Foreign direct investment is identified as a major catalyst of economic growth and transformation in developing economies of the world including Nigeria given the investment-savings gap. Over the years, Nigeria has witnessed sustained increase in foreign direct investment in the economy. It is however worrisome that it has not been able to transform the economy to any significant level. Consistent efforts have been made by successive governments in Nigeria that focus on policies that would attract foreign direct investment into the economy but the impact has been dismal. Consequently, the country is still characterised by a high level of unemployment, unstable prices, low per capita income, exchange rate volatility, external imbalances and prevalence of a poverty situation. This article aims at determining the macroeconomic determinants of foreign direct investment and its impact on economic transformation in Nigeria. Secondary data for the period 1981-2011 was used for the investigation. Time series estimates are obtained using Ordinary Least Squares (OLS) methodology which includes: stationary and co-integration tests. It was discovered that market size (GDP), human capital (HCAP), infrastructural development (INFRADEV), inflation (CPI) and index of energy consumption (IEC) are positively related to foreign direct investment in Nigeria. Unstable exchange rates (NEXR), interest rate (INT), under developed financial sector (BSTCR) and low per capita incomes have had negative impact on Foreign Direct Investment in the economy. The research recommends increase in energy consumption through regular supply of electricity, increase in GDP, development of human capital and a critical infrastructure to create a competitive and conducive business environment as well as reduction of exchange rate instability, interest rate distortions and development of the financial sector for a meaningful transformation of the Nigerian economy. ArticleInsight on Africa 5(1) 55-82

This study empirically seeks to connect more strongly the post-Keynesian macroeconomic idea anchored on the balance of payment (BOP) constraint with the evolutionary microeconomic idea related to the dynamics of technological gap in shaping export quality and long-run growth. It employs autoregressive distributed lag model to examine the validity of Thirlwall's "Law" on the Nigerian economy from 1981 to 2017. The study found that new version of the model improves significantly in explaining long-run growth of the economy. Therefore, it recommends, among others, a cautious reduction of various components of imports especially final consumption, increasing the export share of commodities with high demand in the international market as well as increasing government spending on R&D to enhance export quality for a sustainable growth of the economy.

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The main aim of the research is to examine the impact of Foreign

This research empirically investigates the link between current account deficit and the budget deficit for Nigeria with the use of annual time series spanning 1980-2016. These deficits have significant implications on the country's macroeconomic stability and overall growth. The research makes use of autoregressive distributed lag technique and traditional Granger causality tests to achieve the research objective. The outcome of the study upheld the presence of twin deficit hypothesis for Nigeria and discards not only the Ricardian equivalence proposition, but also the reverse and bi-directional causality hypotheses. This is supported by Granger causality test that the relationship runs unidirectionally from budget deficit to current account deficit. Therefore, it is logical to assert that the source of the country's current account deficit problems could be traced to the mounting fiscal imbalances.