References
Acemoglu, D., Johnson, S. and Robinson, J.A. (2005) Institutions as a Fundamental Cause of Long-Run Growth. In: Aghion, P. and Durlauf, S., Eds., Handbook of Economic Growth, Elsevier B.V., Amsterdam, 385-472. Adegboyega, R. R., & Arikewuyo, K. (2020). Good governance and economic development in Nigeria. https://doi.org/10.31578/.V9I1.168 Afolabi, J. O. (2019. The impact of governance on economic development in West Africa: A system GMM dynamic panel approach. Acta Universitatis Danubius, 15(3), 217-231. Agbo, E. I., & Nwadialor, E. O. (2020). Looming external debt crisis in Sub–Sahara Africa: The way forward. Advance Journal of Management, Accounting and Finance, 4(5), 1-26. Agyei, S., Obuobi, N. K., Isshaq, M. Z., Abeka, M. J., Gatsi, J., Boateng, E., & Amoah, E. (2022). Country-Level corporate governance and Foreign Portfolio Investments in Sub-Saharan Africa: The moderating role of institutional quality. https://doi.org/10.1080/23322039.2022.2106636 Ajimobi, L. (2024). Influence of political stability on foreign direct investment inflows in Nigeria. https://doi.org/10.47672/ajf.2172 Andries, A., Balutel, D., Ihnatov, I., & Ursu, S. (2020). The nexus between corporate governance, risk taking, and growth. PLoS ONE, 15(2). https://doi.org/10.1371/journal.pone.0228371 Anipa, C. A. A., Abeka, M. J., Boateng, E., Ankomah, K., Sikayena, I., Arpoh‐Baah, B., ... & Fudzi, M. A. (2025). Economic Institutions, Political Institutions and Foreign Direct Investment Inflows Into Sub‐Saharan Africa: A Hierarchy of Institutions Perspective. Thunderbird International Business Review, 67(5), 583-599. Appiah-Kubi, S., Malec, K., Phiri, J., Maitah, M., Kotaskova, S., Mach, J., & Sirohi, J. (2023). Technological and Economic Development of Economy, 29(6), 1708-1727. Asongu, S., Nnanna, J., Vanessa, S., & Tchamyou, S. (2020). Finance, institutions and private investment in Africa. https://doi.org/10.2139/ssrn.3719814 Chenery, H. B., & Bruno, M. (1962). Development alternatives in an open economy: the case of Israel. The Economic Journal, 72(285), 79-103. Chenery, H. B., & Strout, A. M. (1968). Foreign assistance and economic development: Reply. The American Economic Review, 58(4), 912-916. Conlisk, J., & Huddle, D. (1969). Allocating foreign aid: An appraisal of a self‐help model. The Journal of Development Studies, 5(4), 245-251. Fagbami, F, Adeniyi, O, A. & Kehinde, M. B. (2023) Stock market development: A reflection of governance regulatory framework in Nigeria. Journal of Capital Market Studies, 6(1), 71- 89. Farzana, N., Qamruzzaman, M., & Mindia, P. M. (2024). Interplay of digital financial inclusion, technological innovation, good governance, and carbon neutrality in the top 30 remittance- receiving countries: The significance of renewable energy integration. International Journal of Energy Economics and Policy, 14(4), 408–425. https://doi.org/10.32479/ijeep.16097 Fon, R., & Alon, I. (2022). Governance, foreign aid, and Chinese foreign direct investment. Thunderbird International Business Review, 64, 179-201. Fonchamnyo, D. C., Dinga, G. D., & Ngum, V. C. (2021). Revisiting the nexus between domestic investment, foreign direct investment and external debt in SSA countries: PMG‐ARDL approach. African Development Review, 33(3), 479-491. Geels, F. W. (2010). Ontologies, socio-technical transitions (to sustainability), and the multi-level perspective. Research Policy, 39(4), 495-510. Gul, H. Gul, S., & Rasheed, S. (2020). The impact of foreign portfolio investment and corporate governance on corporate cash holdings: evidence from the leading manufacturing sectors in Pakistan. European Journal of Business and Management Research, 5(4). https://doi.org/10.24018/ejbmr.2020.5.4.225 Kaufmann, D., Kraay, A., & Mastruzzi, M. (2009). Governance matters VIII: aggregate and individual governance indicators, 1996-2008. World bank policy research working paper, (4978). Kaufmann, D., Kraay, A., & Mastruzzi, M. (2011). The worldwide governance indicators: Methodology and analytical issues1. Hague Journal on the Rule of Law, 3(2), 220-246. Khan, A. A., Munir, F., Abbas, J., & Umar, M. (2022). Does governance quality enhance stock market performance: Empirical evidence from Pakistan. Review of Applied Management and Social Sciences, 5(2), 207-217. https://doi.org/10.47067/ramss.v5i2.229 Khan, A., Hidthiiir, M., Wah, T. (2024). Nonlinear impact of remittances on financial inclusion in developing countries: Does governance quality matter?. Pakistan Journal of Commerce and Social Sciences, 18(4), 811-831. Mabinuori, O., & Jaiyeoba, B. N. (2021). Foreign portfolio investment and capital market development in Nigeria. https://doi.org/10.26772/cijds-2021-04-02-03 Maduka, O. D., Kalu, C., & Onugha, B. C. (2021). Political stability, quality of governance and stock market performance in Nigeria: A VECM approach. https://doi.org/10.48028/iiprds/ijiretss.v10.i2.13 Mauro, P. (1995). Corruption and growth. The quarterly journal of economics, 110(3), 681-712. Mba, P. N., & Chijioke, M. I. (2024). Does remittance inflow and foreign direct investment spur economic development in developing countries? Insights from Nigeria. https://doi.org/10.14505/tpref.v15.1(29).12 Mlambo, C. (2022). The impact of international portfolio investment on economic growth: the case of selected African states. International Journal of Research in Business & Social Science 11(10), 151-159. Momoh, S. A., Okoye, C., Eze, U. H., & Sankey, Z. (2025). Good governance and national development in Nigeria: Challenges and prospects. Global Journal of Political Science and Administration, 13(1), 1-24. Moskalenko, B., Lyulyov, O., Pimonenko, T., & Kobushko, I. (2022). Institutions’ effect on a country’s investment attractiveness within sustainable development. Virtual Economics, 5(4), 50-60. https://doi.org/10.34021/ve.2022.05.04(3) Mujahid, D. H. (2021). Nexus between remittances, corruption and poverty: A case of Pakistan. https://doi.org/10.46745/ilma.jbs.2021.17.02.01 Musa, I. S., Mustapha, M., & Mansur, I. (2024). Impact of good governance on health outcome, education output and economic growth among selected African countries. African Journal of Social Sciences and Humanities Research, 7(1). https://doi.org/10.52589/ajsshr-tx4clr4p Ndugbu, M. O., Otiwu, K. C., and Uzowuru, L. N. (2021). The effect foreign portfolio investment on economic growth in Nigeria. https://doi.org/10.9734/SAJSSE/2021/v11i330288 Ndugbu, M., Otiwu, K., Uzowuru, L. N. (2021). The effect foreign portfolio investment on economic growth in Nigeria. https://doi.org/10.9734/SAJSSE/2021/V11I330288 Ndugbu, M., Otiwu, K., Uzowuru, L. N. (2021). The effect foreign portfolio investment on economic growth in Nigeria. https://doi.org/10.9734/SAJSSE/2021/V11I330288 Niarachma, R., Effendi, N., & Ervani, E. (2021). The effect of governance on FDI inflows in ASEAN. https://doi.org/10.12928/OPTIMUM.V11I1.3620 North, D. C. (1990). Institutions, institutional change and economic performance. Cambridge University Press. North, D. C., & Weingast, B. R. (1989). Constitutions and commitment: the evolution of institutions governing public choice in seventeenth-century England. The journal of economic history, 49(4), 803-832. Persson, T., Roland, G., & Tabellini, G. (2000). Comparative politics and public finance. Journal of political Economy, 108(6), 1121-1161. Persson, T., Roland, G., & Tabellini, G. (2000). Comparative politics and public finance. Journal of political Economy, 108(6), 1121-1161. Qamruzzaman, M. (2025). The impact of external debt, remittances, political stability, and urbanization on renewable energy consumption in BIMSTEC nations: Evidence from DCE and DCE-IV estimation. International Journal of Renewable Energy Development, 14(2). https://doi.org/10.32479/ijeep.20881 Rodrik, D. (2011). The globalization paradox: why global markets, states, and democracy can't coexist. Oxford University Press. Rodrik, D. (2012). The globalization paradox: Democracy and the future of the world economy. W. W. Norton & Company. https://doi.org/10.2307/j.ctvc775m5 Sabir, S., Qayyum, U. and Majeed, T. (2020), “FDI and environmental degradation: the role of political institutions in South Asian countries.” Environmental Science and Pollution Research, 27(26), 32544-32553. https://doi.org/10.1007/s11356-020-09464-y Sabir, S., Rafique, A., & Abbas, K. (2019). Institutions and FDI: evidence from developed and developing countries. Financial Innovation, 5(1), 1-20. Sadeghi, P., Shahrestani, H., Kiani, K. H., & Torabi, T. (2020). Economic complexity, human capital, and FDI attraction: A cross country analysis. International Economics, 164(December), 168–182. https://doi.org/10.1016/j.inteco.2020. 08.005 Saidi, Y., & Ochi, A. (2023). Estimating relationships among FDI, governance quality, and economic growth in developing countries using the threshold auto‐regressive model. https://doi.org/10.1111/rsp3.12654 Sakanko, M. A., Obilikwu, J., & David, J. (2020). The effect of aggregate institutional quality on foreign direct investment in Nigeria: Evidence from NARDL. Economics & Law, 2(2), 1- 13. https://doi:10.37708/el.swu.v2i2.1 Fukuyama, F. (2013). What Is Governance? Governance, 26(3), 347–368. Kaufmann, D., Kraay, A., & Mastruzzi, M. (2021). The Worldwide Governance Indicators: Methodology and Analytical Issues. World Bank, Washington, DC. North, D. C. (1990). Institutions, Institutional Change and Economic Performance. Cambridge University Press. Scott, W. R. (2014). Institutions and Organizations: Ideas, Interests, and Identities (4th ed.). Sage Publications. World Bank. (2023). Worldwide Governance Indicators : Methodology and Analytical Issues. World Bank, Washington, DC. Agyei, S. K., Kutu, A. A., Gbegbelegbe, S., & Asongu, S. A. (2022). Corporate governance, institutional quality and foreign portfolio investment in Sub-Saharan Africa. International Journal of Finance and Economics, 27(4), 4302–4320. Fon, R. M., & Alon, I. (2022). Chinese foreign aid, host-country governance quality and Chinese state-owned enterprises' foreign direct investment in Africa. International Business Review, 31(6), 102054. International Monetary Fund . (2024). World Economic Outlook 2024: Steady but Slow— Resilience amid Divergence. Washington, DC: International Monetary Fund. Kaya, H., & Aksoy, M. (2020). Governance quality and international portfolio investments in emerging market economies. Borsa Istanbul Review, 20(4), 345–357. Moskalenko, O., Kovalenko, Y., & Hryhoruk, P. (2022). Institutional quality and investment attractiveness in Ukraine and European Union countries. Investment Management and Financial Innovations, 19(3), 240–253. Ndugbu, M. O., Otiwu, K. C., & Uzowuru, L. (2021). Foreign portfolio investment and economic growth in Nigeria. International Journal of Economics and Financial Issues, 11(3), 67–76. Organisation for Economic Co-operation and Development . (2023). Government at a Glance 2023. Paris: OECD Publishing. Transparency International. (2024). Corruption Perceptions Index 2024. Berlin: Transparency International. United Nations Conference on Trade and Development . (2024). World Investment Report 2024: Investment Facilitation and Digital Government. Geneva: United Nations. World Bank. (2024a). Worldwide Governance Indicators . Washington, DC: World Bank.