Economic Policy Reforms and Foreign Direct Investment Inflows in Nigeria: An Assessment of the Buhari Administration (2015–2023)

References

[1] Acha, I. A., & Orok, A. B. (2021). Regulatory inconsistencies and FDI inflows in Nigeria. Journal of Economics and Finance, 12(3), 45–58.

[2] Adeniji, A., & IvieLasaki, O. (2024). Impact of exchange rate shock on foreign direct investment in Nigeria. African Journal of Economic Policy, 31(1), 1–18.

[3] Adewale, A., Olopade, B., & Ogbaro, E. (2024). Effect of exchange rate on foreign direct investment in Nigeria (1981–2021). International Journal of Finance and Economics, 29(2), 210–225.

[4] Akinlo, A. E. (2004). Foreign direct investment and growth in Nigeria: An empirical investigation. Journal of Policy Modeling, 26(5), 627–639.

[5] Akinlo, A. E. (2019). Foreign direct investment and economic growth in Nigeria. Journal of Economic Studies, 46(4), 789–805.

[6] Alfaro, L. (2017). Foreign direct investment: Effects, complementarities, and promotion. Harvard Business School Working Paper.

[7] Alemu, A. (2020). Structural barriers to FDI in Nigeria: Security, infrastructure, and governance. Africa Development Review, 32(1), 77–90.

[8] Aregbeshola, R. A., & Folabi, L. O. (2020). Nigeria's FDI landscape under Buhari: Policy, performance, and prospects. Nigerian Journal of Economic Studies, 22(1), 1–19.

[9] Ayanwale, A. B. (2007). FDI and economic growth: Evidence from Nigeria. AERC Research Paper No. 165.

[10] Blomström, M., & Kokko, A. (2003). The economics of foreign direct investment incentives. NBER Working Paper No. 9489.

[11] Borensztein, E., De Gregorio, J., & Lee, J. W. (1998). How does foreign direct investment affect economic growth? Journal of International Economics, 45(1), 115–135.

[12] Busse, M., & Hefeker, C. (2007). Political risk, institutions and foreign direct investment. European Journal of Political Economy, 23(2), 397–415.

[13] Central Bank of Nigeria (CBN). (2017). Economic Recovery and Growth Plan (ERGP): An overview. CBN Publications.

[14] Central Bank of Nigeria (CBN). (2023). Annual report on capital importation. CBN Statistical Bulletin.

[15] Creswell, J. W. (2018). Research design: Qualitative, quantitative, and mixed methods approaches (5th ed.). SAGE Publications.

[16] Dollar, D., Hallward-Driemeier, M., & Mengistae, T. (2005). Investment climate and firm performance in developing economies. Economic Development and Cultural Change, 54(1), 1–31.

[17] Dunning, J. H. (1980). Toward an eclectic theory of international production: Some empirical tests. Journal of International Business Studies, 11(1), 9–31.

[18] Eromosele, A., Duru, I., & Obi, J. (2021). FDI trends under the Buhari administration: Oil dominance and non-oil sector decline. Nigerian Economic Review, 15(2), 88–105.

[19] Eze, O., & Okonkwo, C. (2020). Policy inconsistencies and FDI deterrence in Nigeria. Journal of African Business, 21(3), 310–328.

[20] Globerman, S., & Shapiro, D. (2002). Global foreign direct investment flows: The role of governance infrastructure. World Development, 30(11), 1899–1919.

[21] Globerman, S., & Shapiro, D. (2003). Governance infrastructure and US foreign direct investment. Journal of International Business Studies, 34(1), 19–39.

[22] IMF. (2017). Annual report on exchange arrangements and exchange restrictions. International Monetary Fund.

[23] IMF. (2021). World Economic Outlook: Managing divergent recoveries. International Monetary Fund.

[24] Kose, M. A., Prasad, E., Rogoff, K., & Wei, S. J. (2006). Financial globalization: A reappraisal. IMF Working Paper WP/06/189.

[25] Levy-Yeyati, E., & Sturzenegger, F. (2003). To float or to fix: Evidence on the impact of exchange rate regimes on growth. American Economic Review, 93(4), 1173–1193.

[26] Ministry of Budget and National Planning (MBNP). (2017). Economic Recovery and Growth Plan (ERGP), 2017–2020. Federal Government of Nigeria.

[27] Musibau, H. O., Adenekan, M. A., & Shittu, W. O. (2024). Have FDI, globalisation and energy security addressed the malaise in the Nigerian economy? African Economic History, 52(1), 30–55.

[28] North, D. C. (1990). Institutions, institutional change and economic performance. Cambridge University Press.

[29] Obadan, M. I. (2018). Nigeria's exchange rate management and its impact on foreign investment. CBN Journal of Applied Statistics, 9(1), 1–22.

[30] OECD. (2018). OECD investment policy reviews: Nigeria 2018. OECD Publishing.

[31] Oladipo, O. S. (2013). Foreign direct investment in Nigeria: Determinants, trends and prospects. The International Trade Journal, 27(5), 382–408.

[32] Olagunju, A., & Arulogun, O. (2018). Macroeconomic instability and FDI in Nigeria. Journal of Business and Management, 20(3), 59–70.

[33] Omisakin, O., Bakare, A., & Adeyemo, R. (2023). Market reforms for shared prosperity in Nigeria: Lessons from China's growth miracle. International Journal of Emerging Market Studies, 10(2), 88–107.

[34] Oyebanji, O. (2022). Governance deficits and FDI attraction in Nigeria under Buhari. African Development Perspectives Yearbook, 21, 201–220.

[35] PEBEC. (2021). Presidential Enabling Business Environment Council annual report 2020–2021. Government of Nigeria.

[36] Rodrik, D. (2006). Goodbye Washington Consensus, hello Washington confusion? Journal of Economic Literature, 44(4), 973–987.

[37] Scott, W. R. (2001). Institutions and organizations (2nd ed.). SAGE Publications.

[38] Shittu, W. O., Hassan, S., Nawaz, M. A., & Lan, J. (2020). The impacts of FDI and globalisation on economic growth in West Africa. African Development Review, 32(4), 690–703.

[39] Soludo, C. C. (2018). Nigeria's economic policy under Buhari: Assessment and way forward. Vanguard Economics.

[40] Stiglitz, J. E. (2000). Economics of the public sector (3rd ed.). Norton.

[41] Tijani, K. O. (2024). Effect of tax on non-oil foreign direct investment in Nigeria. Journal of Tax Research, 22(1), 109–130.

[42] Udoka, C. O., & Roland, A. O. (2021). The effect of monetary policy on the Nigerian economy. International Journal of Economics, Commerce and Management, 9(4), 201–215.

[43] UNCTAD. (2019). World investment report 2019: Special economic zones. United Nations.

[44] UNCTAD. (2021). World investment report 2021: Investing in sustainable recovery. United Nations.

[45] UNCTAD. (2022). World investment report 2022: International tax reforms and sustainable investment. United Nations.

[46] World Bank. (2005). World development report 2005: A better investment climate for everyone. World Bank Publications.

[47] World Bank. (2020). Nigeria economic update: The continuing urgency of business unusual. World Bank Group.

[48] World Bank. (2021). Doing business 2021: Equal opportunity for all. World Bank Publications.

@article{1717039,
      author = {Audu Solomon, Prof. Abdullahi Mohammed Yamma, Prof. Bello Muhammed Baban’Umma, Dr. Abdullahi Mohammed Abdul},
      title = {Economic Policy Reforms and Foreign Direct Investment Inflows in Nigeria: An Assessment of the Buhari Administration (2015–2023)},
      journal = {Iconic Research And Engineering Journals},
      year = {2026},
      volume = {9},
      number = {10},
      pages = {4322-4330},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1717039.pdf},
      abstract = {This study examines the economic policy reforms introduced during the Buhari administration (2015–2023) and assesses the trend of foreign direct investment (FDI) inflows into Nigeria during the same period. The study is anchored on two specific objectives: first, to examine the major economic policy reforms introduced during the Buhari administration regarding foreign investment; and second, to assess the trend and volume of FDI inflows into Nigeria between 2015 and 2023. A descriptive survey research design was adopted, with data collected through structured questionnaires administered to 351 purposively selected respondents drawn from key government institutions, investment analysts, foreign investors, and academic experts. Findings reveal that while the Buhari administration introduced significant reforms—including the Economic Recovery and Growth Plan (ERGP), the Presidential Enabling Business Environment Council (PEBEC), tax incentives, and the Petroleum Industry Act (PIA)—their implementation was largely inconsistent and failed to produce a sustained upward trend in FDI inflows. Approximately 58.9% of respondents affirmed that FDI did not steadily increase during the period, and 85.3% acknowledged that economic challenges such as recession and inflation significantly hindered investment inflows. The study concludes that economic policy reforms alone are insufficient to attract sustained FDI without corresponding institutional strengthening, macroeconomic stability, and security improvements. It recommends exchange rate unification, improved institutional enforcement, and deeper regulatory reform as essential strategies for improving Nigeria's investment appeal.},
      keywords = {Economic Policy Reforms, Foreign Direct Investment, Buhari Administration, Nigeria, ERGP, PEBEC, FDI Trends, Institutional Theory},
      month = {April},
      doi = {https://doi.org/10.64388/IREV9I10-1717039}
  }