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PROJECT TOPIC: RELATIONSHIP BETWEEN FOREIGN DIRECT INVESTMENTS AND ECONOMIC GROWTH OF NIGERIA FOR THE PERIOD BETWEEN 1981 AND 2014

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CHAPTER ONE

INTRODUCTION

1.1              Background Of The Study

Foreign Direct Investment (FDI) is   perceived as one of the most important strategies for the promotion of economic growth and development in developing countries such as Nigeria. this is because FDI can serve as catalyst for growth by increasing  the opportunity for  developing the countries integration into global financial and capital flows, expand development and export base, generate  technological capability  building and efficiency spillovers to local firms as well as establish investments arrangements that increases the potential for host countries for economic growth (Olyiwuola and Okodun 2007) .

            The perception of FDI role in retarding the development of domestic countries/industries for export promotions had engendered hostility to multi-natural companies and their direct investment in many countries. But this view started  diminishing when it was obvious that savings rate in such developing countries is lower than the required investments  that can induce higher growth rates in the economy .

            Foreign Direct Investment is considered as the central element of the process of economic growth. In the face of resources deficiency in financing long term development. The capital deficiency economies have heavily resoled to foreign capital as the primary means to achieve rapid economic growth, Promoting and facilitating technology transfers through foreign direct Investment (FDI) has assumed a prominent place in the strategies  of economic revival and growth being advocated by policy makers at the  national, regional and international levels because it is considered to be the key to bridging  the  technology and resources gap of underdeveloped countries such as Nigeria and avoiding further build- up of debt .

            The Nigeria government  in its efforts to attract the inflow of Foreign Direct Investment made several policies, for instance in 1995, the laws deemed to be hostile to Foreign investment  growth such as Nigeria enterprises promotions Act which hitherto regulated  the exert and limits of foreign participations in diverse sectors of the economy were replaced in 1995 . The Federal government of Nigeria and the monetary authority have also adopted  science policies, strategies and innovations to open up the economy , improve infrastructural  facilities , provide tax inducement like tax holiday for infant industries, reduction in import tariff etc, to improve the inflow of Foreign Direct Investment  into the Nigeria economy.


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