Global Warming and Atmospheric Carbon: Is Carbon Sequestration a Myth or Reality?
In: JAFR-D-22-00079
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In: JAFR-D-22-00079
SSRN
In: Open Journal of Social Sciences, Band 12, Heft 7, S. 379-394
ISSN: 2327-5960
The role of the manufacturing sector in economic growth and development cannot be over-emphasized. Economic theory enthuses that economic growth can be further realized when the manufacturing sector makes steady positive contribution in the overall GDP growth rate. In an attempt to harp on this, this study investigates the impact of foreign direct investment (FDI) on manufacturing sector output growth in Nigeria for the period 1970 – 2016 using OLS and Granger causality tests analysis. Due to various constraints including paucity of funds capital, the positive contribution of the manufacturing sector has not been encouraging. So the need for foreign capital inflow may be a welcome development. Thus, the study estimates a logarithmic model of the impact of FDI inflow on manufacturing output growth in Nigeria in order to assess its possible contribution to economic diversification of the Nigerian economy which has been heavily dependent on the energy sector. The findings of this study reveal that there is a long-run relationship between FDI and manufacturing sector output growth (MSOG) though statistically insignificant. Granger causality result shows that there is a unidirectional causality from FDI and MSOG. The study recommends that the variables; electricity generation, exchange rate, private sector credit and political stability which show significant relationships to MSOG should be given priority by the government policy makers to diversify the economy through the manufacturing sector.
BASE
In: Politická ekonomie: teorie, modelování, aplikace, Band 69, Heft 4, S. 457-478
ISSN: 2336-8225
The study investigates external debt exposure to exchange rate risk in Nigeria. The Secondary data used were sourced from World Bank Development Indicators for all the variables from the period 1981 to 2019. By employing the Augmented Dickey-Fuller Unit root test and OLS estimation technique, the study found that external debt service payment (EXTDSP), total payment on external debt (TPEXTD), and trade openness (TROP) is significant. While External debt service payment (EXTDSP) and trade openness (TROP) is negatively impacting the exchange rate (EXCHR). TPEXTD has a positive significant impact on EXCHR at a 5% level of significance. The rest of the explanatory variables: external debt stock (EXTDS), gross domestic product growth rate (GDPGR), and real interest rate (RINTR) are all positive and insignificant at all levels of significance. The study, therefore, recommends that the government should go for concessional loans which has low-interest rate and are long-term in nature and as well encourage international trade with other countries of the world.
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