Foreign Direct Investments (FDIs) and Economic Development in Nigeria: 1999 – 2018

The study was conducted to assess the performance of foreign direct investments (FDIs) in Nigeria within the period 1999 – 2018. The research adopted a historical descriptive method of enquiry with which data were gathered mainly from secondary sources. The data collected were presented in the Logical Data Framework and verified through Empirical Verifications method. The proportional stratified sampling method was intended to be adopted for the research. The Capital Arbitrage Theory and the Electric Theory of FDIs were most suitably applied to give a theoretical frame to the study. Three findings were made and one of which was that Foreign Direct Investments (FDIs) have direct impact on the economic development of Nigeria. It was concluded that the re-designing of the agreements and the effective use of the foreign direct investments (FDIs) opportunities will stimulate and guarantee economic transformation and development of Nigeria. At the end of the research, three major recommendations were made. And the first, among others stated that “the federal government should constitute a Presidential Committee on Foreign Direct Investments (FDIs) which from the very conceptual perspective would highlight and streamline its national development purpose for a developing nation like Nigeria. Based on the recommendation, the implementation of Foreign Direct Investments (DFIs) in Nigeria would have to conform to relevant agreements, treaties, due process mechanisms, protection of national interest regulations and an effective enforcement provision that would ensure grave consequences against defaulters from the host nation on the investors.