Determinants of Foreign Direct Investment in Nigeria (1977-2008)

Nigeria has the potential to become Sub-Saharan Africäs largest economy because of its rich human and natural resources but in spite of this, Nigeria is considered to be one of the poorest countries in the world. About 70% of the population live below the poverty line and with an investment rate of barely 10% of GDP, Nigeria is below the minimum investment rate of about 30% of GDP required to reduce poverty. Foreign Direct Investment can provide the capital needed to bridge the savings gap, required to propel economic growth and development. This is an historical and empirical assessement of the story so far and the best ways Nigeria can position effectively to make the most of available capital, generate and sustain global interest in the non-oil sector.