An Escalating Analysis of the Role, Impact and Ramification of Investment in the Nigerian Economy and Outlook to Year 2035

Abstract

The economic transformation agenda, otherwise known as Nigeria Vision 20: 2020 set the direction for the industrialization policy in Nigeria which aimed at achieving greater global competitiveness in production of processed and manufactured goods by linking industrial activity with primary sector activity, domestic and foreign trade and service activity. The main objective of the vision was to improve the well-being of Nigerians, with the aim of reducing the problems of hunger, poverty, poor healthcare, inadequate housing, low quality human capital, gender imbalance, low productivity and poor basic facilities by 2020. In the above connection, Nigerian industrial revolution plan defined clear goals, governance structures, monitoring frameworks and implementation strategies. These policies have proved abortive due to a myriad of challenges, ranging from incessant power outages, lack of finance/capital, multiple government taxation and insecurity among others. Indeed, Economists and Practitioners worldwide are of the opinion that investment promotes growth and development and that investment propagates itself. Indeed, investment is very crucial for any nation to develop. Extant administrations have not done very well to improve investment and thereby industrialization in Nigeria. Therefore, an escalating analysis of the role of investment in Nigeria using Total differential systems modeling approach with Markov Chains Analysis will help to foster more understanding of the issues involved and ginger up government to its responsibilities. From the results of this study, it was found that the major channels through which investment and consequently industry can be promoted in Nigeria are non-oil exports and personal wealth, with investment probability of 0.9371 followed by personal wealth with a probability of 0.9063. The study recommends that Government should

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