Economic Theory of Foreign Direct Investments and the Nigerian Immigration Regulations 2017

Abstract

Politically, Nigeria attained nationhood from the Great Britain on October 1,1960. Economically, Nigeria is yet to emancipate herself from the apron-strings of imperialism. The recent attempt to deregulate the down-stream oil sector is a mere façade. Whilst the Nigerian investors pose as the arrow-heads, the foreign investors remain behind the scene blowing the piper and dictating the pace of the game. This is evident in the oil and gas sector and the telecommunication industries. Thus, the imperialist bourgeoisie remain charge d’affaires of the Nigerian economy.Nature abhors vacuo. As a result, the foreign investors by virtue of their status as aliens cannot operate in a vacuum. The legal framework  that will provide the enabling environment to operate in the economy freely and successfully has to be put in place. A case in point is the Immigration Regulations 2017 which is sequel to the Immigration Act, 2015. The Immigration Regulations has come into being. Will it attract foreign investors or dissuade them from investing in the Nigerian economy? This exercise is a modest contribution on economic theory of foreign direct investments and how the Immigration Regulation, 2017 will impact on Nigeria.

Keywords: Foreign direct investment, economic theory, economic growth, cross-country regression, legal framework, immigration regulations, developing countries.