The determinants of private foreign investment in Nigerian manufacturing industries.

Abstract

The paper examine critically the determinants of private foreign investment in selected Nigerian manufacturing industries based on five theories of investment that have undergone rigorous testing on data for the developed countries and partially so for the developing countries. The theories include the Accelerator, Liquidity, Expected Profit, Neoclassical I, and Neoclassical II, while the industries are Footwear, Textile, Products of Petroleum, Furniture and Fixtures, Rubber Products, Beverages, Leather, Basic Metal, Food, Paper, Metal and Tobacco. The period covered by the study is 1966-76 and the source of data for this investigation is the Foreign Investment Survey conducted annually by the Research Department of the Central Bank of Nigeria.