ABOUT US  |  CONTACT US
Global Academic Journal of Economics and Business
Volume-5 | Issue-04
Original Research Article
An Examination of the Impact of Capital Flight on Economic Growth in Nigeria
Sanusi Yakubu Muhammad, Umar Farida Bello, Nduka Kodili Nwanneka, Momohsanni Adamu
Published : Aug. 28, 2023
DOI : 10.36348/gajeb.2023.v05i04.006
Abstract
The study examined the impact of capital flight on economic growth in Nigeria applying annual data sourced from Central Bank of Nigeria Statistical Bulletin from 1986 to 2020 and using an Error Correction Model (ECM). The results of the cointegration test demonstrated that the variables have a long-term relationship. The findings show that most of the constituents of Capital flight (first, second and third lags of foreign direct investment and portfolio Investment) have negatively impacted Nigeria’s economic growth. In contrast, external debt and current account balances positively impact on economic growth in Nigeria. This, therefore, confirmed that changes in capital flight impact economic growth in Nigeria. The study recommends that the government and stakeholders create an attractive, conducive, and enabling environment suitable for ease of doing business that will attract and retain foreign investors in the country. More importantly, the Government should ensure proper use of the funds borrowed, by channelling it to the productive sector of the economy and will also increase Government revenues.

Article formats

PDF (Portable Document Format) is a file format that has captured all the elements of a printed document as an electronic image that you can view, navigate read more...

A full-text database is a compilation of documents or other information in the form of a database in which the complete text of each referenced document is read more...

Contact us


Scholars Middle East Publishers,
Gold Souk, Deira, d – 24 D85,
Dubai, United Arab Emirates

+971-54-717-2569
submit.gajrc@gmail.com

Useful Links


Home
Aim and Scope
Author Guidelines
Subject Area

About Us


GAJRC (Global Acedemic Journals and Research Consortium) is an international scholar’s community which publish research paper under Scholars Middle East Publisher for open access scientific journals in both print and online publishing from Dubai, UAE. Read More Here

© GAJRC , All Rights Reserved

Developed by JM