Stock market performance does not drive foreign investment in Nigeria
The study looked at how Nigeria's financial market performance affects foreign investment. They used data from 1984 to 2015 and the ARDL technique for analysis. The findings showed that financial market performance doesn't directly impact foreign investment in the long run. Stock market performance and liquidity also don't affect foreign investment in the short term. However, new issues do have a short-term impact on foreign investment. The study suggests that encouraging domestic participation in the stock market can improve its performance and attract more foreign investors. Additionally, reducing investment risks and increasing market liquidity can make the Nigerian financial market more appealing to foreign investors.