ADEWUNMI, KAMAL ADEKUNLE and ARIJE, K. D (2018) Impact of Foreign Direct Investment on Solid Minerals Industry in Nigeria. In: 16th Annual National Conference of the School of Business Studies, 5-8 JUNE 2018, Federal Polytechnic Ede, Osun State.
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Abstract
One of the arguments for pursuing Foreign Direct Investment (FDI) by countries is the belief that FDI bridges the gap between rich and poor nations by promoting economic growth and development in addition to generation of technological transfers. Thus, this paper examines the impact of Foreign Direct Investment on Solid Minerals Industry in Nigeria using time series data from 1992 to 2016. It aimed at determining functional relationships that exist between Foreign direct Investment (FDI), Exchange Rate, and Inflation Rate which were the independent variable while Solid Minerals contribution to gross Domestic Product (SGDP) which stood as the dependent variable. The paper contributes to existing studies by using the multiple regression analysis to formulate the model and an Ordinary Least Square method of estimation was used in testing whether the set of independent variables explained the dependent variable. SPSS version was the scientific tool used. The findings of this study reveals that the predictors of solid minerals industry in Nigeria as employed in this study showed that foreign direct investment and inflation rate has no impact on solid minerals industry in Nigeria, while only exchange rate had a significant impact on solid minerals industry in Nigeria. The study however concluded with the analysis of variance result which clearly showed that FDI is responsible for the growth of the solid minerals industry in Nigeria. The study recommends amongst others that in order to attract FDI, government must review policies that have a bearing on trade and other financial transactions like customs and banking regulations. This will engender investor confidence and encourage inflow of FDI.
| Item Type: | Conference or Workshop Item (Paper) |
|---|---|
| Subjects: | H Social Sciences > HG Finance |
| Divisions: | Faculty of Law, Arts and Social Sciences > School of Humanities |
| Depositing User: | Unnamed user with email [email protected] |
| Date Deposited: | 24 Jun 2022 16:24 |
| Last Modified: | 24 Jun 2022 16:24 |
| URI: | http://eprints.federalpolyilaro.edu.ng/id/eprint/1995 |
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