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Impact of foreign direct investment on the agricultural sector in Nigeria (1981–2017)
African Development Review ( IF 3.1 ) Pub Date : 2020-12-20 , DOI: 10.1111/1467-8268.12460
Chukwudi Emmanuel Edeh 1 , Chidera Godson Eze 1 , Sonia Onyinye Ugwuanyi 1
Affiliation  

The study investigates the impact of foreign direct investment on the agriculture sector in Nigeria using quarterly time series data for the period 1981–2017 obtained from the Central Bank of Nigeria Statistical Bulletin. Preliminary tests on the time series data were done using the pairwise correlation test, Augmented Dickey–Fuller and Phillips–Perron unit root tests. The results of the Bounds test and Johansen test indicate the presence of cointegration in the model. The A utoregressive Distributed Lagged (ARDL) model, Fully Modified Least Squares (FMOLS) and Dynamic Ordinary Least Squares (DOLS) were used to estimate the parameter estimates of the regression model. Results indicate that foreign direct investment has a positive and significant impact on agricultural sector output. Specifically, the ARDL result shows the impact of foreign direct investment to be more in the short run (0.0024 < 0.05) than in the long run (0.0000 < 0.05). Also, deregulation of the economy has a significant impact on agricultural output over the period under study. The study recommends an increase in tax holidays (from the present 3 years to at least 6 years) to prospective foreign direct investors. There is a need to provide for a short‐ and medium‐term framework that will address increased and emergency funding of the agricultural sector by the government in Nigeria.

中文翻译:

外国直接投资对尼日利亚农业的影响(1981–2017)

该研究使用从尼日利亚中央统计公报获得的1981-2017年期间的季度时间序列数据,调查了外国直接投资对尼日利亚农业部门的影响。对时间序列数据的初步测试是使用成对相关性测试,增强的Dickey–Fuller和Phillips–Perron单位根测试进行的。Bounds检验和Johansen检验的结果表明模型中存在协整。使用自回归分布滞后(ARDL)模型,完全修正最小二乘(FMOLS)和动态普通最小二乘(DOLS)来估计回归模型的参数估计。结果表明,外国直接投资对农业部门的产出产生了积极而重大的影响。特别,ARDL结果显示,外国直接投资的影响在短期内(0.0024 <0.05)大于长期(0.0000 <0.05)。此外,在研究期间,放松对经济的管制对农业产出也有重大影响。该研究建议对潜在的外国直接投资者增加免税期(从目前的3年延长至至少6年)。有必要提供一个短期和中期框架,以解决尼日利亚政府为农业部门增加的紧急资金。该研究建议对潜在的外国直接投资者增加免税期(从目前的3年延长至至少6年)。有必要提供一个短期和中期框架,以解决尼日利亚政府为农业部门增加的紧急资金。该研究建议对潜在的外国直接投资者增加免税期(从目前的3年延长至至少6年)。有必要提供一个短期和中期框架,以解决尼日利亚政府为农业部门增加的紧急资金。
更新日期:2021-01-25
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