Conference Paper

FINANCIAL INCLUSION AND FOREIGN DIRECT INVESTMENT IN NIGERIA

This analysis has analyzed the effect of Financial Inclusion on Foreign Direct Investment for the 34 years period (34years) from 1990 to 2023. The variables employed were numbers of automated teller machine per 100, 000 adults, number of commercial bank branches and individual access to internet and foreign direct investment. The analysis used time series and secondary source of data were employed. The data were obtained from Central Bank of Nigeria (CBN) statistical bulletin 2023, and World Bank Development indicator. The data collected was analyzed by descriptive statistics, unit root test, correlation and regression. The analysis found that, numbers of automated teller machine per 100, 000 adults has a significant relationship with foreign direct investment in Nigeria. Furthermore, the number of the commercial bank branches has a great influence on foreign direct investment in Nigeria. It was observed from the analysis however, that there is significant effect of individual access to internet on foreign direct investment in Nigeria. Thus, the analysis found that financial inclusion has a positive and significant impact on foreign direct investment (FDI) in Nigeria. Based on this, it is recommended that policy should focus on making financial services more widely available and accessible by providing more ATMs and commercial bank branches, in areas where they are not yet ubiquitous. Keyword: Automated Teller Machine, Commercial Bank Branches, Internet, Foreign Direct Investment.