Foreign direct investment is a key ingredient of development that most nations of the world seek to attract to boost economic growth and development. This paper sought to examine the place of infrastructure in attracting foreign direct investment, which is considered an instrument of development. The paper adopted a conceptual approach to its analysis of data obtained from secondary sources. Researchers vary in their opinions regarding the impact of foreign direct investment on the economy of a nation. However, it became clear that FDI cannot be wished away with regard to its contribution to the economy; otherwise the effort to attract foreign capital as made by many nations today, especially the developing ones like Nigeria, would not have been observed. We discovered that the inflow of FDI to Nigeria has been relatively on the increase, and that Nigeria tops the list in terms of FDI inflow into the whole of Africa. Equally, Nigeria as a developing nation has been making series of efforts in terms of state policies and programmes toward attracting foreign investment. Such efforts include the liberalization of the economy, setting up of the Nigerian Investment Promotion Commission, and the privatization and reform programmes of successive governments beginning from the 1980s. It also became clear that Nigeria’s economy benefits from foreign direct investment. In order to sustain the momentum of FDI inflow with its attendant contribution to development, we recommend, among others, that the current reform agenda especially in the power, transportation and other areas of infrastructure be maintained and carried to the next level by the in-coming administration.
Foreign direct investment, Infrastructure development, economic growth, economic development.
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