THE ROLE OF FOREIGN DIRECT INVESTMENTS IN THE ECONOMIC GROWTH OF NIGERIA
ABSTRACT
Generally, policies and strategies of Nigerian government towards Foreign Direct Investments are shaped by two principal objectives of desire for economic independence and the demand for economic development. Multinational corporations are expected to bring into Nigeria, foreign capital in the form of technical skills, entrepreneurship, technology and investment fund to best economic activities thereby, rising the standard of living Nigerians.
The main issue in this project relates to understanding the effects and impacts of Foreign Direct Investment(FDI) on the Nigerian economy as well as our ability to attract adequate amounts sufficient enough to accelerate the pace of our economic growth. From related research and studies, it was revealed that multinational companies are highly adaptive social agents and therefore, the degree to which they can help in improving economic activities through Foreign Direct Investment will be heavily influenced by the policy choice of the host country.
From the analysis through the use of secondary data, it was observed that the level of FDI in Nigeria is not adequate. The model used was Internal Gap(Foreign Capital Need).From the analysis of the questionnaire distributed, it was discovered that FDI has a significant role in the economic growth of Nigeria.The research thus suggested that in order for her to improve the economic climate for foreign direct investment in Nigeria, the government must appreciate the fact that the basic element in any successful development strategy should be the encouragement of domestic investors first before going after foreign investors
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