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DIRECT INVESTMENT AND POVERTY REDUCTION IN NIGERIA
ABSTRACT
The study examined the Foreign Direct
investment and poverty reduction in Nigeria and to examine if foreign direct
investment has significant run impact on poverty reduction in Nigeria and to
evaluate if there is any significant casualty between foreign direct investment
and poverty reduction in Nigeria. Foreign direct investment (FDI) granger cause
per capital income but PCI does not granger cause FDI. Thus, there was
uni-directional causality lt the result depicted the spread of adjustment to
the long-run equilibrium. The coefficient of ECM (-1) is statistically
significance (-O-085) and it is negative. My policy recommendation on the part
of (FDI) policy makers should pay increased attention to the overall role of
FDl on poverty reduc1ion in light Of this, there should be provision of
enabling environment that would provide a better incentive to attract FDI in
flows. Foreign direct investment influence poverty reduction to really feel the
impact of FDI, the government should ensure there is FDl in flow to real
sector.
1.1
Background to the Study
The
importance of foreign capital to developing countries is well known. It
supplements their domestic savings and it is often accompanied with technology
and managerial skills which are indispensable in economic development. Foreign
direct investment can contribute in significant ways to breaking of the growth
– poverty vicious circle, and there lies Nigerians hope. The Nigerian
government hopes that Foreign Direct Investment (FDI) can make up for domestic
capital shortfalls, provide technology, managerial skills, facilitate access to
foreign market and generate both technological and efficient spillovers to local
firms. By providing access to external markets, transferring technology and
building capacity in the local firms generally, Foreign Direct Investment (FDI)
is expected to improve the integration of the continent global economy, spur
economic growth and alleviate poverty.
Direct
foreign investment has been characterized as the best form of foreign finance.
The packages of Foreign Direct Investment (FDI) comes with finance, technology
and highly skilled personnel (Lall and Streeton 1977). Indeed in the case of
Nigeria as in 3rd world countries Foreign Direct Investment (FDI) was the main
channel through which their import-substitution industrialization strategies
were prosecuted.
It is widely
believed that given the appropriate host-country policies and a basic level of
development, benefits that might accrue from Foreign Direct Investment (FDI)
include employment creation, the acquisition of new technology and knowledge,
increased tax revenue from cooperate profits generated by Foreign Direct
Investment (FDI). All of these form of benefits are expected to contributed to
higher economic and employment growth, which is the most important and
effective tool for achieving improvements in human well-being for alleviating
poverty in Nigeria.
Although,
the impact of Foreign Direct Investment (FDI) on poverty alleviation depend
principally on many factors such as host country policies and institutions. The
most efficient way Foreign Direct Investment (FDI) help in alleviating poverty
is the widening access to employment opportunities.
The ability of Nigeria to alleviate poverty
depends on adequate inflow of foreign investment resources. The country has
been experiencing difficulties in her effort to alleviate poverty for decades
now. At present, majority of Nigerians are living below the poverty level.
Consequently given the low level of per capital income characterizing the less
developed economies, the traditional model of economics assumes that average
and marginal consumption propensities are high, savings are low and that the
formation of new productive capital is restricted.
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