INTERNATIONAL FINANCIAL FLOWS IN NIGERIA.- CHM

Department → Accountancy

Amount → ₦10,000.00

Abstract This study examined sustainable international financial flows. The study specifically examined the effect of foreign direct investment inflows, foreign direct investment outflows, remittance inflows and remittance outflows on the development of Nigeria economy. Panel Least Square Regression analysis was used to analyze the secondary data collected for the study and also to test the four null hypotheses formulated for the study. Durbin Watson Statistics (DW) test was also used to test the presence of autocorrelation in the models of the study. Foreign direct investment inflow, foreign direct investment outflow, remittance inflow and remittance outflow were the independent variables and measures of firm growth while Gross domestic product is the dependent variable. Findings reveal that all the independent variables, namely, Foreign direct investment inflow, foreign direct investment outflow, remittance inflow and remittance outflow positively and significantly affect Gross Domestic Product of Nigeria. Based on these findings, it was recommended that The Nigerian government should encourage the inflows of foreign direct investment and contact policy institutions that can ensure the transparency of the operations of foreign companies within the economy, the screening process should be simplified and improved upon. For example, export investment projects that consistently generate positive contribution to national income can be screened separately and swiftly, while projects in import competing industries should be screened separately. Government should ensure that remittance inflows accruable to Nigeria is properly managed to the development of Nigeria economy. Nigerian government should equally budget for remittance outflow as it helps in reduction of poverty.




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