EFFECT OF TERRORISM ON DOMESTIC INVESTMENT IN NIGERIA: AN EMPIRICAL ANALYSIS (1990-2022)
Abstract
The study investigated the effect of terrorism on domestic investment in Nigeria using an annual
time series that covers the period 1990-2022. The data were sourced from the CBN statistical
bulletin and World Development Indicator (WDI) respectively. Utilizing the fully modified
ordinary least square (FMOLS), the findings from the study showed that terrorism index had a
significant and negative relationship with domestic investment in Nigeria, while military
expenditure effect was insignificant on domestic investment within the study period in Nigeria. The
study concluded that terrorism has a negative influence on domestic investment. The study
recommended that the war on terrorism should be taken ruthlessly by the government to enable a
conducive business climate for investment. The study further recommends for Swift increase in
military expenditure if significant outcome is expected on domestic investment.
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