Reuben Odoma

This study examines the effects of the devaluation of Nigerian Naira on the foreign direct investment profile of Nigeria. Currency devaluation is supposed to make it cheaper for foreign investors to invest in Nigeria to provide needed capital and stimulate economic activity which should help to ameliorate the living standards of Nigerian citizens but unfortunately the envisaged effects have not been harnessed. This has led to questions on the relevance of devaluation in Nigeria with special interest as it relates to foreign direct investment. This study uses exploratory assessment methods by reviewing the research done by other writers in related field to determine the historical effects of devaluation on FDI and contrive the determinants of FDI. It was found that currency devaluation has a weak but positive relationship with the foreign direct investment profile of Nigeria in the sense that a significant devaluation of the Naira at its best usually had an infinitesimal impact on the FDI profile and sometimes may exacerbate the situation when there is absence of certain conditions that foster sustainable inflow of foreign investment. The study found that there are certain conditions that encourage the inflow of foreign direct investment. This paper also introduces the Finvestment mix which would upon its completion will be used to evaluate how qualified a country is for foreign investment. The study recommends that the Central Bank Of Nigeria and prospective foreign investors should consider the full scope of the finvestment mix whenever there is a prospect of FDI inflow and outflow in order to make well informed decisions, the study also encourages the ministries of finance and trade to diversify the export base of Nigeria.

ABSTRACT
This paper investigates the relationship between Nigeria’s adoption & capacity of information and communication technology (ICT) and Foreign Direct Investment (FDI) profile of Nigeria. ICT has been described by many literatures as one of the determinants of foreign direct investment inflow in any country. This study uses export figures of ICT goods and ATM machines per 100,000 adults as proxies for measuring the level of ICT capacity and adoption respectively while foreign direct investment inflows for a period of years as proxy for measuring foreign direct investment profile of the country. The research adopted the ex post factor research design and also the use of Johansen’s cointegration tests,  Vector Autoregression model and Granger causality tests to analyse the relevant data. The study found that adoption of ICT has a causality effect on FDI inflow into the country. The study found no significant relationship between ICT export capacity and FDI inflow. The study also found that adoption of ICT also has a causality effect on the capacity of Nigeria to export ICT goods. The study recommends further adoption of ICT as it is expected to result in the growth of FDI inflow and ICT export capacity. The study also recommends more detailed record keeping by microeconomic units on issues relating to ICT to enable clearer insights into how ICT affects the various microeconomic units across different sectors of the economy.