx.doi.org/10.1155/2020/8846507.
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This study explores how global economic policy uncertainty (EPU) shocks comove with stock returns (SR) of eight African countries—Botswana, Ghana, Kenya, Morocco, Namibia, Nigeria, South Africa, and Zambia. The study employed daily data from December 2010 to December 2019 using wavelet coherence analysis. The results showed that global EPU comoves with most of the SR of African markets and was concentrated in the longer term, especially during the period between 2011 and 2019, although not substantially. The findings indicate that short-term investments in African stocks are less susceptible to global economic policy uncertainty. It is recommended that foreign investors could hedge agaist policy uncertainties by investing in stock listed in African Stock exchanges while appropriate country-level policies are deployed to manage long-term effect of EPU.
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Festus Babarinde, Gbenga. "The Role of Foreign Direct Investment in Stock Market Development in Nigeria: A Test of Complementarity." Review of Finance and Banking 12, no. 2 (December 31, 2020): 175–86. http://dx.doi.org/10.24818/rfb.20.12.02.05.
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This paper examines the role of foreign direct investment (FDI) in stock marketdevelopment in Nigeria for the period 1981-2018 via Dynamic Ordinary Least Squares(DOLS)and pairwise Granger causality techniques. Empirical Öndings indicate that FDI plays apositive signiÖcant role in the development stock market in Nigeria. Also, a unidirectionalcausality áows from FDI to stock market development. This study concludes that FDI con-stitutes a catalyst to stock market development in Nigeria, which implies the complementaryrole of FDI in stock market. Therefore, Nigerian government should ensure investors-friendlymacroeconomic framework and implement policies to encourage ináows of FDI in Nigeria.
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C, Ogwezzy Michael. "Violation of Human Rights in Nigeria: An Appraisal of the Activities of the Transnational Oil Corporations in the Niger Delta Region." Christ University Law Journal 2, no. 1 (February 22, 2013): 1–20. http://dx.doi.org/10.12728/culj.2.1.
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Non state actors play a significant role in international relations. They do not hold the characteristics of a legal sovereign but have some measure of control over a country's people and territories. Transnational corporations are non states actors with profit motive that operate in different sovereign states and continents in the world deriving their power most of the time from the law of these states. Economists, lawyers and social scientists alike have for a number of years agreed that foreign investments like TNCs have the potential to act as a catalyst for the promotion or violation of human rights, particularly in developing countries. This is even more so,
considering that corporate investors are often not explicitly obliged under investment agreements to observe human rights even though they exert
considerable power over individuals, communities and indigenous populations. Such assertions have strengthened the normative link between human rights violations and the activities of transnational corporations like the oil companies. It is on this premise that this paper
discusses how the activities of transnational oil corporations in the Niger Delta region have led to violations of human rights and examines how the federal government of Nigeria through legislation has empowered these transnational oil companies to engage in activities that lead directly to such flagrant violation of human rights.
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A Owusu, Richard, and Terje I Vaaland. "Achieving Local Content in Extractive Industries of African Countries." International Journal of Innovation and Economic Development 7, no. 1 (2021): 28–36. http://dx.doi.org/10.18775/ijied.1849-7551-7020.2015.71.2003.
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Local content defines the extent of participation of local industry in extractive industries like mining, oil and gas. These industries are major destinations of foreign direct investments. They are very important revenue streams for governments of developing and emerging economies. In many countries, however, local industry is not participating enough. Recently researchers are bringing new perspectives into research and policy on the subject. We discuss the issue based on a review of relevant literature including a study in Nigeria in the wake of the passage of the new local content laws. Our study finds that the achievement of local content depends on the collaboration of a range of actors. Local political and legal institutions, local businesses, MNCs, universities and research organizations, international development partners and donors have to contribute their political and economic resources to achieve local content.
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Utan, Oluwakemi Edet. "Patterns of African Healthcare Funding: Investment Implications for Public-Private Partnerships." TEXILA INTERNATIONAL JOURNAL OF PUBLIC HEALTH 9, no. 2 (June 30, 2021): 62–73. http://dx.doi.org/10.21522/tijph.2013.09.02.art006.
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The Coronavirus Global Pandemic Now Poses Additional Peril To The Already Burdened Healthcare Systems With Inadequate Funding In Africa. This Paper Attempts To Present The Funding Patterns For Healthcare In Nigeria, Congo, Tanzania, Egypt, And South Africa. It Also Explored Investor Opportunities For Lowering OOPs And Increasing Investor Profits. Data Were Drawn From The WHO, The World Bank, And World Charts Databases. Government Health Expenditure Was Far Below What Individuals And Families Pay From Out-Of-Pocket Payments (OOPs) For Healthcare Services Except In South Africa, Where OOP Accounts For Only 8%. Contrary To Popular Notion, Donation Funds Or Foreign Aid For Healthcare Accounts For A Lower Percentage Of Total Healthcare Expenditure In The Countries Under Consideration. Households Mostly Bore The Healthcare Expenditure Burden (Nigeria’s OOPs Of 77%, Congo- 48%, And Egypt- 60%). Averagely, Nigeria And Congo Only Spent About 3% Of Their National Budget On Healthcare. In Comparison, Tanzania And Egypt Spent An Average Of 4% And 5% (South Africa-8%) Between 2010 And 2017, Reflecting Low-Risk Protection For Households. Specific Aspects For Investments Through Public-Private Partnerships (PPP) Reviewed In This Paper Should Include Designing Innovative Financing Models Focusing On Risk Pooling Mechanisms To Help Bridge The Funding Gap, Local Production, And Manufacture Of Pharmaceuticals And Healthcare Equipment At This Time, Instead Of Importation. Investors Can, Therefore, Take Advantage Of The Various Initiatives Outlined In This Paper To Achieve Better Health Outcomes In Africa.
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Jaiblai, Prince, and Vijay Shenai. "The Determinants of FDI in Sub-Saharan Economies: A Study of Data from 1990–2017." International Journal of Financial Studies 7, no. 3 (August 12, 2019): 43. http://dx.doi.org/10.3390/ijfs7030043.
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Foreign Direct Investment (FDI) can bring in much needed capital, particularly to developing countries, help improve manufacturing and trade sectors, bring in more efficient technologies, increase local production and exports, create jobs and develop local skills, and bring about improvements in infrastructure and overall be a contributor to sustainable economic growth. With all these desirable features, it becomes relevant to ascertain the factors which attract FDI to an economy or a group of adjacent economies. This paper explores the determinants of FDI in ten sub-Saharan economies: Liberia, Sierra Leone, Ivory Coast, Ghana, Nigeria, Mali, Mauritania, Niger, Cameroun, and Senegal. After an extensive literature review of theories and empirical research, using a set of cross-sectional data over the period 1990–2017, two econometric models are estimated with FDI/GDP (the ratio of Foreign Direct Investment to Gross Domestic Product) as the dependent variable, and with inflation, exchange rate changes, openness, economy size (GDP), income levels (GNI/capita (Gross National Income) per capita), and infrastructure as the independent variables. Over the period, higher inflows of FDI in relation to GDP appear to be have been attracted to the markets with better infrastructure, smaller markets, and lower income levels, with higher openness and depreciation in the exchange rate, though the coefficients of the last two variables are not significant. These results show the type of FDI attracted to investments in this region and are evaluated from theoretical and practical viewpoints. FDI is an important source of finance for developing economies. On average, between 2013 and 2017, FDI accounted for 39 percent of external finance for developing economies. Policy guidelines are formulated for the enhancement of FDI inflows and further economic development in this region. Such a study of this region has not been made in the recent past.
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Chiwuzie, Augustina, and Daniel Ibrahim Dabara. "Housing construction costs and house rents fluctuations in an emerging property market: the case of Osogbo, Nigeria." Property Management 39, no. 4 (March 12, 2021): 527–45. http://dx.doi.org/10.1108/pm-06-2020-0041.
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PurposeCost of construction of residential properties as well as its subsequent rent trends remain a major challenge to stakeholders in the property rental markets of emerging economies. This study examined the relationship between housing construction costs and house rents fluctuations in Osogbo, Nigeria, to provide information for informed investment decisions.Design/methodology/approachThe authors conducted a survey, where three sets of questionnaires were administered on building contractors; estate surveyors and valuers and private residential property owners. The data required comprise the estimated average construction costs and average market rents for two and three-bedroom bungalows in the study area from 2008 to 2018. These data were respectively sourced from all the 15 firms of building contractors and 25 firms of estate surveyors and valuers in Osogbo, Nigeria. Stratified random sampling was employed to select 180 property owners from three medium-density residential districts of Osogbo. Secondary data on macroeconomic variables were sourced from the Central Bank of Nigeria. Data collected were analysed using descriptive and inferential statistical tools.FindingsThe authors found a significant positive relationship (0.749) between construction costs and house rents trends; both variables maintained ascending trends. Construction costs and house rents inflation rates exhibited random fluctuations with the former having a higher mean inflation rate (10.47%). However, the difference was not statistically significant (p-value = 0.317 > 0.05). Respondents identified consumer price index (CPI) inflation among other macroeconomic variables as the strongest predictor of both construction costs and house rents fluctuations. However, evidence from further analysis of the time series suggested otherwise.Practical implicationsThe result confirms construction cost as one of the vital supply factors of the housing market, which is often pass through to house rents. The positive relationship between construction costs and house rents trends should trigger new development which, will, in turn, allow rental housing investments to expand into new areas with prospects for profits that could be earned by domestic and foreign investors.Originality/valueThis study to the best knowledge of the researchers is the first to relate housing construction cost to house rent in Osogbo, Nigeria; thereby adding to the body of knowledge in this field.
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Awodi, Peter Inalegwu. "‘Pilfering the commons’ through law: Global land governance and its impact on Nigerian smallholder women farmers in an age of land grabbing / Voler les biens communs par la loi: La gouvernance foncière mondiale et son impact sur les petites agricultrices nigérianes à l’ère de l’accaparement des terres." Journal of the African Union Commission on International Law 2021 (2021): 131–61. http://dx.doi.org/10.47348/aucil/2021/a4.
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This study digresses from the dominant narratives advanced in extant literature which have mainly analysed the question of national sovereignty over natural resources in Nigeria from the perspective of contestations over crude oil in the restive Niger Delta region. This study brings a fresh insight to the debate about national sovereignty over natural resources by examining the interface between international law and national land governance laws in an age of land grabbing in Nigeria. This study reveals how provisions of the ‘Voluntary Guidelines on the Responsible Governance of Tenure of Land, Fisheries and Forests’, international human rights laws, international investment laws, the Constitution of the Federal Republic of Nigeria 1999 (as amended) and the Land Use Act of 1978 were deployed to reinforce land grabbing by foreign capitalist agribusiness firms in Nigeria. Findings from the study reveal how the 2007/2008 global economic recession shifted investors’ interest to agriculture, leading to a renewed interest in acquiring large swathes of farmlands in Nigeria. The instrumentality of international and Nigerian laws was deployed in the processes of acquiring, establishing and operationalising these controversial commercial farms. A combination of superimposing international and national legal frameworks underpinning investments, land tenure systems and human rights was invoked to acquire land to establish the 15 000-hectare Casplex Farms, the 13 000-hectare Shonga Farms, and the 10 000-hectare Olam International Rice Farm in northcentral Nigeria. Basically, provisions in section 12.1 of Part 4 of the FAO’s ‘Voluntary Guidelines on the Responsible Governance of Tenure of Land, Fisheries and Forests’, art 17(1) of the UDHR, s 43 of Part 4 of the Constitution of the Federal Republic of Nigeria 1999 (as amended), and s 28(1) of Part 5 of the Land Use Act of 1978 have reinforced land grabbing in Nigeria. At the same time, the study, which draws on historical and exploratory research designs, brings to light the human security implications of such expropriation of indigenous farmland used by vulnerable smallholder women farmers who hold fragile customary rights to land. The study recommends the review of legal instruments on the control of land resources to prevent exploitation by capitalist foreign investors and to provide adequate legal protection for peasants to curtail institutional arbitrariness. Cette étude se dissocie des études existantes dans la littérature qui ont le plus souvent analysé la question de la souveraineté nationale sur les ressources naturelles au Nigeria sous l’angle des contestations sur le pétrole brut dans la région rebelle du Delta du Niger. Cette étude apporte un nouvel aperçu dans le débat à propos de la souveraineté nationale sur les ressources naturelles en examinant l’interface entre le droit international et les lois nationales de gestion de la question foncière à l’ère de l’accaparement des terres au Nigeria. Cette étude révèle comment les dispositions des « Directives volontaires pour une gouvernance responsable des régimes fonciers applicables aux terres, aux pêches et aux forêts », les lois internationales sur les droits de l’homme, les lois internationales sur les investissements, la Constitution de la République Fédérale du Nigeria 1999 (telle que modifiée) et la loi sur l’utilisation de la terre ont été déployées pour renforcer l’accaparement des terres par les entreprises capitalistes étrangères agro-industrielles au Nigeria. Les recherches montrent comment la récession économique mondiale de 2007/2008 a dévié l’intérêt des investisseurs vers l’agriculture, ce qui a suscité un intérêt pour l’acquisition de grandes parcelles de terres agricoles. L’instrumentalisation des lois internationales et nigérianes ont été déployées dans ce processus d’acquisition, d’établissement et d’opération de ces plantations commerciales controversées. Une combinaison suprême des cadres juridiques internationaux et nationaux sous -tendant les investissements a été invoquée pour acquérir les terrains pour établir la plantation Casplex de 15 000 hectares, la plantation Shonga de 13 000 hectares, et la rizière d’Olam International de 10 000 hectares dans le centre-nord du Nigeria. Essentiellement, les dispositions de l’article 12 alinéa 1er Partie 4 des « Directives volontaires pour une gouvernance responsable des régimes fonciers applicables aux terres, aux pêches et aux forêts », de la FAO, article17 alinéa 1er de la Déclaration universelle des droits de l’Homme, article 43 de la Partie 4 de la Constitution de la République Fédérale du Nigeria 1999 (telle que modifiée), et l’article 28 alinéa 1er de la loi sur l’utilisation de la terre de 1978 ont renforcé l’accaparement des terres au Nigeria. Dans le même temps, cette étude qui s’inspire des modèles de recherches historiques et exploratoires, met en relief les implications sur la sécurité humaine d’une telle expropriation des terres agricoles autochtones utilisées par des petites agricultrices détenant des droits coutumiers fragiles sur la terre. Cette étude recommande la revue des instruments juridiques sur le contrôle des ressources foncières afin de prévenir l’exploitation des investisseurs étrangers capitalistes et de prévoir une protection juridique adéquate aux paysans pour réduire l’arbitraire institutionnel.
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Olomola, PA. "The FDI-growth hypothesis: A VAR model for Nigeria." South African Journal of Economic and Management Sciences 7, no. 1 (July 23, 2004): 170–84. http://dx.doi.org/10.4102/sajems.v7i1.1435.
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The objective of this study was to examine the causal relationship between foreign direct investment and economic growth in Nigeria using annual data covering the period 1970 to 2002. The study employed the Granger causality procedure to test the direction of causality between foreign direct investment and economic growth for the Nigerian economy. The endogenous production function was derived to accommodate foreign investment and other domestic policies that could influence growth and foreign investment. The study found a one-way causality between from foreign direct investment to economic growth. The implication arising from this study is that Nigeria should adopt policy whereby FDI is attracted to promote economic growth.
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Meidayati, Anis Wahyu. "Impact of Telecommunication Infrastructure, Market Size, Trade Openness and Labor Force on Foreign Direct Investment in ASEAN." Journal of Developing Economies 2, no. 2 (December 20, 2017): 17. http://dx.doi.org/10.20473/jde.v2i2.6677.
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AbstractForeign Direct Investment (FDI) in recent years has created a positive impact for ASEAN countries. FDI give spillover effects that directly contribute capital improvements, technological developments, and global market access, also skills and managerial transfers. In order to attract FDI inflow into country, ASEAN member countries need to know what factors which attract investment related to the needs of infrastructure types and other factors. The purpose of this study is examine the determinant of FDI in ASEAN countries. This research method used is panel data regression period 2005-2015 from 10 countries in ASEAN. The results showed simultaneously and partially telecommunication infrastructure, market size, trade openness, and labor force variable have significant relationship with FDI inflows in ASEAN countries.Keywords: panel data regression, telecommunication infrastructure, market size, trade openness, labor force, FDI.ReferencesAppleyard, DR. Field, JF. and Cobb, SL. 2008. International Economics. New York: McGraw-Hill.Azam, Muhammad. 2010. “Economic Determinants of Foreign Direct Investment in Armenia, Kyrgyz Republic and Turkmenistan: Theory and Evidence”, Eurasian Journal of Business and Economics. 3 (6), 27-40.Botric, Valerija. 2006. “Main Determinants of Foreign Direct Investment in the Southeast European Countries”, Transition Studies Review. Vol. 13(2): 359–377.Calderon, C., and Serven, L., 2010. “Infrastructure and Economic Development in Sub-Saharan Africa”, Journal of African Economies. Vol.19(4): 13-87.Carbaugh, Robert J. 2008. International Economics. Edisi Kedelapan. South Western: Thomson Learning.Chakrabarti, A. 2001. “The Determinant of Foreign Direct Investment: Sensivity Analysses of Cross-Country Regression”, International Symposium on Sustainable Development. Vol 54 (1):89-114.Demirhan, E., & Masca, M. 2008. Determinants of Foreign Direct Investment Flows. 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Babatunde, K. A., W. I. Oyeniran, and O. O. David. "Nigerian Investment Promotion Commission and Foreign Direct Investment in Nigeria." Kuwait Chapter of Arabian Journal of Business and Management Review 2, no. 9 (May 2013): 24–35. http://dx.doi.org/10.12816/0001229.
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Ranti Uwuigbe, Olubukola, Ayomide Omoyiola, Uwalomwa Uwuigbe, Nassar Lanre, and Opeyemi Ajetunmobi. "Taxation, exchange rate and foreign direct investment in Nigeria." Banks and Bank Systems 14, no. 3 (September 6, 2019): 76–85. http://dx.doi.org/10.21511/bbs.14(3).2019.07.
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This paper investigates factors that may impact foreign direct investment in Nigeria. It seeks to establish the role of taxation (corporate tax) for foreign direct investment in Nigeria. Annual time series data derived from the Central Bank of Nigeria statistical bulletin and the United Nations Conference on Trade and Development covering a period of 31 years (1985–2015) were used for this study. The variables considered in the study include FDI, corporate tax, exchange rate, inflation rate, real gross domestic product (RGDP). They were analyzed using Ordinary Least Squares (OLS), Johansen Co-Integration model and Unit Root Test. Findings from this research observed that a negative relationship exists between corporate taxation and FDI. Also, the study observed that corporate tax have a significant impact on FDI and there exists a long-run relationship between the two variables.
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A. Ogundipe, Adeyemi, Joys Alabi, Abiola J. Asaleye, and Oluwatomisin M. Ogundipe. "Exchange rate volatility and foreign portfolio investment in Nigeria." Investment Management and Financial Innovations 16, no. 3 (September 27, 2019): 241–50. http://dx.doi.org/10.21511/imfi.16(3).2019.22.
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The study examines the link between exchange rate volatility and foreign portfolio in Nigeria using data that covers the period 1996Q1 to 2016Q4. The theoretical framework used is the return and creditworthiness model, which is based on the push and pull factors theory. In achieving the objective, the study adopted the vector autoregressive model in ascertaining the dynamics between exchange rate volatility and foreign portfolio investment in Nigeria. Also, the study examines the impact of exchange rate innovations (shocks) on foreign portfolio investment and equally assesses how induced variations in foreign portfolio investment are decomposed among the variables in the model. It was also found that exchange rate volatility and market capitalization significantly and largely explain the variations in foreign portfolio investment. The impulse response analysis shows that foreign portfolio investment was more responsive to standard deviation shocks in market capitalization and exchange rate, implying that these variables were more responsible for the dynamism in FPI. As the horizons expand, shocks to market capitalization and exchange rate increase foreign portfolio investment, whereas shocks to GDP and inflation made foreign portfolio investment dwindle. In the same manner, in decomposing the induced variation in foreign portfolio investment, forecast error shocks in market capitalization, exchange rate and GDP explain more of the variation in foreign portfolio investment.
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Alabi, Mumeen Olatunbosun, Sheriffdeen Adewale Tella, Ibrahim Abidemi Odusanya, and Olumuyiwa Ganiyu Yinusa. "Financial Deepening, Foreign Direct Investment and Output Performance in Nigeria." Scientific Annals of Economics and Business 65, no. 2 (June 1, 2018): 193–204. http://dx.doi.org/10.2478/saeb-2018-0007.
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Abstract This study examines the relationship between financial deepening, foreign direct investment and output performance in Nigeria from 1980-2015 using the Autoregressive Distributed Lag (ARDL) Bound Test approach. A long-run relationship was established between financial deepening indicators, foreign direct investment and output performance in Nigeria. Foreign direct investment and market capitalization as a percentage of the GDP exerted significantly on output performance both in the short-run and in the long-run periods. It is recommended that financial depth should be enhanced through improved and highly efficient provision of credit by banks to the real sector of the Nigerian economy.