Impact Of Investment On Economic Growth In Nigeria

Authors: Jumbo, D.; Ojonye, S.M.; Dung, E.B.; Akinyeke, F.; Oboba, F.
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The study was conducted with the objective of investigating the impact of investment on economic growth in Nigeria, using time series data from National Bureau of Statistics and Central bank of Nigeria for the period 1981 –2016. The study exploit the use of ARDL (2.2) mechanism and found out that both private and public investments are critical determinants of economic growth because in the short-run, they both exert positive influence and that, at the long-run, an interplay of forces may lead to crowd-out-effect except there is a strong institution to help stabilize the economy to restore equilibrium. The study recommend among other things; creation of conducive environment for investment to thrive, massive investment in infrastructure and the use of fiscal policy measures to reduce deficit-financingon the part of the public sector so as to encourage private sector participation in the economy to guarantee economic growth.