Defense Budget and Response of Foreign Direct Investment (FDI)  in Nigeria: Co-Integration  and VECM Approach

Sule Muhammed; Yakubu Hassan Madugbe; Vicent Chuks Okafor; Itodo Christian Itodo

doi:10.9734/sajsse/2023/v20i2693

Research Article Open access CC BY 4.0

Defense Budget and Response of Foreign Direct Investment (FDI) in Nigeria: Co-Integration and VECM Approach

Sule Muhammed, Yakubu Hassan Madugbe, Vicent Chuks Okafor, Itodo Christian Itodo

South Asian Journal of Social Studies and Economics · pp. 8–17 · Published 10 Jul 2023

10.9734/sajsse/2023/v20i2693

Abstract

The research was conducted on the topic: Defense Budget and Response of Foreign Direct Investment (FDI) in Nigeria: Co-integration and Vector Error Correction Model (VECM) Approach. It investigated how Foreign Direct Investment (FDI) move in response to defence budget considering the insecurity problem faced by Nigeria during the period of the study. Time series data which spanned from 1981 to 2019 was sourced from CBN. The data collected was subjected to unit root test, co-integration test and vector error correction estimation. The results showed long run equilibrium among variables. It was found also that there existed short-run relationship among variables or ran from GDP, MNFO, INF and LFP to FDI and recommended improvement in output, inflation control, enhancement of labour force performance, economic diversification and improved security spending and sincere intention in the approach to finding lasting solutions to insecurity among others.

Defense budget FDI response insecurity

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Sule Muhammed, Yakubu Hassan Madugbe, Vicent Chuks Okafor, Itodo Christian Itodo (2023). Defense Budget and Response of Foreign Direct Investment (FDI) in Nigeria: Co-Integration and VECM Approach. South Asian Journal of Social Studies and Economics , 8–17. https://doi.org/10.9734/sajsse/2023/v20i2693

Affiliations

Sule Muhammed — Department of Economics, Nnamdi Azikiwe University, PMB 5025, Awka, Anambra State Nigeria.
Yakubu Hassan Madugbe — Federal Airport Authority of Nigeria, Headquarters Ikeja, Lagos, Itodo Christian Itodo, PMB 5025, Awka, Anambra state, Nigeria.
Vicent Chuks Okafor — Department of Economics, Nnamdi Azikiwe University, PMB 5025, Awka, Anambra State Nigeria.
Itodo Christian Itodo — Department of Economics, Faculty of Social Sciences, Usmanu Danfodiyo University, PMB 1052, Sokoto, Nigeria.

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