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The need for economic development has preoccupied policymakers over the years. Especially the global south such as Nigeria, which is plagued with infrastructural deficit and less foreign direct investment and financial development attraction. This has drawn the attention of stakeholders and government officials for exploration of alternative routes for sustainable development, which is in line with the United Nations Sustainable Development Goals‐8 (UNSDG's). Thus, the current study focuses on the FDI‐led economic growth hypothesis if it holds or not for the case of Nigeria. The present study is distinct from previous studies in terms of scope by incorporation of more covariates, which has seemed to have been overlooked in the FDI argument. To this end, the current study re‐investigates the connection between FDI, financial development, total labour force, gross capital formation, and economic growth using Nigeria as a representation for Africa and Sub‐Saharan states specifically. Annual time‐series data from 1970 to 2018 is adopted for the econometrics analysis. Our study interest variables are foreign direct investment, economic expansion (GDP). The present study inculcates two additional financial development indicators; from the banking, and financial sectors. Using a battery of unit root and stationarity tests the study explores the stationarity properties of the outlined variables. Subsequently, the novel and recent robust Bayer and Hanck (2013) combined cointegration test in conjunction with Pesaran's ARDL bounds test was used to investigate the equilibrium relationship and regression analysis. While the Toda‐Yamamoto Granger causality was used to detect the direction of causality analysis among the variables. Empirical investigation traces a long‐run equilibrium relationship among the variables over the sampled period. Furthermore, empirical results show that FDI influences GDP, which suggests that FDI influences economic growth which is indicative of policymakers. Similarly, empirical outcomes establish a significant relationship between GDP and Financial Development from banking‐sector which is also corroborated in the causality results as an indirect causality is seen running from GCF to the financial sector. These outcomes suggest that FDI and Financial development are good predictors for sustainable economic growth in Nigeria. All aforementioned results have its inherent policy implications which are elucidated in the concluding remark of this study. [ABSTRACT FROM AUTHOR]

Following the fact that above average contribution to the Nigerian economic growth come from petroleum industry and agriculture which are dominated by multinational companies, the author undertakes the task to unveil the level of emission from these sectors. The current paper adopts FDI and agricultural sector as among the vital indicators in determining the position of Nigeria in climate change. This study builds on the ecological footprint in accounting for environmental performance of Nigeria. Basic contribution of this paper is in its two‐stage analyses of ARDL regression and causality with both ecological based and growth based models. This unveils both the economic and ecological footprint implication to the environment. The findings of this paper are: a positive (elasticity) relationship between economic growth (GDP) and ecological footprint is established in both the short run and long run. Negative and significant relationship is uncovered between FDI and ecological footprint. Negative association between agricultural sector and ecological footprint in both long run and sort run. The relationship that exist between these variables (energy use and population) and ecological footprint are positive which means unfavorable implication to the environmental performance. Moreover, the findings according to Granger causality are: a uni‐directional causality passing from economic growth to ecological footprint, from energy use to ecological footprint, and also from population to ecological footprint. Also, a one‐way transmission is established amongst economic growth and energy use, and between economic growth and population. This is in conformity with the expectations of the author, and has established a nexus among the selected variables (population and energy transmitting to economic growth, while economic growth and energy transmitting to ecological footprint). With these findings especially from FDI and agriculture, the authorities of the country are expected to build a sustainable policy framework in promoting, regulating and sustaining the trend with mindset of maintaining a healthy environment. [ABSTRACT FROM AUTHOR]

This study aims to reinvestigate the long run relationship between credit market development and economic growth in Nigeria covering the years between 1981 and 2016 by applying recently developed econometric techniques. In addition to measures of credit market development indicators of domestic credit to the private sector and broad money, trade openness, foreign direct investment and urbanization are also included in estimations to overcome the omitted variable problem. The measure for economic growth used is real gross domestic product. To the best of our knowledge, no study has been conducted before, examining these relationships with all these listed indicators. Therefore, this study proposes to close this gap in the literature. To capture the long run effects, we used ARDL, Fully Modified Ordinary Least Squares, and Dynamic Ordinary Least Squares estimator approaches. Findings uncover that (a) a long run equilibrium relationship exists between credit market development and economic growth, (b) economic policy makers are required to seek after developing the credit market with the main intention of guaranteeing that banks and other money related establishments are enabled and empowered to give the essential funds to the beneficial part of the economy which are urban and private sectors. [ABSTRACT FROM AUTHOR]