Empirical analysis of multinational corporations and economic growth in Nigeria (1991-2014)
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The paper attempts to evaluate the relationship between empirical analysis of multinational corporations and economic growth in Nigeria using data spanning (1991-2014). Secondary data were used and were collected from the CBN statistical bulletin and national bureau of statistics. Hypotheses were formulated and tested using time series econometrics and the study reveals that the variables do not have unit roots. There is also long-run equilibrium relationship between economic growth and multinational corporations and the result confirms that about 73% short-run adjustment speed from long-run disequilibrium. There is a causal relationship between multinational corporations and economic growth. The coefficient of determination indicates that about 52% of the variations in economic growth is explained by changes in multinational corporations’ variables. The study therefore recommends that multinational corporations should make life meaningful to the host country by providing infrastructural facilities. Government should ensure that multinational corporations plough back part of their profits to the development of the host communities in other to established good working relationship. Federal environmental protection agencies should also ensure effective monitoring of multinational corporations to avoid the violation of the lay down rules and regulations guiding their operations.
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