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A lot of economies rely upon investments to resolve many economic issues, crisis and challenges. Less developed countries in Africa like Nigeria is introducing numerous economic policies that may attract as well as keep hold of private investors. Actually, countries engage in varieties of activities aimed at accelerating economic development and growth. Public investment is usually employed as a veritable engine of development and growth. This is because improvement in the living standard of the people depends on efforts geared toward increasing aggregate economic activities which involves enough investment, effective and efficient utilisation of the resources of the society and increase in aggregate productivity. Investment is the intentional increase in the stock of capital. In the view of Keynesians, investment depends on income. In Nigeria, low income has played unqualified in inability to raise sufficient capital for investment. So, lack of and improper utilisation of available capital has contributed adverse influence in investment in capital overheads, developmental infrastructure and other productive ventures. Besides, the skewed investment in the urban with little or nothing in the rural dominantly occupied by Nigerians has large negative effects. Consequently, the acceleration of economic growth is seriously damnified. Economic growth as conceived by Abiola and Egbuwalo (2010) is the ability of a country to expand her production possibility curve to rise above its previously operating level. In addition, growth is perceived to imply a sustained rise in real per capita income of a nation. It can specifically be stated that economic growth involves a long term rise in the capacity of a given nation to continuously supply various economic goods to her populace such that the citizenry has sufficiency for consumption. But suffice it to note that economic development is synonymous to growth. Meier (2012) posits that economic development is the process whereby the real per capita income of a country increases over a long period of time-subject to the stipulations that the number of people below an “absolute poverty line” does not increase, and that the distribution of income does not become more unequal. This implies improvement of lives of the people beyond what it was in the past, and what can specifically guarantee this noble attainment are investments. The rates of investment and population growth in Nigeria given the present high level of resource unemployment do not correspond to output and income growth capable of adequate living standard. The situation has been demoralising considering the fact that very few people at the helm of affairs are becoming wealthy and wealthier everyday while the majority of the people are deteriorating in all ramifications. The critical situation of insufficient public infrastructural investment has to a great extent discourages domestic and private investment. of conducive and favourable investment environment is inimical to the desired economic acceleration capable of repositioning declined low productivity and low per capita income. Consequently, the level of overall development and living standard of the people is below expectation, and so the average Nigerians live below poverty line. Besides, other social, economic and political factors in Nigeria led to classifying the country as one of the poorest economies in the global community of nations, notwithstanding her richly endowed with mineral and manpower resources. Actually, investment implies intentional expenditure that is channelled to raising or maintaining the stock of capital. In this respect, the stock of capital includes tangible assets or products, plants and machines and so on which support production. Human capital training and provision of infrastructure which are relevant factors needed for encouraging economic activity depend on investment. Bakare (2011) points out that public investment consists of government, and public enterprises capital expenditure on social and economic assets. This aspect of investment is imperative and fundamental for other aspects of investment. Many scholars argued and disagree with the allotted to investment in the economic growth process. Whatever view held about the impact of investment in development and growth of an economy, the effect of investment in machinery and equipment is considered as a main determinant of growth (De Long and Summers, 2007 and 2009). Further studies have established positive co-relationship between private investment and growth, and the envisaged complementarities between private investment and public investment. Other studies have stressed on the positive effect of investment and infrastructure on growth and development (Lim, 2009). The assigned to investment in the process of economic growth is relevant to growth theory and policy making. Relevant questions are should Nigeria focus on investment of capital overhead only? Can private and investment perform well without adequate monetary and fiscal incentives? The infrastructure level in Nigeria is it sufficient for investment encouragement? We hope to answer these questions in this study. A country like Nigeria that is highly populated supposed to have a befitting investment capable of harnessing the abundant resources, but the reverse is the case owing to short-sightedness, corruption, selfishness, improper monitoring of policies and poor targeting of public expenditure. In addition, low investments over the s have not been favourable to the level of productivity capable of ensuring adequate employment of inputs of production and bring about growth. From the on-going, it is seems that the desires of Nigerians with respect to industrialisation which is one of the results of sufficient investments and creation of employment opportunities have not been met owing to inadequate investments in every facet of the economy. Specifically, it is our intention to examine the impact of domestic corporate investment and economic growth in Nigeria. The study is expected to expose the extent of growth and development of Nigeria economy resulting from openness of the economy, domestic corporate investment which the country has aspired over the s. The study will also help in the design of relevant policy that will promote development and growth.


Domestic investment has generated a lot of debates among scholars as to its importance in nation building. The government have been seeking an approach to build the national economy and place the economy on the part of development since after world war. As such, the government in an effort to build the economy embark on massive reconstruction and public-sector investments to achieve sustainable economic growth and development. However, records of the past decades have generated some concern over the slow pace of industrial and infrastructural development. A lot of questions have been raised as to what should constitute the optimal size of government’s capital outlays that can turn around the economy. Overtime, the Nigerian nation has been witnessing a tremendous increase in her revenue profile through oil exports and she has equally enjoyed cycles of an oil boom with successive governments harnessing the resources of the nation to execute its budget. Ironically, there has been an increase too in Nigerian expenditure pattern overtime. Though it seems difficult to understand, it does not appear as if the increase in capital expenditures has translated into the increased capital formation and consequently economic growth and development. The problem becomes that Nigeria domestic corporate investment as well as capital accumulation has not been growing and has declined tremendously (World Bank, 2014). This is a real problem. Although investment has been growing steadily except with the recent economic recession in the country there is a substantial reduction in FDI by about 28% within 2014-2016. Nigeria macroeconomic indicators show the pitiable performance of a Domestic investment in Nigeria for the period 2012 till date (CBN, 2016). In view of the inconsistency in the findings of the various researches reviewed the declining nature of domestic investment in the country despite its tremendous contribution to national growth and development. As well as the fact that literature on investment in Nigeria is dominated by investment which contributes more to the home companies’ country more than the host company country. It is, therefore, necessary to investigate holistically domestic corporate investment, and economic growth in Nigeria between the periods of 1980-2015. Since after independence, Nigerian leaders have focused on development and growth. Fiscal and monetary incentives put in place to encourage both domestic and investment. This is because investment is known to be a vital tool for increasing input use that has the capability to increase output, income and employment, thereby raising living standard. In view of the poor living standard of the people in spite of the pursued level of investment, it becomes necessary to empirically ascertain the effects on growth over the s with a view to come up with a desirable change or otherwise.


1. What is the impact of private and public investment on economic growth in Nigeria?

2. Has domestic corporate investment influences macroeconomics variables in Nigeria?

3. What are the impacts of domestic corporate investment on economic growth in Nigeria?

4. Has the increase in government capital expenditure led to an increase economic growth in Nigeria?

5. What is the relationship between domestic corporate investment and economic growth in Nigeria?

6. What are the recommended solutions that will help boost investment opportunities in Nigeria?


The major purpose of this study is to examine domestic corporate investment and growth in Nigeria (1980-2015). Other general objectives of the study are:

1. To examine the impact of private and public investment on economic growth in Nigeria.

2. To examine whether increase in government capital expenditure led to an increase economic growth in Nigeria.

3. To recommend solutions that will help boost investment opportunities in Nigeria


H0: Domestic Corporate Investment has no significant effect on economic growth in Nigeria.

H1: Domestic Corporate Investment has significant effect on economic growth in Nigeria


The study will explore the impact or effectiveness of domestic corporate investment on Nigerian economic growth. Though the scope of study will be limited to the corporate investment, it is hoped that the exploration of this will provide a broad view of the operations of corporate investment in the nation. It will contribute to existing literature on the subject matter by investigating empirically the , which the domestic investment plays in the economic growth and development of the country. The main importance of this study is expected to expose the extent of growth and development of Nigeria economy resulting from openness of the economy, domestic and investment which the country has aspired over the s. The study will also help in the design of relevant policy that will promote development and growth.


The study is based on domestic corporate investment and growth in Nigeria (1980-2015).


Financial constraint– Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).

Time constraint– The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.


Domestic investment: This is an investment in the companies and products of someone’s own country rather than in those of  countries. Domestic investment is the measure of physical investment used in computing GDP in the measurement of nations’ economic activity. This is an important component of GDP because it provides an indicator of the future productive capacity of the economy.

Economic Growth: Is the increase in the goods and services produced by an economy, typically a nation, over a long period of time. It is measured as percentage increase in real gross domestic product (GDP) which is gross domestic product (GDP) adjusted for inflation. GDP is the market value of all final goods and services produced in an economy or nation.

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