Tuesday, 11 December 2018

The Sword of The Spirit

The Bible refers to God's Word as "the sword of the Spirit." It is the only piece of offensive weaponry listed with the armour of God in Ephesians 6. The breastplate and helmet are for protection. The shoes help a soldier gain ground. The shield is something to stand behind. But the sword is for attacking and inflicting damage. So it is crucial you sharpen your sword. You must study it and know the weight of it. You must learn how it works and how it moves. And most importantly, you want to practise and master how to use it. What shape is your sword in? Is it polished from daily use? Has it been sharpened on the anvil of experience as you have applied and obeyed its truth in your life? Or, is your sword dulled from disobedience? Is it rusty from lack of preparation?

In the beginning when God created the heaven and the earth, except man everything else was created by the word from God. But man was created from the dust of the earth and the dust became flesh. Everything that was created by word obeys but disobedience was found only in man.

But when Jesus was born it is said in John 1:14 that the word became flesh and dwelt among us. In php 2:8 it says that he humbled himself, and became obedient unto death, even the death of the cross. Yes through Jesus the depth of obedience was shown to mankind which God expects from us.

God is Spirit and the word from the Spirit leads you to the eternal life. The words of man hurts but the word from God brings healing and God magnifies his word in our life through Jesus.

And in that day ye shall ask me nothing. Verily, verily, I say unto you, Whatsoever ye shall ask the Father in my name, he will give it you (John 16:23).

You should have results every time you pray. God asked us to pray because He wants to answer our prayers, but we must pray correctly. There’re some simple rules of prayer; basic fundamental principles that, if not applied, you’ll be praying amiss.  

For example, in the New Testament, we pray in the Name of Jesus. We don’t ask Jesus for anything; we don’t pray to Him. You can tell Him how much you love Him, and give thanks to the Father, in His Name, but we don’t pray to Jesus, in the Name of Jesus; that’d be wrong. When we pray, we stand in the stead of Jesus; we’re taking His place. So, we can’t be praying to Him in His Name, or while standing in His stead; that won’t make any spiritual sense.

Furthermore, we pray knowing that we’re the righteousness of God in Christ Jesus. Our righteousness gives us a right or guarantee of hearing with God. This is what makes our prayers effectual and effective. James 5:16 (AMPC) says, “…The earnest (heartfelt, continued) prayer of a righteous man makes tremendous power available [dynamic in its working].” Thus, prayer in the New Testament is geared to effecting changes. When there’re challenges, we can make power available in prayer—power for change!

Jesus said, “…men ought always to pray, and not to faint” (Luke 18:1). That means pray always, and don’t give up, because when you pray, you make power available for the works of righteousness; you effect definite changes in the realm of the spirit to your advantage. John 16:24 Hitherto have ye asked nothing in my name: ask, and ye shall receive, that your joy may be full.

John 14:13-14 And whatsoever ye shall ask in my name, that will I do, that the Father may be glorified in the Son. 14 If ye shall ask any thing in my name, I will do [it].

James 5:17-18 Elias was a man subject to like passions as we are, and he prayed earnestly that it might not rain: and it rained not on the earth by the space of three years and six months. 18 And he prayed again, and the heaven gave rain, and the earth brought forth her fruit.

And take the helmet of salvation, and the sword of the Spirit, which is the word of God. Ephesians 6:17
Have you ever noticed that when you plan to spend some time reading your Bible, all kinds of strange things start happening? You wake up in the morning you can decide to read the newspaper - every section of it - and everything will be fine. There will be no phone calls, no disturbances. You can read from beginning to end without distraction. But as soon as you pick your Bible to read, the phone starts ringing. The children start screaming. You remember that you forgot to charge your phone or return a phone call. They are not necessarily evil things that are keeping you from God's Word—they are just things. They are distractions. The devil doesn't want you to read your Bible. Did you know that? He wants to distract you, because the Bible is a crucial weapon for spiritual battle.

Nnamdi Kanu Informs about ISIS

Nnamdi Kanu, the leader of the Indigenous People of Biafra, IPOB, warned that the dreaded Islamist State for Iraq and Syria, ISIS, would soon take their bloodletting campaign to Nigeria’s territory.

In a broadcast aired on Radio Biafra over the weekend, Kanu, who is currently on exile in Israel said mothers would be raped during the terror attacks. The IPOB leader said more Nigerians will be killed if leaders fail to carry out their responsibilities.

According to Kanu, “You think I am joking. They are coming. Your mothers will be raped. Your sisters will be married off as slaves. Biafra land will be decimated unless we equip this army. The worst is yet to come and more innocent people will lose their lives if community leaders fail to do the needful.”

He further said , “I have the men. I need guns and I need bullets. That is all we need, and then we will win. I have been sounding this warning, and I have been telling you, ‘osi na ofu nti banye, osi na ko ozo puo”.

New Measures to Check Vote Buying

Professor Mahud Yakubu, The Independent National Electoral Commission ( INEC) , Chairman said in the 2019 polls, the ballot papers would be handed to voters rolled up before they proceed to the polling booths to cast their votes.

The Independent National Electoral Commission (INEC) has introduced a new measure on ballot paper handling at polling units to check vote buying in the 2019 general elections.

Professor Yakubu, disclosed this at a public hearing on ‘Vote Buying and Improving Electoral Processes in Nigeria’ in Abuja on Monday.

Professor Yakubu said in the 2019 polls, the ballot papers would be handed to voters rolled up before they proceed to the polling booths to cast their votes.

He explained that the voters, in turn, must also roll up and flatten the ballot papers before leaving the polling booths to drop them in the ballot boxes.

He said it would guard against the electorate displaying thump-printed ballot papers to agents of vote buyers at the polling units.

“Since 1999, we have had several confessional statements by many partisan actors on how an electoral process is subverted and voters and electoral personnel are induced.

“They do this through food items, kitchen utensils, automobiles, electrical appliances, clothing toiletries, sandwich and so on.

“By sandwich I am not talking about food. There is a way candidates induce voters using two slices of bread; sandwiched in between the two slices is a currency note,” Professor Yakubu said


Monday, 10 December 2018

31 NEW YEAR RESOLUTIONS AGENDA

Here are  the things you can do and things not to do in 2019 and beyond to have unique year;

1. Keeping your seed instead of planting it. Many people stop at saving. It's very, very difficult to save and have all you need to maintain your lifestyle especially after retirement. When you save, your savings are seed; plant it. When you just keep the seed (saving money) some seeds begin to die (eaten by inflation and the like). That's why I recommend that you read about the different types of investment vehicles you can use to grow your savings. I am not necessarily talking about putting the money in a business, because you can easily lose money in  business. I am talking about putting it in an investment.

2. Walk with people wiser or stronger than you. In 2019 and beyond, surround yourself with people who will inspire you, who will make you feel you can do better, who will challenge you on.

3. Check your dressing or appearance. Don't put on 'anything' just because it covers your nakedness. Your appearance tells a lot about you. Iron your dress neatly. Don't wear dresses in the name of fashion or trend . Wear more decent but fitting dresses. This is the slogan Simple but Classy.

4. Check how you talk. Before you open your mouth, be minded of who you are talking to, where you are talking, when you are talking and also know that your integrity is at stake. In every situation, choose silence over speech unless you don't have any option.

5. Visit old people's home to appreciate them also orphanage and children in need of special care.  Don't let them feel unwanted or neglected in the scheme of things.

6. In 2019 and beyond, be more prayerful. You can't live your life thinking things occur merely logically. There's a Supreme Being who makes things happen, pray to him.

7. Never lend someone money you are not willing to lose. By the time you lend someone money, be contented in your heart that should the person fail to pay, you will not die. You should not even lose that person's friendship if they fail to repay the money you lent them. If you feel the person might fail to pay you and this will not affect your relationship with them, then lend them money. If their failure to pay would make you hate this person’s entire clan, please advise the person to go to the bank.

8. In 2019, always think Positive while being Realistic. When you see tigers praying to God, don't join them. You can be positive that they won't 'chop' you since they are praying but be realistic too that after the prayers, they'll remain tigers and God will feed them with flesh.

9. Buy gifts for your love ones. In 2019, try and do something 'small' for parents . You have no idea what  goes on in their minds Let them feel you are not far off

10. In 2019 beyond, Invest more, save less, spend less. Put your money into investment ventures. Buy T-bills, buy shares, buy fixed deposits, import some goods and sell, be a stock broker, etc. In fact, get more than one stream of income!

11. Many known names have gone and life goes on. The point is, don't work your life out. You won't take your work with you when you die. You are not as important as you think, calm down. Take time off work, go and do medical check-up, visit your family, visit gardens or the beach and appreciate nature, etc.

12. Don’t shy away from asking questions. Questions are the only way to increase the wealth of knowledge, therefore, never shy away from asking them. Ask questions that make you understand how things work and how they can make things work.

13.Never spend money you haven't received. Don't even promise someone money based on a promise you have from someone else. If someone tells you "Ezra, come to my office tomorrow at 9am and pick thirty thousand"don't go out to buy items on credit based on this promise, with the hope that you will pay off your creditor when the promised money comes; it may not come as promised and this will leave you in problems with your creditors.








14.Immerse yourself in learning. You must get involved in learning by actually doing things. Find things out, connect with people, and join groups in various stages of your life. But whatever you are learning, get yourself completely immersed in it. Do things that require a higher level of awareness and stay fully concentrated in whatever you are reading.

15.Make a decision and take action. Whatever the situation is, don’t be afraid to make decisions. And once the decisions are made, don’t hesitate to take massive action to gain momentum. It is because every vision requires action and if you don’t actually work on it, you can never achieve success.

16.Keep track of your progress. You need to keep records in order to see the patterns and go back to see how you have been doing. You need to see whether you are taking the right actions in order to reach your goals. When you track your progress, you become aware of the weak points and make an effort in getting them fixed.

17.Nurture your network. In order to become addicted to achieving success, you have to socialize with people that you respect and also the ones that are moving forward. Once you create a network, it will help you to tap into opportunities that can come across through connecting with other people.

18. Be reliable. Stay honest in your dealings by fulfilling the promises that you make. Do things that you said you will do and never step back from that. It will make you reliable in the eyes of the people and they will be comfortable dealing with you.

19. If you want to save, whenever you receive money, don’t start spending hoping that you’ll save what remains. Normally what remains is zero because as long as money to spend is available, the numerous things you can spend it on are also available. And things to spend on even incite their 'relatives' so that you spend even more than you had planned. When money to spend is not available, we naturally find a way of doing without it. That's why I've learnt to save with an investment club. Once I send money there I assume I no longer have it. Before you spend any money, put your savings aside then spend what is left after saving.

20.Never borrow money that accrues interest to start a business. That is to say, never borrow money to start a business expecting that the business will generate income to pay back the borrowed money plus the interest.

21. In 2019 and beyond, start thinking or planning towards doing more for humanity.

Never spend money you haven't received. Don't even promise someone money based on a promise you have from someone else. If someone tells you "Ezra, come to my office tomorrow at 9am and pick thirty thousand"don't go out to buy items on credit based on this promise, with the hope that you will pay off your creditor when the promised money comes; it may not come as promised and this will leave you in problems with your creditors.

22.When you get an opportunity to meet a very wealthy person, never ask for money. Ask for ideas on how to make money. They may even choose to give you money on their own after seeing that your ideas are great, but let getting money from them never be your objective.

23.Pursue something. Don't walk in the entire 365 days without having something particular in mind to achieve. Start a building project, buy a car, pay some school fees, start some job. Just do something!

24.Thinking about short-term only and forgetting about long-term or thinking about the long-term and forgetting about the short-term. For instance, Lydia was told that there's money in land. She saved money over a long period of time and bought 30 acres of land. Now she has the land but she is always broke. She is always complaining. She's disgruntled and she doesn't seem to see herself earning from the land in the near future. Now, let's ask ourselves Having 30 acres of land and no money to feed your family or take a child to hospital, is that wealth or poverty? I think Lydia only looked at long-term needs and forgot that she has short-term needs that require money. What of those who find they are one paycheck away from salary? Are they thinking about the long-term needs?

25.Never lend someone money you are not willing to lose. By the time you lend someone money, be contented in your heart that should the person fail to pay, you will not die. You should not even lose that person's friendship if they fail to repay the money you lent them. If you feel the person might fail to pay you and this will not affect your relationship with them, then lend them money. If their failure to pay would make you hate this person’s entire clan, please advise the person to go to the bank.

25.Never append your signature to guarantee someone on a financial matter if you are not willing or able to pay the money on their behalf. Do I have to explain that one? No, it's self-explanatory.

26.Avoid keeping money you don't intend to use in the short-term within easy reach. For instance, don’t walk with one hundred thousand naira in your pocket when all you plan to do in a day costs twenty naira. There are always expenses available to gobble any money that is within reach, so if you don't want to lose it, put it away in a safe place.

27.Avoid keeping money in inappropriate places e.g. in socks, under the pillow, in a pit, in the sitting room, in the bra, in a travel bag that you will place somewhere in a bus impulse buying is a devil that will keep you busy!

28.Spending money on an item that you can do without (at least for the time being). These days when I pick money from my pocket or wallet, before paying for something I ask myself What would happen if I didn’t buy this? If I find I can live with the consequences of not having that thing, I smile and walk away.

29.Paying an amount for something that's not the minimum you can get that same value for. In other words, if you are along east Legon road and you pay fifty thousand naira for a shoe that you can get at thirty thousand at Makola  market, that's a except for those who have achieved financial freedom.

30.Consistently spending all you earn or more than you earn. It's like having a drum where you have an inlet that's smaller than the outlet. It will never get full. And should the inlet ever reduce significantly the drum will run dry. If you do it the other way round and the inlet is bigger, it will get full and even overflow. Hence, we have to always ensure we are widening the inlet while narrowing the outlet – all the time. Your side hustle comes in handy!

31. Imagine yourself as a gardener. Have you ever seen a gardener preparing the soil before planting seeds? They are always glad when it’s time to reap the benefits of their harvest. Think of crops as revenue streams, networks, and hobbies. It will make you understand that in order to receive, you have to give first.

Good luck and have prosperous new year ahead.

The British Prime Minister Withdraws Parliamentary Vote

Theresa May the British Prime Minister may likely withdraw parliamentary vote on her brexit deal. Ms May convened a conference call with senior ministers on Monday to discuss what do with her compromise deal that allowed the United Kingdom to exit while staying in the EU's orbit.

While there was no official word on the vote, two sources told that the vote was being pulled. A reporter said an official close to the cabinet had also confirmed the vote would be pulled.

Ms May is pulling a parliamentary vote set for Tuesday on her Brexit deal, after repeated warnings from lawmakers that the scale of the expected defeat could sink her government.

Ms May and her ministers had repeatedly insisted the vote would go ahead as planned. Her spokeswoman briefed reporters on Monday that there was no plan to pull the vote.

Sunday, 9 December 2018

THE NECESSITY OF FAITH

Faith can make all the difference between something happening and not happening. Jesus could do no mighty work in His hometown because of unbelief. The Lord is sovereign. He can do whatever He wants whenever He wants with whomever He wants. He doesn't need our opinion. He doesn't need us to vote on it. He just does it.

However, He has chosen to primarily accomplish His purposes through human instruments. Now if I were God, I would not have made that selection. If I were God, I would just do things myself. Why put trust in humanity? We have proved to be absolutely undependable. But God has primarily chosen to do His work through people.

When God wanted to part the Red Sea, He didn't need Moses to hold up his rod. God was doing the work. But He commanded Moses to stretch out his rod over the sea, and it parted. God didn't need Elijah to pray for fire to come down from heaven. God didn't need Noah to build an ark. He could have created His own ocean craft for the animals, Noah, and his family. But God worked through human instruments to accomplish His purposes.

It is interesting to note that Jesus did not heal everyone. But He did heal those who called out to Him in faith. An example is the blind man who heard that Jesus was coming his way. He cried, "Jesus, Son of David, have mercy on me!" Someone told him to be quiet, but that made him yell even more. So Jesus heard his cry, stopped, and he received his healing.









The bible defines faith as the substance of things hoped for and the evidence of things not seen. It is evidential and substantial

Hebrews 11:1-2 Now faith is the substance of things hoped for, the evidence of things not seen. 2 For by it the elders obtained a good report.

Faith is a spiritual force that commits God’s integrity to make good His promise. In other words, if God has said anything to you and you have faith, you therefore have committed His integrity. Faith is a guaranteed access to all your inheritance in life; it is a bridge that connects you to your destination.

As a child of God you are supposed to have faith and believe in your prayers and also the word of God – Romans 12:3b. As a believer, you should learn to understand the need to develop and strengthen your faith. Faith has only one source and grows through only that source according to Romans 10:17. The source of faith is the word of God.

Romans 10:17 – So then faith cometh by hearing, and hearing by the word of God.

The prayer of faith is making decrees based on His words with deep conviction and settled assurance (James 5:13-15) There is a prayer called prayer of faith; not just prayer alone. In the kingdom of God, it is not just prayer that works; it is prayer wrapped in faith that produces good and desired results -Acts 20:9-12.

As a Christian, there are procedures to achieve a prayer of faith in order to achieve good results. God will not hear a prayer that is not backed up with his words – 1 John 5:14. Hosea 14:2. Faith works with believing; it is the assurance that the prayers are answered and it is done even before you see a physical manifestation.

Mark 11:24 – Therefore I say unto you, What things soever ye desire, when ye pray, believe that ye receive them, and ye shall have them.

The prayer of faith is not seeing the physical before believing; it is believing before seeing physical manifestations. As you begin to pray with faith, so shall all your expectation that are in accordance with God’s word come to pass in your life in the name of Jesus –Amen!

God responds to faith. Unbelief hinders His work. It is through faith we unleash His power on our behalf.

But at midnight Paul and Silas were praying and singing hymns to God, and the prisoners were listening to them. Acts 16:25

The Bible defines faith this way: "Now faith is the substance of things hoped for, the evidence of things not seen" (Hebrews 11:1). Another translation puts it this way: "Faith is the confidence that what we hope for will actually happen; it gives us assurance about things we cannot see". The fact that we have faith in God, in spite of dreadful circumstances, is a testimony of God. Our faith is our title deed. It is our proof; our confident assurance. It is instilled in us by God himself. And that is a powerful witness to a lost world that doesn't believe in God.


We know from the stories of the early church how many of these courageous men and women, and sometimes even children, were martyred for their faith. Even as they were being executed, suffering horrible deaths, we read of them calling on the Lord and asking God to forgive the people who were doing this to them. And there are many accounts of their executioners coming to faith as a result of seeing their faith in God as they went into His presence.


The story of Paul and Silas, who sang praises to God at midnight after being beaten and thrown into prison, is another evidence of faith. It resulted in the conversion of heir jailers. Theirs wasn’t a case of mind over matter. It was faith over circumstances. Paul and Silas didn't have the guaranteed assurance they ever would get out of that prison. But they were able to see things in perspective and demonstrated great faith in the bleakest of circumstances.
Can you still trust God even in the bleakest of circumstances?

2019 WOMEN WORLD CUP DRAWS

The 2019 FIFA Women's World Cup Tournament hosts France will open Cup against South Korea on June 7, 2019 after the group-stage bracket for next summer's competition was announced at La Seine Musicale, Paris, on Saturday.

These are the groups:

Group A:
France
Korea Rep
Norway
Nigeria

Group B:
Germany
China
Spain
South Africa

Group C:
Australia
Italy
Brazil
Jamaica

Group D:
England
Scotland
Argentina
Japan

Group E:
Canada
Cameroon
New Zealand
Netherlands

Group F:
USA,
Thailand
Chile
Sweden

POGBA NEEDS IMPROVEMENT , MOURINHO WANTED

Jose Mourinho wants Pogba to improve mentality. Meanwhile, it is the second game in a row the 25-year-old has been left out of the starting XI, having been limited to a 15-minute cameo against Arsenal in midweek.


And while the Portuguese admitted Pogba will be given a chance to show his true ability when they travel to Spain for their Champions League game against Valencia, he stressed that he must be on the same level as the rest of the squad,


However, Jose Mourinho has warned Paul Pogba that he must adopt the same mentality as his Manchester United team-mates and challenged him to show "how good he is" against Valencia on Wednesday.

The midfielder was an unused substitute on Saturday as United beat Fulham 4-1 at Old Trafford to bring an end to their four-game winless run in the Premier League.

"He has to play with the same mentality as the rest of the team," Mourinho told reporters.

"Paul can be a fantastic player, he is going to start against Valencia and he will have a fantastic game to play to show everyone how good he is."


JOHN KELLY WILL LEAVE HIS JOB AT YEAR END - USA PRESIDENT SAYS

President Donald Trump of the United States of America says chief of staff John Kelly will leave his job at end of year.


John Kelly, who joined the White House as chief of staff in July 2017 after the departure of predecessor Reince Priebus, spent months fighting to establish and maintain control of a White House marked by competing factions and complicated by a president who thrives on keeping everyone guessing.

Kelly's departure comes at a pivotal time for Trump's administration, as special counsel Robert Mueller's investigation continues to hand down legal developments concerning people close to the president, and as Democrats prepare to take control of the House -- and the investigative powers that come with it -- in January.


President Donald Trump, announced Saturday that John Kelly will be leaving his post as White House chief of staff at the end of the year, marking the end of a tenuous, sometimes tumultuous tenure that many believed would conclude months ago.

"John Kelly will be leaving, I don't know if I can say retiring but, he's a great guy," the president told reporters. "John Kelly will be leaving at the end of the year. We'll be announcing who will be taking John's place, it might be on an interim basis. I'll be announcing that over the net day or two."

The president added, "I appreciate his service very much."

It is unclear who will replace Kelly, although Vice President Mike Pence's chief of staff, Nick Ayers, has been lifted as a possible successor.

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FOREIGN DIRECT INVESTMENT AND THE NIGERIAN ECONOMY

Abstract
This paper  analyzed the  foreign direct investment and the Nigerian  Economy over the period of 1986- 2017. The main type of data used in this study is secondary data; sourced from various publications of Central Bank of Nigeria, such as; Statistical Bulletin, Annual Reports and Statement of Accounts. The regression analysis of the ordinary least square (OLS) is the estimation technique that is being employed in this study to determine the relationship between and impact of the Direct Foreign Investment on economic growth. The findings revealed that economic growth is directly related to inflow of foreign direct investment and it is also statistical significant at 5% level which implies that a good performance of the economy is a positive signal for inflow of foreign direct investment. This implies that foreign direct investment is an engine of economic growth. The paper recommended that government should liberalize the foreign sector in Nigeria so that all barriers to trade such as arbitrary tariffs; import and export duties and other levies should be reduced so as to encourage investors. Economic theories have shown that Foreign Direct Investment (FDI) being one of the key macro-economic variables has a positive relationship with economic growth. Therefore, this study specifically test the hypothesis on whether or not FDI has positive and significant impact on output growth on the Nigerian Economy.
Keywords
Foreign Direct Investment, Nigeria and  Economy
Scope of the Study
The study analyzed the impact of foreign direct investment on Nigeria’s economic growth over the period of 1986- 2017. I chose to collect my data for analysis from 1986 because this was the year of Nigerian Structural Adjustment Program. Under World Bank structural adjustment, the government tried to eliminate inefficient state intervention and obtain budgetary relief by abolishing agricultural commodity marketing boards and liberalizing cash-crop exports. These measures, together with devaluation, increased the naira prices of export crops, especially cocoa. The state also privatized many public enterprises by selling equity to private investors, while restructuring other parastatals to improve efficiency.
The federal government encouraged private investment in the late 1980s, allowed foreign ownership in most manufacturing, and liberalized and accelerated administrative procedures for new investment. In August 1985 the government at a time of depressed oil prices, undertook its structural adjustment program between 1986 and 1988. In September 1986, the government introduced a second-tier foreign exchange market (SFEM), sold on auction for a near equilibrium price and used for export earnings and import trade requirements. Under SFEM, the naira depreciated 66 percent to N1=US$0.64 (N1.56=US$1), and declined further in value through July 1987, when the first and second tiers were merged. When adopting the SFEM, Nigeria abolished the ex-factory price controls set by the Prices, Productivity, and Incomes Board, as well as the 30 percent import surcharge and import licensing system. It reduced its import prohibition list substantially and promoted exports through fiscal and credit incentives and by allowing those selling abroad to retain foreign currency. Although this action opened the way for an IMF agreement and debt rescheduling, the military government declined to use an allocation of Special Drawing Rights in IMF standby funds .








Meanwhile, the naira continued depreciating, especially after the relaxation of fiscal policy early in 1988. The effect of the SFEM in breaking bottlenecks, together with the slowing of food price increases, dampened inflation in 1986, but the easing of domestic restrictions in 1988 reignited it. Real interest rates were negative, and capital flight and speculative imports resumed. In 1989 the government again unified foreign exchange markets, depreciating--but not stabilizing--the naira and reducing the external deficit. Manufacturing firms increased their reliance on local inputs and raw materials, firms depending on domestic resources grew rapidly, and capacity utilization rose, although it was still below 50 percent. Concurrently, nonoil exports grew from US$200 million in 1986 to US$1,000 million in 1988. This amount, however, represented only 13 percent of export value at the level of the 1970s, and cash crops like cocoa dominated the export market. Large firms benefited from the foreign exchange auction and enjoyed higher capacity use than smaller ones. Despite dramatically reduced labor costs, domestic industrial firms undertook little investment or technological improvements (Jelilov, Gylych; Kalyoncu, Huseyin; Isik, Abdurahman, 2015).
Structural adjustment was accompanied by falling real wages, the redistribution of income from urban to rural areas, and reduced health, education, and social spending. The decrease in spending on social programs contributed to often vociferous domestic unrest, such as Muslim-Christian riots in Kaduna State in March 1987, urban rioting in April 1988 in response to reduced gasoline subsidies, student-led violence in opposition to government economic policies in May and June 1989, and the second coup attempt against General Babangida in April 1990.
Limitation of the Study
The time I have at my disposal is limited. As a result I will not be able to carry out an extensive research. There are several variables of economic development I could have chosen for my research. However due to my time limit I was not able to carry out such an extensive research which could have given me a different answer .As a final point I will like to mention that the sources of information available to me come mostly from the internet. The literature and data gathered for this research gotten from the online journals, books, and previously done researches. To get my quantitative data I also used the website of National Bereau of Statistics.
Background of the Study
In the 1970s and 1980s, several countries in the sub-Saharan Africa, especially Nigeria imposed trade restrictions and capital controls as part of a policy of import-substitution industrialization aimed at protecting domestic industries and conserving foreign exchange reserves. Therefore, improvements in economic policies are needed to enhance macroeconomic performance and attain the minimum growth rate required to meet the Millennium Development Goals set by the United Nations. An increase in investment is crucial to the attainment of sustained growth and development. This requires the mobilization of both domestic and international financial resources. And given the unpredictability of aid flows, the high volatility of short-term capital flows, and low savings rate of Nigeria, the desired increase in investment has to be achieved through an increase in FDI flows, at least in the short run.  (Benedict N.A, John J.C 2017)
Economic theories have shown that Foreign Direct Investment (FDI) being Nigeria receives the largest amount of FDI in Africa. FDI inflows have been growing enormously over the last decade; from $1.14billion in 2001 and $2.10billion in 2004. Nigeria’s FDI reached $11billion in 2009 according to United Nations Conference on Trade and Development (UNCTAD, 1999), making the country the nineteenth greatestrecipient of FDI in the world. It is widely accepted that FDI is necessary for the growth and development of the economy, especially in the developing countries. And Nigeria has the potential to attract sufficient FDI but has not been successful in attracting it to a large extent despite her efforts of liberalizing its foreign direct investment regime and intensifying its enabling environment.
The huge debt and financial crises faced by Nigeria have constituted much burden to the economy, making it difficult to improve domestic savings.For a country to be able to have a high investment to gross domestic product ratio, it must be able to increase its savings rate. For most developing countries, it is difficult to increase saving. It is a well-known fact that some of the newly developed countries of East Asia used a method termed as ‘forced private saving’ to achieve economic growth. For developing countries with relatively fewer efficient markets, especially in Nigeria, the government has traditionally acted as a bridge both in the allocation of investment to the various sectors of the economy as well as investing in these sectors.  (Benedict N.A, John J.C 2017)
Given the low level of saving in Nigeria, it therefore becomes necessary that the appropriate policy to pursue is to increase FDI to supplement the low level of domestic saving for economic growth. And in reference to these problems, Ajayi (2003) said that of all the capital inflow into the Nigerian economy from other countries, increase in FDI is the most promising policy due to its potential in dealing with the problems of savings gap, shortage of technology and needed skills. The level of economic growth achieved over the years has been largely constrained by lack of adequate capital to finance government projects. And despite the huge resource base of the country, Nigeria has not been able to attract a high level of foreign investors that is commensurate with its economic potentials.

Review of Related Literatures
During the two past decades, the role of foreign direct investment (FDI) has become more and more important for developing countries. Indeed, it increased rapidly during the late 1980s and the 1990s in almost every region of the world. According to the World Bank (2007), global FDI flows reached a record of 1.1$ trillion in 2006 and there has been a continuing rise in FDI ináows to developing countries. In recent years, FDI outflows from large developing countries is also on the rise. For example, since 2004 FDI flows from India into the United Kingdom have exceeded flows from the United Kingdom to India. This evolution and changing patterns in world FDI flows has been synchronous with a shift in emphasis among policymakers in developing countries to attract more FDI (through tax incentives and subsidies to foreign investors). FDI friendly policies are based on the belief that FDI, apart from bringing in capital and creating jobs, has several positive effects which include productivity gains,technology transfers and the introduction of new managerial skills and know how into the domestic market.( Sabina Noormamode (2008))
Nevertheless, it can also happen that FDI may harm the host economy (Herzer et al. (2006)), for instance when foreign investors claim scarce resources or reduce investment opportunities for local investors. Sabina Noormamode ( 2008), acknowledged that there is also some concern that no positive knowledge spillovers may finally occur within developing countries, because multinationals will prove able to protect their from-specific knowledge, or because they may buy their inputs from foreign rather than local suppliers.on the benefits of FDI on growth, although it is fair to say that the evidence gathered so far remains relatively ambiguous. While some authors found no significant relation between FDI and growth, other ones showed either an unconditional positive link between these two variables or a relationship that is conditional to particular characteristics of the host country, such as the level of human capital or the depth of the financial system. At least two reasons explain these mixed results.
First, most of the authors analyzed the correlation between FDI and growth using a regression analysis framework that is silent on the causality between these two variables. Second, in the studies that do address the causality issue, the influence of other social and economic variables are seldom taken into account directly within the model and, in many cases,these are simply ignored.
The effects of Foreign Direct Investment (FDI) focused on the direct impacts of the multinationals such as additional capital brought into the country, the creation of jobs, the effects on the balance of payment, and so on (MacDougall, 1960). However, since then, the research on FDI effects has increasingly acknowledged that technological, organizational and managerial spillovers on the local firms probably represents the most influential role of MNCs in host country development.
Blomstrom and Kokko (1997) acknowledged that spillovers from FDI are essentially positive externalities from the presence of MNCs on the local economy of the host country. Dunning (1988) argued that since a MNC often is profoundly different from a non-MNC (local firm) in terms of technology, capital, organizational and managerial capabilities, and international market access, there is a potential for significant spillovers on the local economy and local firms. FDI has been instrumental in the development of several developing countries such as Nigeria because the inflow of FDI brought about a better economic performance for the country. And policies designed on the accumulation of human capital surely have a much larger potential for attracting FDI needed for development (Lucas, 1990). Using an endogenized technical progress model, Grossman and Helpman (1990) conclude that countries that have adopted an outward-oriented development strategy have grown faster and achieved higher levels of standard of living than their counterparts who engaged in protectionist exports’ policies. Fry (1992) examined the role of FDI in promoting growth by using the framework of a macro-model for a panel data of 16 developing countries for the period 1966 to 1988.
Adelegan (2000) used unrelated regression model to examine the impact of FDI on economic growth in Nigeria, and found that FDI is pro-consumption and pro-import and negatively related to Gross Domestic Product (GDP). Also, some studies have emphasized the importance of attracting FDI to developing countries as well as economic openness as policies that developing countries should pursue (Asiedu 2003; and Akinkugbe 2003. Blomstrom et al. (1994) shows that FDI exerts a positive effect on economic growth, but there is a threshold level of income above which FDI has positive effect on economic growth and below which it does not. And the explanation is simply that it is only those countries that have reached a certain income level that can absorb new technologies and benefit from the technological diffusion, and then reap the extra advantage that FDI can offer. De Mello (1997) shows a positive correlation between FDI and economic growth for selected Latin American countries. FDI has empirically been found to stimulate economic growth by a number of researchers (Borensztein et al, 1998; Glass and Saggi, 1999). Laura Alfaro (2003) finds that total FDI exerts an ambiguous effect on growth. However; her study finds out that FDI in primary sector has a negative effect on growth while FDI in manufacturing sector had a positive effect on growth but an ambiguous effect in the service sector.
Many authors have argued that direct interaction – typically labeled linkages will facilitate spillovers (Altenburg, 2000; Scott-Kennel and Enderwick, 2005; Hansen et al., 2006). Wilkins (1998) stated that MNC appeared to foster broad linkages in the host economy by creating industries that supply the MNC and by inducing forward industries to use the MNC output as inputs, the so-called crowding-in effect of FDI. Also, Odozi (1995) and Obadan (1982) argued that FDI is beneficial to recipient nations because it allows for the inflow of foreign exchange and new technologies, and it generate employment and enhance the income of the recipient countries through taxation and payment of royalties. Some studies have found a positive relationship between foreign direct investments and economic growth in Nigeria. Obinna (1983), Ayanwale and Bamire (2001), Aseidu (2003), Akinlo (2004), and Bakare (2010) found that there is a positive relationship between foreign direct investment and economic growth in Nigeria.
Brown (1962), Obinna (1983) and Bakare (2010) using an empirical analysis found a positive relationship between foreign direct investment and economic growth in Nigeria. However, studies done by Endozien (1968), and Adelegan (2000) using unrelated regression model, found a negative relationship between foreign direct investment and output growth in the Nigerian economy. Akinlo (2004) using data for the period 1970 to 2001 in his Error Correlation Model (ECM) results found that FDI has a small and statistical insignificant effect on economic growth in Nigeria. Therefore, it becomes imperative that the impact of FDI in the Nigerian economy must be isolated in order to test whether the relationship is positive or negative
Empirical Review on the Relationship between FDI and Economic Growth
Previous studies on the Foreign Direct Investment (FDI) and economic growth in Nigeria and other countries provided inconclusive evidence. Lall (2002) opined that FDI inflow affects many factors in the economy and these factors in turn affect economic growth. This review shows that the debate on the impact of FDI on economic growth is far from being conclusive. The role of FDI seems to be country specific and can be positive, negative or insignificant, depending on the economic, institutional and technological conditions in the recipient countries. For instance, Solomon and Eka (2013) investigated the empirical relationship between Foreign Direct Investment and economic growth in Nigeria.
Alejandro (2010) explained that FDI plays an extra ordinary and growing role in global business and economics. It can provide a firm with new markets and marketing channels, cheaper production facilities access to new technology products, skills and financing for a host country or the foreign firms which investment, it can provide a source of new technologies, capital processes products, organization technologies and management skills and other positive externalities and spillover that can provide a strong impetus to regional economic growth. Obwona (2001) noted in his study of the determinants of FDI and their impact on growth in Uganda that macroeconomic and political stability and policy consistency are important parameters determining the inflow of Foreign Direct Investment (FDI) into Uganda and that Foreign Direct Investment (FDI) affects growth positively but insignificant. Foreign Direct Investment (FDI) also contributes to economic growth via technology transfer.
Zhang (2001) argued that Foreign Direct Investment has positive growth impact that is similar todomestic investment along with partly alleviating balance of payment deficit in the currentaccount. He opined that via technology transfer and spillover efficiency, the inflow of directforeign investment might be able to stimulate a country economic performance.
Ewe-Ghee Lim (2001) summarized recent arguments and findings on FDI and its correlation with economic growth focusing on literature regarding spillovers from FDI and found that while substantial support exists for positive spillovers from FDI, there is no consensus on casualty.Otepola (2002) also examined the importance of direct foreign investment in Nigeria. The study empirically examined the impact of FDI on growth. He concluded that FDI contributessignificantly to growth especially through exports. Ricardo, Hwang and Rodrick (2005) argued that Foreign Direct Investment (FDI) provide a path for emerging nations to export the products developed economies usually sell, in effect increasing their export sophistication.
Many developing countries pursue FDI as a tool for export promotion, rather than production for the domestic economy. Typically foreign investors build plants in nations where they can produce goods for export at lower costs. Bende-Nabende (2002) also found that direct long term impact of Foreign Direct Investment (FDI) on output is significant and positive for comparatively economically lessadvanced Philippines and Thailand, but negative in the more economically advanced Japan andTaiwan. In the same line, Ariyo (1998) studied the investment trend and its impact on Nigeria’s economic growth over the years. He found that only private domestic investment consistently contributed to raising GDP growth rates during the period considered (1970–1995).
However, Alfaro et al, (2003) affirmed that the contribution of FDI to growth depends on the sector of the economy where the FDI operates. He claimed that FDI inflow to the primary sectors, tends to have a negative effect on growth, however, as for the service sector, the effect of DFI inflow is not so clear. Durharm (2004) for example, failed to establish a positive relationship between Foreign Direct Investment (FDI) and growth but instead suggests that the effects of Foreign Direct Investment (FDI) are contingents on the absorptive capability of host countries. Nwankwo et al, (2013) investigated the impact of globalization on foreign direct investment in Nigeria-since the world has become a global village. The methodology used is purely descriptive and narrative and the data used is secondary. It was found out that foreign direct investment (FDI) has been of increased benefit to Nigeria in the area of employment, transfer of technology, encouragement of local enterprises etc. But there are certain impediments to the full realization of the benefits of foreign direct investment.
Adelegan (2000) also explored the seemingly unrelated regression model to examine the impact of FDI on economic growth in Nigeria and found out that FDI is pro-consumption and pro-import and negatively related to gross domestic investment. In the same line, Ogiogio (1995) reported negative contributions of public investment to GDP growth in Nigeria for reasons of distortions.
Oyinlola (1995) also conceptualized foreign capital to include foreign loans, direct foreign investments and export earnings. Using Chenery and Stout’s two-gap model (Cheneryand Stout, 1966), he concluded that FDI has a negative effect on economic development in Nigeria.
The impacts of FDI and economic growth disparity among developing countries have created much research interest among economists. There is a large body of empirical literature on the impact of FDI oneconomic growth. The existing evidence, however, is mixed. In the work of Li and Liu (2005), the evidence suggests that FDI not only affects growth directly, but also indirectly through its interaction with human capital.
Further, they find a negative coefficient for FDI when it is regressed with the technology gap between the source and host economy using a large sample, Borensztein et al. (1998) found similar results i.e. that inward FDI has positive effects on growth with the strongest impact, coming through the interaction between FDI and human capital. He further argue that FDI is an important vehicle for the transfer of technology, which contributes relatively more to growth than domestic investment. He added that FDI has the effect of increasing domestic investment.
De Mello (1997) found positive effects of FDI on economic growth in both developing and developed countries, but concludes that the long-run growth in host countries is determined by the spillovers of knowledge and technology from investing countries to host countries. Similarly, Balasubramanyam et al. (1996) found support for their hypotheses that the growth effect of FDI is positive for export promoting countries and potentially negative for import-substituting ones. Comparing evidence from developed and developing countries, Blonigen and Wang (2005) noted that the factors that affect FDI flows are different across the income groups. Interestingly, they find evidence of beneficial FDI only for developing countries and not for the developed ones, while they find the crowding-out effect of FDI on domestic investment to hold for the wealthy group of nations. In addition, Vu and Noy (2009) study on sectoral analysis of foreign direct investment and growth in developed countries with a particular emphasis on the sector impacts of FDI on growth reveal that, FDI has no statistical and positive effects on economic growth through its interaction with labour.
Moreover, they found that the effects seem to be very different across countries and economic sectors. Also, using simultaneous equations model, Ruxanda and Muraru (2010) examined the relationship between FDI and economic growth in the Romanian economy. Their findings suggest a bi-directional causation between FDI and economic growth.In Nigeria, many works have been done to establish the relationship between FDI and economic growth. Some of these works include Okon et.al, 2012, Aluko (1961), Brown (1962) and Obinna (1983),
Adelegan (2000) etc. Aluko (1961), Brown (1962) and Obinna (1983) findings suggest a positive relationship between FDI and economic growth in Nigeria while Okon et.al, (2012) examine if there is any sort of feed-back relationship between FDI and economic growth in Nigeria using single and simultaneous equation systems. The results obtained show that FDI and economic growth are jointly determined in Nigeria and there is positive feedback from FDI to growth and from growth to FDI. Adelegan (2000) examine the impact of FDI on economic growth with Seemingly Unrelated Regression model. (2001) assessed the influence of FDI on firm level productivity in Nigeria and reported positive spillover of foreign firms on domestic firm productivity.
Accordingly, studies such as Ayanwale (2007) and Akinlo (2004) focused on the oil and non-oil sector. These studies assessed the impacts of FDI inflows to the extractive industry on Nigeria‟s economic growth. Akinlo (2004) specifically controlled for the non-oil FDI dichotomy in Nigeria. Using error correction model, he investigated the impact of foreign direct investment (FDI) on economic growth in Nigeria. He found that both private capital and lagged foreign capital have small and not a statistically significant effect on economic growth. Further, his results support the argument that extractive FDI might not be growth enhancing as much as manufacturing FDI. Egwaikhide (2012) also investigates the relationship between foreign direct investment (FDI) and economic growth in Nigeria, Johansen Cointegration technique and Vector Error Correction Method in which FDI is disaggregated into various components. The Johansen Cointegration result establishes that the impact of the disaggregated FDI on real growth in Nigeria namely: agriculture, mining, manufacturing and petroleum sectors is very little with the exception of the telecom sector which has a good and promising future, especially in the long run. Furthermore, past level of FDI and level of infrastructures are FDI enhancing.
Ayadi (2009) investigates the relationship between FDI and economic growth in Nigeria and discovered weak correlation and causality between the variables and recommends that infrastructural development, human capital building and strategic policies towards attracting FDI should be intensified.
In the same vein, Osinubi and Amaghionyediwe (2010) examined the relationship between foreign private investment (FPI) and economic growth in Nigeria. Their findings suggest that FPI, domestic investment growth, net export growth and the lagged error term were statistically significant in explaining variations in Nigeria economic growth while Ayashagba and Abachi (2002) evidenced a significant impact on economic growth.

The relevance of foreign direct investment cannot be overemphasized. Its significant influence on the provision of new technologies, products, management skills and competitive business environment, overtime has been a strong impetus for economic growth. Many countries of the world, especially emerging economies faviour policies that encourages the inflow of foreign direct investment because of it positive spillover associated with the provision of funds and expertise that could help smaller companies to expand and increase international sales and transfer of technology thus, forming new varieties of capital input (i.e. flow of services available for production from the stock of capital goods e.g. equipment, structures, inventories etc) that cannot be achieved through financial investments or trade in goods and services alone.
Nigeria is one of the economies with great demand for goods and services and has attracted many FDI over the years since the discovery of crude oil. According to the World Bank, from 1970 to 1979, Nigeria recorded an average ratio of foreign direct investment net inflow of about 1.579 to GDP while from 1980 to 1989, the average ratio of FDI net inflow to GDP recorded stood at 1.947. Thus, in 1994 and 1993, the countrymade a remarkable record of 8.28 and 6.3 respectively. Since 1993 and 1994, the record was not an issue to contend with. To the greatest dismay, from 1995 to 2010, FDI, net inflow as % of GDP in Nigeria has not gone beyond 4.0 except in 1996, 1997, 2005 and 2009 the country made a record of 4.51, 4.25, 4.44 and 5.08 respectively. World Bank research contained in global development finance 2008 shows that Thailand attracted $9.6 billion in 2007 while Nigeria attracted just about $6.03 billion. Also, CBN (2010) annual report also indicated that total foreign direct investment inflow into the Nigerian in 2010 was about $5.99 billion.
The breakdown of the amount according to the report shows that FDI portion was just 12.2 percent or $668 million. This represents a 78.1 percent drop from $3.31 billion in 2009. In light of the above, many Nigerians are lost in guesses of the likely causes of the insignificant inflow of FDI into the country. This has been a source of worry to both policy makers and government authorities. Amidst, Asiedu, (2005) asserted that the level of FDI attracted by Nigeria is mediocre compared with the resource based and potential need, taken into cognizance of the fact that Nigeria is the 8th ranked most populous nation and 32nd biggest economy in the world (CIA World fact book) with the endowment to do better than its counterpart South Africa as the Africa biggest economy following the statement of investment giant Morgan Stanley.
In view of CBN (2010) report, poor state of infrastructural facilities, high level of corruption, poor business environment/insecurity, weak institutional/legal framework, and poor property right protection has been linked to the significant drop in FDI inflow into the country in recent years. This has influenced negatively, the impact on the desires of foreign investors for Nigeria‟s Paper assets, thus resulting to a sharp fall in portfolio investments by 87.1 percent to 65.5 percent ($3.9 billion) capital inflows into the country in 2010. In support of this report, Zhang, (2001) asserts that the extent to which FDI contributes to growth depends on the economic and social condition or the quality of the environment of the recipient country. Hence, World Bank/IFC (2012) latest ease of doing business equally shows that Nigeria was ranked 133rd out of 183 countries and 4th (i.e. partly free) in the freedom of world country rating report associated with her political right and civil libertieswhile, the global anti-corruption body (Transparency International) yearly ranking of public sector transparency moved Nigeria up from 143rd in 2011 to 139 in 2012. Even though the Federal Government dismissed the rating by Transparency International (TI), saying it was a product of “synopsis of negative media reports (Emmanuel and Agande, 2012), the fact remains that a value system that aim at ordering and prioritizing the ethics and ideology is seriously need to shape the perceptions and thinking of foreign investors about the country and to step up the inflow of FDI into the country.
In recent time, federal government of Nigeria has grown much concern over the threat and challenges facing the country. To this, many policy reforms has been initiated in order to change the belief and the value system of people on the basis of Nigerian‟s social, economy and the political philosophy. For example in 2007, former president of Nigeria, Alhaji Umaru Musa Yar‟Adua (Late) initiated a policy reform called “Seven (7) point agenda” to address the problem of dilapidated infrastructural facilities and insecurity of lives and property.
However, in 2011, President Goodluck Ebele Jonathan initiated a complementary policy tagged the transformation agenda. The agenda focused on non-inflationary growth, employment generation, poverty alleviation and value reorientation of the citizenry thereby challenging different arms and institutions of the government such as the national assembly, judiciary, electoral umpire and armed forces to stand on their feet to re-invent the wheel to property and human right protection and conducive business environment in order to exploit the inherent benefits of the agenda to promote economic growth of the country.
Furthermore, the empirical linkage between FDI and economic growth in Nigeria is yet unclear, despite numerous studies that have examined the influence of FDI on Nigeria‟s economic growth with varying outcomes (Adelegan, 2000 and Akinola, 2004). Thus, the relationship between FDI and growth may be country and period specific (Egbo, Nil). Asiedu (2003) submits that the determinants of FDI in one region may not be the same for other regions. Also, the determinants of FDI in countries within a region may be different from one another and from one period to another.
In the previous literature, many studies made conscious effort in revealing the causality effect and the impacts of FDI on economic growth in Nigeria with very few examining the influence of FDI into specific sectors like agricultural, manufacturing and telecommunication sector. Previous studies look at FDI in a broad term without looking at the specific sectors and it impact on the economy as at the time of this study. The work of Ayanwale (2007) and Egwaikhide (2012) investigated the impact of FDI taken into consideration of specific sectors of both non-oil and oil sector respectively.

Hence, Ayanwale (2007) investigate the empirical relationship between non-extractive FDI and economic growth while Egwaikhide (2012) examine the long run relation between FDI in five sectors of the economy for periods of 1980 to 2009using Johanson cointegration test and annual data. Thus, our study intends to investigate the impacts of FDI in three sectors of the economy such as Agricultural, manufacturing and Telecommunication sector on economic growth in Nigeria, hence shading more light on the importance of development of these sectors order than the oil sector. Following the World Bank/IFC (2012) latest ease of doing business and Global Anti-corruption (Transparency International) report of 2011 and 2012 in Nigeria that shows unfavorable business environment and weak property right protection, we intend to investigate the impacts of business environment divided into political, institutional/legal framework and macroeconomic factors on FDI inflow into Nigeria for the periods of 1980 to 2009, using quarterly data. Furthermore, we further extended our investigation to the direction of causality between FDI in the three sectors and economic growth. With the inclusion of business environment, legal/institutional framework, causality test and the use of quarterly data, the study departs from the work of Ayanwale (2007) and Egwaikhide (2012).
Foreign Direct Investment (FDI) is an investment made to acquire a lasting management interest in a business enterprise operating in a country other than that of the investor (World Bank, 1996). According to Thirwall (1994), FDI refers to investment by multinational corporations (MNCs) with headquarters in developed countries. This investment involves not only a transfer of funds but also a whole package of physical, techniques of production, managerial and marketing expertise, products, advertising and business practices for the maximization of global profits. FDI comprises not only merger and acquisition and new investment, but also reinvested earnings and loans and similar capital transfer between parent companies and their affiliates.

Methodology
The main type of data used in this study is secondary; sourced from various publications ofCentral Bank of Nigeria, such as; Statistical Bulletin, Annual Reports and Statement of Accounts.The models used in this study are estimated using data on Direct Foreign Investment (DFI) and some macro-economic indicators, which includes: Gross Domestic Products (GDP) Exchange Rate (EXR) and Export (Exp)
The regression analysis of the ordinary least square (OLS) is the estimation technique thatis being employed in this study to determine the relationship between and impact of theDirect Foreign Investment on economic growth proxy by Gross Domestic Product (GDP).
Model Specification
Model which specifies that economic growth (GDP) is significantly influenced by the Foreign Direct Investment indices (Direct foreign investment, Export and Exchange Rate) are formulated as Adeleke .M, Olowe S.O, Fasesin O.O, and Adeleke K.O, (2014) puts it as follows
GDP = f ( DFI, EXP, EXR).
lnGDP = β0 + β1LnDFI + β2LnEXP + β3LnEXR
LnGDP = Gross Domestic Product
LnDFI = Direct Foreign Investment
LnEXP = Export Earnings
LnEXR = Exchange Rate
β = intercept
β1 – β3 = Coefficient of the independent variables
Note: All variables are in their natural logarithm form

The result in appendix 1 shows that the predictor variables (i.e Direct foreign investment, export earnings and exchange rate) were significantly joint predictors of Gross Domestic Product ( F( 3, 10) = 5.964; R2= 0.641) at 5%level. The predictor variables jointly explained 64.7%of GDP, while the remaining 35.3% could be due to the effect of extraneous variables.
Furthermore in appendix 2, it can be deduced from the result obtained that the constant parameter in the long – run is positive. This implies that if all the explanatory variables are held constant, GDP will increase by 0.50 units. This result is agreed with Oyatoye et al (2011); Alejandro (2010); Lall (2002); Otepola, (2002) and Ariyo, (1998) that Direct Foreign Investment is inevitable in economic growth of a nation.The coefficient of Foreign Direct Investment is 0. 364, it has a positive relationship with GDP (t = 1.889, P<.05) showing that a unit increase in real foreign direct investment (FDI) will increase GDP by 0. 364. The coefficient of Export Earningsis 0.850, it has a position relationship with GDP (t = 2.890, P<.01) showing that a unit increase in export earnings (EXPT) will increase GDP by 0.850. Also, the coefficient of exchange rate is 0.275, it has a positive relationship with GDP (t = 2.890, Pns) showing that a unit increase in real exchange rate (EXR) will increase GDP by 0.275.
Conclusion, Policy Issues and Recommendations
The findings revealed that economic growth is directly related to inflow of foreign direct investment and statistically significant at 5% level. This implies that a good performance of the economy is a positive signal for inflow of foreign direct investment. It can be concluded that foreign direct investment is an engine of economic growth. Therefore, there is need to have a stable political and economic environment and improve on the critical infrastructure, level of security at all levels in the country, systems of governance should be is based on accountability, transparency, effective and efficient resource.
Furthermore, government needs to liberalize the foreign sector in Nigeria so that all barriers to trade such as arbitrary tariffs; import and export duties and other levies should be reduced so as to encourage investors.The findings suggest that Nigeria have not done a good job in increasing the skill level in their workforce to benefit the economy on the FDI inflows. The study also finds out that within the study period, FDI was complementary to foreign AID. Perhaps, Nigeria valued foreign Aid more than FDI. Hence, the slow shift in policies that attract FDI in Nigeria.
It is important that the focus should be directed towards policies that will attract FDI. FDI has more potential for expanding the economy base than foreign AID. It is obvious that the multiplier effect that comes from FDI in terms of private sector development of the economy is also lost to the public sector, hence the low level of economic activity or market-based expansion in Nigeria.
The results indicated that the following recommendations will go a long way in effectively using FDI to impact the Nigerian economy as follows:
1. Appropriate economic policy of market liberalization and macroeconomic stability should be put in order for attracting FDI into Nigeria. Furthermore, policies are needed to address the level of skills embodied in labor.
2. Appropriate policy measures to attract foreign capital should be formulated and implemented to boost increased economic growth
3. Policies that will bring about improvement in foreign direct investment and balance of payments (BOP) in the economy should be encouraged.
4. A good macroeconomic policy to improve the institutional frameworks, including stable and high economic growth rate, liberal exchange rates, convertible currency, low inflation, minimal current account deficit and external indebtedness, low interest rates and access to capital, efficient banking system and capital markets, and competitive corporate tax rates should be prioritized.
5. Government should strive to put under check corrupt and fraudulent practices, encourage self-employment, provide access to loans to small scale business enterprises, etc

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Appendices
Appendix 1



Appendix 2


©Osunsakin A.S (2018), Christian 24 Independent Research Educational Journal, Lagos, Nigeria, Issue No 201080002-1209, Vol.001

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