Determinant of Foreign Direct Investment in Ten African Countries: A Panel Data Analysis


  • Taiwo Akinlo Adeyemi College of Education
  • Rogers Adebayo Akinsokeji Department of Economics, Adeyemi College of Education, P.M.B 520, Ondo
  • Tope Rufus Oziegbe Department of Economics, Adeyemi College of Education, P.M.B 520, Ondo


Foreign direct investment, Natural resources, Panel data


Using panel data, this study empirically investigate the determinants of foreign direct investment inflows to ten Africa countries during the period 1995-2011. These ten countries were chosen based on the United Nations Conference on Trade and development (UNCTAD) report released in July 2013 that they are the highest receiver of inflow of FDI in 2012. This study found that the endowment of natural resources, openness, macroeconomic risk factors like inflation and exchange rates are significant determinants of FDI inflow to Africa. Domestic investment and natural resource accounted for the bulk of FDI inflow to Africa as both variables are positive and significant in both estimates adopted.


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How to Cite

Akinlo, T., Akinsokeji, R. A., & Oziegbe, T. R. (2013). Determinant of Foreign Direct Investment in Ten African Countries: A Panel Data Analysis. Asian Journal of Business and Management, 1(5). Retrieved from