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The impact of foreign exchange rate and gross fixed capital formation on economic growth of Nigeria

Authors: AKINTOLA Abolade , OLAOYE Samuel , SIYANBOLA Trimisiu , & SOETAN Timothy

Publication Type: Journal article

Journal: Interciencia Journal

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Abstract

This study examines the impact of foreign exchange rate policy and gross fixed capital formation
on growth of economic in Nigeria from 1989-2017. The Secondary data used for this study were
sourced from the Statistical Bulletin issued by Central Bank of Nigeria. Linear regression
statistical model otherwise known as Ordinary Least Square (OLS) was used to analyze the
collected data. The study revealed that there is a positive insignificant impact of foreign exchange rate policy on growth of economic in Nigeria. However, the gross fixed capital
formation has positive significant impact on the Nigerian economic growth. The finding of the
study also indicates that both foreign exchange and gross fixed capital formation explain about
97% of the variation in the Nigerian economic growth. This study has policy implication. The
study recommends that to reduce pressure on foreign exchange; government must encourage the
consumption of consumer items being produced locally rather than the imported ones from
foreign countries. The government also needs to enact favourable business rules and regulations
that would encourage the investors to invest in Nigerian economy. This would increase the
capital inflows thus provides the needed capital for the expansion of the Nigerian economy

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AKINTOLA,A. OLAOYE,S. SIYANBOLA,T. SOETAN,T. . (2020). The impact of foreign exchange rate and gross fixed capital formation on economic growth of Nigeria, 45 (), 40-40.

AKINTOLA,A. OLAOYE,S. SIYANBOLA,T. SOETAN,T. . "The impact of foreign exchange rate and gross fixed capital formation on economic growth of Nigeria" 45, no (), (2020): 40-40.

AKINTOLA,A. and OLAOYE,S. and SIYANBOLA,T. and SOETAN,T. and . (2020). The impact of foreign exchange rate and gross fixed capital formation on economic growth of Nigeria, 45 (), pp40-40.

AKINTOLAA, OLAOYES, SIYANBOLAT, SOETANT, . The impact of foreign exchange rate and gross fixed capital formation on economic growth of Nigeria. 2020, 45 ():40-40.

AKINTOLA,Abolade , OLAOYE,Samuel , SIYANBOLA,Trimisiu , and SOETAN,Timothy . "The impact of foreign exchange rate and gross fixed capital formation on economic growth of Nigeria", 45 . (2020) : 40-40.

A.Abolade O.Samuel S.Trimisiu & S.Timothy , "The impact of foreign exchange rate and gross fixed capital formation on economic growth of Nigeria" vol.45, no., pp. 40-40, 2020.

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