Macroeconomic determinants of domestic private investment in Nigeria: an empirical exploration.

Abstract

Despite a decade of profound macroeconomic adjustments, the record of private investment recovery has been disappointing. This paper empirically investigates the determinants of private investment in Nigeria. The results reveal that a combination of internal disequilibria and external shocks account for the slow pace of private investment resurgence. Conclusively, the paper advocates the synchronization of monetary, fiscal, trade and exchange rate policies of government in a mutually reinforcing manner to facilitate the attainment of the objectives of price stability, higher rates of investment and growth.