An investigation of the determinants of resource seeking FDI: Evidence from Nigeria (1970 2005)

Gelişmekte olan ülkelere yönelen yabancı sermaye akışını belirleyen temel faktörleri incelemek uzun zamandır literatürü meşgul eden ilgi odaklarından biri olmuştur. Bu konudaki tartışmalı alanlardan birisine göre çok uluslu frmalar gelişmekte olan ülkelerdeki alt yapı yatırımlarındaki eksikliklere, sosyal, ekonomik ve politik kararsızlıklara rağmen bu ülkelere yatırım yapmayı tercih ederler: Zira bu ülkelerde petrol gibi değerli doğal kaynaklar karlarını artırmak isteyen bu çok uluslu frmaların dikkatini çeker. Literatürde buna kaynak arayan doğrudan yabancı yatırımlar yaklaşımı denir. Nijerya ise bu kaynak arayan doğrudan yabancı yatırımlar yaklaşımının ilgi merkezi olan ülkelerden biridir. Nijerya Afrikadaki en geniş petrol rezervlerine sahip tek ülke olması yanı sıra, dünya sıralamasında da petrol ihraç eden ülkeler arasında altıncı sırayı rakiplerine bırakmayan şanslı ülkelerdendir. Nijerya geniş nüfusuyla büyük bir iç ve dış piyasa hacmine sahip olan ve çok uluslu frmaların tercih ettikleri ülkelerin başında gelmektedir. Bu çalışma kaynak arayan doğrudan yabancı yatırımları belirleyen faktörleri göz önünde bulunduran sermaye teorisini test etmek amacıyla Nijeryada 1970-2005 yılları arasındaki doğrudan yabancı yatırımlar akışını zaman serisi kapsamında araştırmayı hedefemiştir. Bunun için ADF testi uyarlanmış ve tüm değişkenlerin durağan oldukları bulunmuştur. Sonuçlarımız bu yaklaşımı destekleyecek yönde olup, bulgularımız yabancı yatırımcıların pek çok politik, ekonomik ve sosyal kararsızlıklara, hatta önemli engellere rağmen Nijeryayı yatırım için seçmelerinin altındaki en büyük nedenin bu ülkenin geniş petrol rezervlerine sahip olması olduğu gerçeğinin yattığıdır. Bu ilgiden daha uzun süreli ve daha başarılı bir şekilde faydalanmak için Nijeryadaki hükümetlerin alt yapı yatırımlarına önem vermesi, uygun politikalar geliştirmesi, yerli paranın değer yitirmesine yönelik önlemler alması, ve demokratikleşme yönünde sağlam tedbirler alması gerekmektedir.

Kaynak arayan doğrudan yabancı yatırımları etkileyen faktörler: Nijerya üzerine bir analiz (1970-2005)

Examining the determinants of Foreign Direct Investment (FDI) infows to developing countries has been the subject of extensive interest in the literature for some time. One of the arguments is that multinational companies (MNCs) select developing countries because of physical resources like oil and factors despite the existence of some serious barriers like bad infrastructure, social, economic and political instabilities. In the literature, this is called Resource Seeking FDI. In this paper, we provide an econometric evidence for Nigeria by testing existing theory on the determinants of FDI, by using a time series estimation of data from 1970 to 2005. For the analysis the ADF test is used to test for unit root and indicates that all the variables are trend stationary. Our results support the theory of resource-seeking FDI. Our results suggest that while foreign investors in Nigeria are affected by the availability of oil, political instability and the openness of the economy to investment, foreign investors are less sensitive to democracy, macroeconomic instability, market size and labor cost. To attract more FDI government in Nigeria should employ policies to further open up the economy; should increase its investment in the development of the nations infrastructure (power supply, roads, telecommunication, etc.); should encourage production activity via production incentives and/or subsidies in order to increase the economys GDP; and the economy should be ready to accommodate further depreciation of the domestic currency (Naira) so as to encourage the infows of FDI in the form of merger and/or acquisition.

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