Effect of foreign direct investment on gross national income in Nigeria, 2006-2017

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Kelechi Johnmary Ani
Chigozie Onu
صندلی اداری


Effect of foreign direct investment on gross national income in Nigeria, 2006-2017


Kelechi Johnmary Ani

Alex Ekwueme Federal University, Nigeria

E-mail: kelechi.ani@funai.edu.ng


Chigozie Onu

Nnamdi Azikiwe University, Nigeria

E-mail: asiano.jc@gmail.com


Submission: 11/4/2020

Revision: 12/15/2020

Accept: 1/5/2021



The study analyzed the effect of foreign direct investment on gross national income over the period of 2006- 2019. The main type of data used in this study is secondary; which were sourced from various publications of Central Bank of Nigeria, such as; Statistical Bulletin, Annual Reports and Statement of Accounts. The regression analysis of the ordinary least square (OLS) is the estimation technique that was employed in this study to determine the effect of the Direct Foreign Investment on gross national income in Nigeria. The cointegration test showed existence of a long run relationship and an indication that 1 cointegrating vectors exist at 5% level of significance among the variables which was corrected with error correction mode (ECM). The result showed that foreign direct investment had a positive effect on gross national income during the period 2006 – 2019. It also revealed that gross domestic product, exchange rate and unemployment rate has a positive effect on gross national income in Nigeria during the same period. The study recommends that government should try to develop trade zones, which are solely based on free economic movements and policies. The study recommends official re-consideration of different determinants of gross national income (GNI) attractions. Government incentives, infrastructure and policies should be put in place to make it easy for general foreign investors, to find Nigeria safe and reliable to invest. Finally, unique fiscal and monetary policies should be formed to strengthen the other macroeconomic variables which will help to overcome the situation of shocks in Nigeria while hosting Foreign Direct Investment inflow for future sustainable economic development.


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Author Biographies

Kelechi Johnmary Ani, Alex Ekwueme Federal University

KELECHI JOHNMARY ANI Ph.D. holds a Bachelor of Arts degree in History and International Relations from Ebonyi State University, Abakaliki (Second Class Upper). He bagged a Post Graduate Diploma in Education from Kashim Ibrahim College of Education- University of Maiduguri affiliated and a Masters’ degree in International History and Diplomacy from the University of Maiduguri, all in Nigeria. He proceeded to North West University, South Africa where he graduated with a Ph.D. in Peace Studies. He has peace, conflict, and African political history as his areas of research interest. Dr. Ani is also a lecturer in the Department of History and Strategic Studies, Alex Ekwueme Federal University Ndufu-Alike, Ikwo, Ebonyi State, Nigeria. He was a Post-Doctoral Research Fellow in the Department of Politics and International Relations, North West University, Mafikeng Campus, South Africa before his appointment as research fellow in the School of Public Management, Governance and Public Policy, University of Johannesburg, South Africa. Dr Ani was also appointed an International Doctoral Thesis Examiner in the Graduate School of Business and Leadership, University of Kwazulu-Natal, South Africa.

Ani is a Regular member of International Peace Research Association (IPRA); a member, South African Association of Political Studies (SAAPS); a member, Historical Society of Nigeria, and member, Africa Peace Research and Education Association (AFPREA). Ani, K. J. is the editor of  Environmental Conflicts and Peacebuilding in Africa: A Festschrift for Victor Ojakorotu, Academica Press: Washington-London (2019); co-editor with Victor Ojakorotu, & Kelvin Bribena in Conflicts and Human Security Threats in Africa, Academica: Washington (2019); and co-editor with Kayode Eesuola in the book, International Relations and Security Politics in Africa: Essays in Honour of Professor Victor Ojakorotu, St James Studies in World Affairs, Academica: Washington, DC (2019).  Dr. Ani was a member of Editorial Board, Africana Studies Review, Centre for African and African American Studies, Southern University at New Orleans, USA, and Guest Editor; Journal of Nation Building and Policy Studies, UK. He is the Editors-in-Chief for the EBSU Research Insight in Ebonyi State University Abakaliki as well as Conflict Resolution & Societal Reviews published by the Conflict Resolution Scholars Association (CRSA) of Nigeria. He can be reached through kani4christ@gmail.com and kelechi.ani@funai.edu.ng.

Chigozie Onu, Nnamdi Azikiwe University

Department of Banking and Finance


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