Capital flight and poverty in Nigeria
Keywords:
Capital Flight, Poverty and NigeriaAbstract
This paper examined effect of capital flight on poverty in Nigeria. Capital flight is generally seen as having adverse and enormous effect poverty. Capital flight suggests a cross movement of capital from one country to another. It has both legal and illegal manifestations. The Study adopted a quantitative method of data collections and used ex-post facto research design in estimating the causal relationship between capital flight and poverty. The autoregressive distributed lag (ARDL) method was used as an estimation technique. Dependency theory was utilized to guide the direction of study. The paper concluded that capital flight has a positive but not statistically significant impact on poverty as measured by misery index in Nigeria. The paper recommends that Federal Government encourages technological acquisition digital system and a specialized department to monitor capital flight of foreign investors at the same time encouraging the local content through industrialization as that will no doubt helps in wealth creation and generate employment which will result in reducing the level of poverty in Nigeria.Downloads
References
1. Ajayi, I.S. (1997). An analysis of external debt and capital flight in the severely indebted low income countries in sub-Saharan Africa. IMF WP/97/68. International Monetary Fund, Washington, D.C.
2. Ajayi, S. (1995). Capital flight and external debt in Nigeria. Retrieved from: http://opendocs.ids.ac.uk/opendocs/handle/12346789/2084
3. Akani, B. (2015). An econometric approach to short and long run analysis of the Nigerian economy, capital flight in Nigeria. International Journal of Research in Humanities and Social Studies, 2, 83-89.
4. Ayodele, T.D. (2014). Capital Flight and the Nigerian Economy: An Empirical Analysis. Journal of Public Economics, (87): 9-10.
5. Baker, R. (2005). Capitalism’s Achilles Heel. New Jersey: John Wiley & Sons.
6. Basorudin, M., Dwi, H.K.R., Sri, H.R., Amannullah, G., & Rachmadani, H.S. (2021). The vulnerable financial issue: Capital flight in Indonesia. The European Journal of Applied Economics, 18(1), 89-105.
7. Cairó-i-Céspedes, G., & Palacios Cívico, J.C. (2022). Beyond core and periphery: The role of the semi-periphery in global capitalism. Third World Quarterly, 43(8), 1950-1969.
8. Cooper, H.W., & Hardt, J.P. (2000). Russian Capital Flight, Economic Reforms, and U.S Interest: An Analysis. Congressional Research Service (CRS), Report for Congress, Updated March 10.
9. Cuddington, J.T. (1986). Capital flight: estimates, issues, and explanations. International Finance Section, Department of Economics. New Jersey: Princeton University Press.
10. Davies, R.B., & Markusen, J.R. (2021). What do multinationals do? The structure of multinational firms’ international activities. The World Economy, 44(12), 3444-3481.
11. Epstein, G.A. (Ed.). (2005). Capital flight and capital controls in developing countries. Edward Elgar Publishing.
12. Isu, H.O. (2002). Capital Flight and Nigeria’s Development: An Analytical Review. Journal of Finance, Banking and Investment, 2(2), 31-42.
13. Kosarev, A. & Gingoreyev, L. (2000). Capital Flight Scale and National Bureau of Economic...
14. Mahon, J.E. (2004). Causes of tax reform in Latin America, 1975—1995. Latin America Research Review, 391: 3-30.
15. Ndikumana, L. (2017). Curtailing capital flight from Africa: the time for action is now. International Policy Analysis, Friedrich Ebert Stiftung.
16. Nyong, M.O. (2013). Capital Flight and Economic Growth in Four African Countries.
17. Olatunji, O. & Oloye, M.I. (2015). Impacts of capital flight on economic growth in Nigeria. International Journal of Innovation, Education and Research, 3(8).
18. Saheed, Z.S. & Ayodeji, S. (2012). Impact of capital flight on exchange rate and economic growth in Nigeria. International Journal of Humanities and Social Sciences, 2(13).
19. Schneider, B. (2003). Measuring capital flight: estimates and interpretations. Overseas Development Institute Working Paper 194.
Downloads
Published
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
