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The study examined the impact of foreign capital inflows on a selected macroeconomic variable in Nigeria from 1990 to 2021. The study used their explanatory variables (foreign direct investment, external debt and foreign portfolio investment) and one explained variable (unemployment rate). The unit root test, ARDL bound co-integration test, and error correction were all performed. According to the findings, there is a negative and substantial impact between foreign portfolio investment and Nigeria's unemployment rate, as well as a positive and significant impact between FDI, external debt, and Nigeria's unemployment rate. Based on the findings, the government should implement policies that will attract foreign investors to Nigeria and encourage them to invest more; as a result, the alarmingly high rate of unemployment will be reduced, and the government should ensure that its external debt is used to invest in critical infrastructure to create an enabling investment environment. |
