Empirical analysis of multinational corporations and economic growth in Nigeria (1991-2014)

ABSTRACT
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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WSN 23 (2015) 58-72