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Is Foreign Direct Investment the Way Forward for Manufacturing Sector Renaissance in Nigeria?

Ndibe, Beatrice C.


Ojiula, Uchemefuna Ben


Asalu, Emmanuel N.

Ndibe, Beatrice C. 1

Ojiula, Uchemefuna Ben 2
Asalu, Emmanuel N. 3

  1. Ph.D Student, Department of Management, University of Nigeria, Enugu Campus c/o African Heritage Institution, Independence Layout Enugu, Enugu State, Nigeria. 1

  2. Ph.D Student, Department of Marketing, University of Nigeria, Enugu Campus Enugu State Nigeria. 2

  3. Research Associate, African Heritage Institution, Independence Layout, Enugu Enugu State Nigeria. 3

Pages: 245-256

DOI: 10.18488/journal.62.2021.84.245.256

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Article History:

Received: 28 January, 2021
Revised: 03 March, 2021
Accepted: 30 March, 2021
Published: 21 April, 2021


The study was an attempt to investigate the relationship between foreign direct investments (FDI) and the manufacturing sector contribution to GDP in Nigeria. Specific objectives included finding out the direction of causality between FDI and the growth of the manufacturing sector; and establishing the relationship between FDI net inflows and manufacturing sector contribution to GDP. To achieve the objectives, two research questions and hypotheses were formulated. Secondary data sourced from World Bank Development Indicators were used. The Granger causality model and linear regression model were employed to test the hypotheses. The empirical implementation of the model made use of macro-economic data covering the period of 30 years (1990-2019). The result showed that there is a unidirectional causality from FDI to manufacturing sector contribution to GDP. This implies that manufacturing sector contribution to GDP was not as a result of FDI inflows to Nigeria. Further findings revealed a statistically no significant linear relationship between FDI net inflows and manufacturing sector contribution to GDP in Nigeria. The implication of the study is that the little contribution made by the manufacturing sector in Nigeria is not as a result of FDI net inflows, hence there is need for government and policy makers to consider policy options that will attract FDI to the manufacturing sector.
Contribution/ Originality
This study contributes to existing literatures on foreign direct investments and manufacturing sector performance in Nigeria in a highly unstable business environment. Its analysis reveals the need for policy makers to rethink existing business investment policies in Nigeria in order to harness the potentials of the manufacturing sector.


FDI, Manufacturing sector, GDP, Policy options, Merger and acquisition, Nigeria.


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This study received no specific financial support.

Competing Interests:

The authors declare that they have no competing interests.


All authors contributed equally to the conception and design of the study.

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