CBN’S MONETARY POLICIES AND ITS EFFECT ON REMITTANCE AND FOREIGN DIRECT INVESTMENT IN NIGERIA

CBN’S MONETARY POLICIES AND ITS EFFECT ON REMITTANCE AND FOREIGN DIRECT INVESTMENT IN NIGERIA

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CBN’S MONETARY POLICIES AND ITS EFFECT ON REMITTANCE AND FOREIGN DIRECT INVESTMENT IN NIGERIA



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ABSTRACT
This study assessed CBN’S monetary policies and its effect on remittances and foreign direct investment in Nigeria. It specifically examine the effect of CBN monetary policies on Remittances in Nigeria; investigate the effect of CBN monetary policies on Foreign Direct Investment in Nigeria; and examine the composite effect of CBN monetary policies on Remittances and Foreign Direct Investment in Nigeria.
However, Ordinary Least Square was adopted to estimate the coefficient using an observation of sixteen years. Secondary data was used for the estimation and was source from Central Bank Statistical Bulletin of 2016 volume which spanned between 2001 to 2016.
Results indicates foreign direct investment has positive effect, though not statistically significant on exchange rate (0.0096) but negative effect on inflation (-0.1353). The effect of inflation and gross domestic product on foreign direct investment, brought under scrutiny showed that inflation rate did not have major effect on the inflow of foreign direct investment into the Nigerian economy. However, gross domestic product had great effect on the inflow of foreign direct investment into the Nigerian economy within the period under review.
In conclusion, only DR found to be significant and negative direction on Remittance inflow while rest are insignificant to FDI. This showed that monetary policies have significant effect on remittance and foreign direct investment. Among other recommendation is that the nation’s monetary authorities should develop and implement measures that will ensure that both inflation and foreign exchange rates are sustained at levels that will ensure increasing level of inflow of FDI.
CHAPTER ONE: INTRODUCTION
1.1 Background to the Study
1.2 Statement of the Problem
1.3 Research Questions
1.4 Research Objectives
1.5 Research Hypothesis
1.6 Significance of the Study
1.7 Scope of the Study
1.8 Plan of the Study
1.9 Definition of Terms
CHAPTER TWO: LITERATURE REVIEW
2.0 Introduction
2.1 Conceptual Review
2.1.1 The Concept of Monetary Policy
2.1.2 Monetary Policy Tools and Techniques
2.1.3 Monetary Policy Rate
2.1.4 Meaning of Remittance
2.1.5 Concept of Foreign Direct Investment (FDI)
2.2 Theoretical Review
2.2.1 Keynesian Theory of Investment
2.2.2 Acceleration Theories of Investment
2.2.3 Pure Altruism Theory
2.2.4 Pure Self Interest Theory
2.3 Empirical Review
2.3.1 Effect of CBN Monetary Policy on Remittances and Foreign Direct Investment:
Evidence from Developed Countries
2.3.2 Effect of CBN Monetary Policy on Remittances and Foreign Direct Investment:
Evidence from Developing Countries
2.3.3 Effect of CBN Monetary Policy on Remittances and Foreign Direct Investment:
Evidence from Nigeria
2.4 Gaps in Literature
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Theoretical Framework
3.2 Model Specification
3.3 Apriori Expectations
3.4 Sources of Data
3.5 Method of Analysis
3.6 Definitions of Variables/Measurement

CHAPTER FOUR: ANALYSIS AND INTERPRETATION OF RESULT
4.2 Estimated results
CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1 Summary
5.2 Conclusions
5.3 Recommendations
Appendix

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