Reviewing the Investment Climate in Nigeria and How to Attract More Foreign Direct Investment

Abstract

This is undoubtedly an era of increasingly symbiotic socio-economic relationships among states and non-state entities, at sub-regional, regional and global levels. This study holistically examined the nature, impacts and challenges of Foreign Direct Investment (FDI) in Nigeria. The study also investigated whether FDI automatically solves the problem of poverty, among others. This study adopted doctrinal research methodology, which relies on both primary and secondary sources of data. From the study, it was revealed that varying local conditions and variables affect the impact of FDI on the economic growth and development of a nation. The finding further reveals that FDI without more, does not necessarily guarantee economic growth or sustainable development. This study concludes that FDI could be better positioned to drive national, regional and global economy and ensure sustainable development, if the identified challenges are tacked with spirited efforts and political will. Hence, some well-considered recommendations were made.