Effect of Terrorism and Insurgency on Foreign Direct Investment in Nigeria
Open accessAbstract
Foreign Direct Investment (FDI) is widely recognized as a critical driver of economic growth and development, particularly in developing countries like Nigeria.It serves as a source of capital, technology transfer, job creation, and infrastructure development, ultimately contributing to poverty reduction and economic diversification (World Bank, 2022).For Nigeria, a country endowed with vast natural resources, a strategic geographical location, and a large consumer market, FDI has the potential to significantly boost economic growth, reduce unemployment, and enhance industrialization (OECD, 2023).However, the ability to attract and retain FDI is heavily influenced by the stability and security of the host country (UNCTAD, 2023).Historically, Nigeria has been one of the largest recipients of FDI in Africa due to her rich oil and gas resources.According to the Central Bank of Nigeria (CBN), FDI inflows into Nigeria peaked in the early 2000s, driven by economic reforms, privatization policies, and the liberalization of key sectors such as telecommunications, manufacturing, and financial services.However, FDI inflows have exhibited a declining trend in recent years.Reports from the United Nations Conference on Trade and Development (UNCTAD) indicate that Nigeria's FDI inflows dropped from $8.84 billion in 2011 to $2.4 billion in 2021, with further declines recorded in subsequent years.This decline has been attributed to various factors, including economic instability, weak regulatory frameworks, corruption, and, more prominently, the rising insecurity across the country (UNCTAD, 2023).
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- Findingown data§ Additional information
A similar negative correlation is observed between FDI and Insurgency (-0.42), indicating that higher levels of perceived insurgency are associated with lower levels of perceived foreign investment.
“A similar negative correlation is observed between FDI and Insurgency (-0.42), indicating that higher levels of perceived insurgency are associated with lower levels of perceived foreign investment.”
Quote in the paperSubstantial claim - Findingown data§ Additional information
The R-squared value of 0.52 suggests that the model explains 52% of the variation in FDI, indicating a moderate fit.
“The R-squared value of 0.52 suggests that the model explains 52% of the variation in FDI, indicating a moderate fit.”
Quote in the paperNot a substantial claim - Findingown data§ Additional information
Terrorism and Insurgency show a strong positive correlation (0.61), indicating that regions with higher levels of terrorism are more likely to also experience higher levels of insurgency.
“On the other hand, Terrorism and Insurgency show a strong positive correlation (0.61), indicating that regions with higher levels of terrorism are more likely to also experience higher levels of insurgency.”
Quote in the paperNot a substantial claim - Premisecitation§ Introduction
Increased spending on security often comes at the expense of critical infrastructure, education, and healthcare investments.
“Increased spending on security often comes at the expense of critical infrastructure, education, and healthcare investments (Okon & Effiong, 2021).”
Quote in the paperNot a substantial claim0 of 1 sources checked- cites Okon & Effiong, 2021
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
- Rests on an assumption: Nigeria's rising security expenditure reflects the government's efforts to combat insecurity; however, it also has economic implications.
- Premisecitation§ Introduction
Akinlo & Olaniyan (2022) found that terrorist activities led to a 35% reduction in FDI inflows over the past decade.
“Akinlo & Olaniyan (2022) found that terrorist activities led to a 35% reduction in FDI inflows over the past decade.”
Quote in the paperNot a substantial claim0 of 1 sources checked- cites Akinlo & Olaniyan, 2022
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
- Premisecitation§ Abstract
Insecurity leads to increased operational costs for businesses, as firms invest in security measures, insurance, and risk mitigation strategies.
“Insecurity leads to increased operational costs for businesses, as firms are forced to invest heavily in security measures, insurance, and risk mitigation strategies.”
- Also stated in: § Introduction · plain
“Insecurity leads to additional business expenditures, as firms operating in volatile environments must invest heavily in security measures such as private security services, surveillance systems, and fortified infrastructure (Aliyu & Lawal, 2023).”
Quote in the paperSubstantial claim0 of 1 sources checked- cites Aliyu & Lawal, 2023
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
- Also stated in: § Introduction · plain
- Premisecitation§ Introduction
For foreign investors, high security spending signals systemic instability, which raises concerns about the government's ability to manage risks and maintain a secure business environment.
“For foreign investors, high security spending signals systemic instability, which raises concerns about the government's ability to manage risks and maintain a secure business environment (Dunning & Lundan, 2022).”
Quote in the paperSubstantial claim0 of 1 sources checked- cites Dunning & Lundan, 2022
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
- Premisecitation§ Introduction
The rise of banditry, particularly in the Northwest and North-Central regions, has created significant security concerns for businesses and investors.
“The rise of banditry, particularly in the Northwest and North-Central regions, has created significant security concerns for businesses and investors.Bandits frequently engage in mass killings, cattle rustling, and village raids, leading to economic instability and uncertainty (Eze & Okonkwo, 2023).”
Quote in the paperSubstantial claim0 of 1 sources checked- cites Eze & Okonkwo, 2023
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
- Premisecitation§ Terrorism
Terrorism significantly reduces FDI inflows by increasing the perceived risk of doing business in affected regions.
“Studies have shown that terrorism significantly reduces FDI inflows by increasing the perceived risk of doing business in affected regions (Busse & Hefeker, 2007).”
Quote in the paperSubstantial claim0 of 1 sources checked- cites Busse & Hefeker, 2007
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
- Premisecitation§ Methodology
Limited empirical research has explored the direct effect of various dimensions of insecurity on FDI inflows in Nigeria.
“While prior studies on FDI determinants have primarily focused on macroeconomic factors such as exchange rates, inflation, and market size, limited empirical research has explored the direct effect of various dimensions of insecurity on FDI inflows in Nigeria (Akinlo & Olaniyan, 2022; Sarker, & Serieux, 2023; Akinwalere & Chang 2024; Akpan, 2024 ).”
Quote in the paperSubstantial claim0 of 3 sources checked- cites Akinlo & Olaniyan, 2022
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
- cites Sarker, & Serieux, 2023
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
- cites Akinwalere & Chang 2024
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
- Premisecitation§ Methodology
One of the most critical barriers to FDI growth in Nigeria is the country's deteriorating security situation.
“One of the most critical barriers to FDI growth in Nigeria is the country's deteriorating security situation.”
Quote in the paperSubstantial claim0 of 2 sources checked- cites Global Terrorism Index, 2023
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
- cites OECD, 2023
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
- Classified as probably not a substantial claim. 11
- May combine two claims. 23
- The quote only partly states this claim. 1
Probably not a substantial claim: may not pass S3 (load-bearing).
Findingown data§ Additional informationThe mean score for Terrorism is 3.12, indicating that terrorism is perceived as somewhat above average in terms of severity.
“For Terrorism, the mean score is 3.12, indicating that terrorism is perceived as somewhat above average in terms of severity.”
Quote in the paperNot a substantial claimProbably not a substantial claim: may not pass S3 (load-bearing).
Findingown data§ Additional informationThe average score for FDI is 2.45, indicating a generally low-to-moderate level of foreign investment perceived in the region.
“The average score for FDI is 2.45, indicating a generally low-to-moderate level of foreign investment perceived in the region.”
Quote in the paperNot a substantial claimProbably not a substantial claim: may not pass S3 (load-bearing).
Findingown data§ Additional informationThe adjusted R-squared of 0.50 shows that the model remains strong even after considering the number of variables.
“The adjusted R-squared of 0.50, which adjusts for the number of predictors in the model, shows that the model remains strong even after considering the number of variables.”
Quote in the paperNot a substantial claimProbably not a substantial claim: may not pass S3 (load-bearing).
Findingown data§ Additional informationInsurgency has a mean score of 2.8, suggesting a moderate level of perceived insurgency in the region.
“Insurgency has a mean score of 2.8, suggesting a moderate level of perceived insurgency in the region.”
Quote in the paperNot a substantial claimMay combine two claims.
Findingown data§ Additional informationThere is a moderate negative correlation between FDI and Terrorism (-0.35), suggesting that as perceptions of terrorism increase, the perception of foreign direct investment tends to decrease.
“There is a moderate negative correlation between FDI and Terrorism (-0.35), suggesting that as perceptions of terrorism increase, the perception of foreign direct investment tends to decrease.”
Quote in the paperSubstantial claimMay combine two claims.
Findingown data§ Additional informationThe constant term of 4.15 represents the estimated value of FDI when both terrorism and insurgency are absent, and it is statistically significant with a p-value of 0.000.
“The constant term of 4.15 represents the estimated value of FDI when both terrorism and insurgency are absent, and it is statistically significant with a p-value of 0.000.”
Quote in the paperNot a substantial claimThe quote only partly states this claim.
Premisecitation§ AbstractTerrorism and insurgency negatively affect foreign direct investment inflows in Nigeria.
“However, insecurity significantly affects a country's ability to attract and retain foreign investment, as investors prioritize stable environments with predictable returns and minimal risks (World Bank, 2023).”
Quote in the paperSubstantial claim0 of 2 sources checked- cites ACLED, 2023
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
- cites World Bank, 2023
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
- Rests on an assumption: Insurgency in the Northeast has led to widespread displacement, economic decline, and destruction of infrastructure.
May combine two claims.
Premisecitation§ TerrorismTerrorism acts as a negative shock to economic stability, discouraging investment and reducing long-term economic growth.
“According to Abadie & Gardeazabal (2008), terrorism acts as a negative shock to economic stability, discouraging investment and reducing long-term economic growth.”
Quote in the paperSubstantial claim0 of 1 sources checked- cites Abadie & Gardeazabal, 2008
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
May combine two claims.
Premisecitation§ AbstractThe effect of terrorism and violent crime on Nigeria's economy is estimated at billions of dollars annually, significantly reducing investor confidence.
“Reports from the Institute for Economics and Peace (IEP) indicate that the effect of terrorism and violent crime on Nigeria's economy is estimated at billions of dollars annually, significantly reducing investor confidence.”
Quote in the paperNot a substantial claim0 of 1 sources checked- cites Institute for Economics and Peace (IEP)
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
Probably not a substantial claim: may not pass S3 (load-bearing). May combine two claims.
Premisecitation§ IntroductionUmar and Hassan (2022) demonstrated that improving security conditions leads to increased investor confidence, thereby boosting capital inflows into key sectors such as manufacturing, telecommunications, and energy.
“Furthermore, Umar and Hassan (2022) demonstrated that improving security conditions leads to increased investor confidence, thereby boosting capital inflows into key sectors such as manufacturing, telecommunications, and energy.”
Quote in the paperNot a substantial claim0 of 1 sources checked- cites Umar and Hassan, 2022
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
Probably not a substantial claim: may not pass S3 (load-bearing).
Premisecitation§ IntroductionNwankwo et al. (2023) highlighted that mitigating insecurity could increase FDI inflows by at least 40%.
“A study by Nwankwo et al. (2023) highlighted that mitigating insecurity could increase FDI inflows by at least 40%, underscoring the significant role security plays in attracting foreign capital.”
Quote in the paperNot a substantial claim0 of 1 sources checked- cites Nwankwo et al., 2023
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
May combine two claims.
Premisecitation§ IntroductionBetween 2010 and now, Nigeria's FDI inflows have steadily declined, averaging $2.8 billion annually before plummeting to a negative FDI balance of -$0.2 billion in 2022.
“Between 2010 and now, Nigeria's FDI inflows have steadily declined, averaging $2.8 billion annually before plummeting to a negative FDI balance of -$0.2 billion in 2022 (Focus Economics,”
Quote in the paperNot a substantial claim0 of 1 sources checked- cites Focus Economics
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
May combine two claims.
Premisecitation§ IntroductionInsurgency-related violence has led to capital flight, as both domestic and foreign investors relocate to safer regions within and outside Nigeria.
“Insurgency-related violence has also led to capital flight, as both domestic and foreign investors relocate to safer regions within and outside Nigeria (Okon & Effiong, 2021).”
Quote in the paperSubstantial claim0 of 1 sources checked- cites Okon & Effiong, 2021
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
May combine two claims.
Premisecitation§ IntroductionThe ongoing conflicts in states such as Borno, Yobe, and Adamawa have severely impacted agricultural production, trade, and industrial activities, reducing Nigeria's economic attractiveness to investors.
“The ongoing conflicts in states such as Borno, Yobe, and Adamawa have severely impacted agricultural production, trade, and industrial activities, reducing Nigeria's economic attractiveness to investors (Umar & Hassan, 2022).”
Quote in the paperSubstantial claim0 of 1 sources checked- cites Umar & Hassan, 2022
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
May combine two claims.
Premisecitation§ IntroductionExcessive government borrowing to finance security operations may contribute to fiscal deficits, inflation, and economic instability, further deterring FDI inflows.
“Moreover, excessive government borrowing to finance security operations may contribute to fiscal deficits, inflation, and economic instability, further deterring FDI inflows (World Bank, 2023).”
Quote in the paperNot a substantial claim0 of 1 sources checked- cites World Bank, 2023
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
May combine two claims.
Interpretationreasoning§ AbstractThe unpredictability of violent attacks and disruptions to supply chains create an unfavorable business climate, making Nigeria a less attractive destination for foreign investors compared to other emerging markets with more stable environments.
“Additionally, the unpredictability of violent attacks and disruptions to supply chains create an unfavorable business climate, making Nigeria a less attractive destination for foreign investors compared to other emerging markets with more stable environments.”
Quote in the paperSubstantial claimMay combine two claims.
Premisecitation§ IntroductionThe fear of insurgent attacks discourages the expansion of businesses and industries in affected regions, resulting in job losses, lower productivity, and a decline in economic development, further discouraging foreign investment.
“In addition to direct losses, the fear of insurgent attacks discourages the expansion of businesses and industries in affected regions.This results in job losses, lower productivity, and a decline in economic development, further discouraging foreign investment (OECD, 2023).”
Quote in the paperSubstantial claim0 of 1 sources checked- cites OECD, 2023
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
- Rests on an assumption: Insurgency in the Northeast has led to widespread displacement, economic decline, and destruction of infrastructure.
Classified as probably not a substantial claim. May combine two claims.
Premisecitation§ IntroductionOkon and Effiong (2021) reported that political instability and violent crime were negatively correlated with FDI inflows, as investors considered security risks when making investment decisions.
“Similarly, Okon and Effiong (2021) reported that political instability and violent crime were negatively correlated with FDI inflows, as investors considered security risks when making investment decisions.”
Quote in the paperSubstantial claim0 of 1 sources checked- cites Okon and Effiong, 2021
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
May combine two claims.
Premisecitation§ IntroductionThe Global Terrorism Index (2023) ranks Nigeria as one of the most terrorism-affected countries, reinforcing its perception as a high-risk investment destination.
“The Global Terrorism Index (2023) ranks Nigeria among the most terrorism-affected countries, reinforcing its perception as a high-risk investment destination.”
Quote in the paperNot a substantial claim0 of 1 sources checked- cites Global Terrorism Index, 2023
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
May combine two claims.
Premisecitation§ IntroductionForeign firms in Nigeria face higher insurance premiums due to perceived risks, making Nigeria less attractive compared to more stable economies in sub-Saharan Africa.
“Furthermore, foreign firms often face higher insurance premiums due to perceived risks, making Nigeria a less attractive destination compared to more stable economies in sub-Saharan Africa (World Economic Forum, 2023).”
Quote in the paperNot a substantial claim0 of 1 sources checked- cites World Economic Forum, 2023
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
May combine two claims.
Premisecitation§ InsurgencyInsurgent activities undermine economic diversification efforts, increase capital flight, and reduce investor confidence, ultimately hindering long-term economic stability.
“Insurgent activities also undermine economic diversification efforts, increase capital flight, and reduce investor confidence, ultimately hindering long-term economic stability (Buhaug & Rod, 2006).”
Quote in the paperNot a substantial claim0 of 1 sources checked- cites Buhaug & Rod, 2006
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
May combine two claims.
Premisecitation§ InsurgencyThe Niger Delta insurgency significantly reduced oil production and discouraged foreign investment in Nigeria's oil-rich regions, resulting in substantial revenue losses.
“According to Okon & Friday (2015), the Niger Delta insurgency significantly reduced oil production and discouraged foreign investment in Nigeria's oil-rich regions, resulting in substantial revenue losses.”
Quote in the paperSubstantial claim0 of 1 sources checked- cites Okon & Friday, 2015
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
May combine two claims.
Premisecitation§ MethodologySecurity threats create an environment of uncertainty and high operational risks for foreign investors, increasing the cost of doing business and reducing investor confidence.
“These security threats create an environment of uncertainty and high operational risks for foreign investors, increasing the cost of doing business and reducing investor confidence (OECD, 2023).”
Quote in the paperSubstantial claim0 of 1 sources checked- cites OECD, 2023
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
Probably not a substantial claim: may not pass S3 (load-bearing).
Study design and conductreasoning§ MethodologyGiven the total population size of 1,400, the Taro Yamane formula was used to arrive at 311 sample sizes for this study.
“Given the total population size of 1,400, the Taro Yamane formula was used to arrive at 311 sample sizes for this study.”
Quote in the paperNot a substantial claimMay combine two claims.
Interpretationreasoning§ Additional informationThe instability caused by terrorism and insurgency erodes investor confidence and increases risks associated with investing in Nigeria.
“The findings underscore the importance of security in attracting and retaining foreign investments, as the instability caused by terrorism and insurgency erodes investor confidence and increases risks associated with investing in Nigeria.”
Quote in the paperSubstantial claim- Rests on an assumption: Respondents' perceptions of FDI, terrorism, and insurgency accurately reflect the actual levels of these variables in Nigeria.
Probably not a substantial claim: may not pass S3 (load-bearing).
Study design and conductnone given§ MethodologyDiagnostic tests for multicollinearity, heteroscedasticity, and autocorrelation were conducted to ensure model validity.
“Diagnostic tests for multicollinearity, heteroscedasticity, and autocorrelation were conducted to ensure model validity.”
Quote in the paperNot a substantial claimMay combine two claims.
Premisecitation§ TerrorismTerrorism can lead to capital flight, reduced foreign investment, and a decline in overall economic performance.
“This is consistent with the findings of Enders and Sandler (2012), who highlight that terrorism can lead to capital flight, reduced foreign investment, and a decline in overall economic performance.”
Quote in the paperSubstantial claim0 of 1 sources checked- cites Enders and Sandler, 2012
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
Probably not a substantial claim: may not pass S2 (checkable), S3 (load-bearing).
Interpretationreasoning§ Additional informationAdditional factors not captured in the model may also influence investment decisions.
“Although the model explained a considerable portion of the variation in FDI, it is evident that additional factors not captured in the model may also influence investment decisions.”
Quote in the paperNot a substantial claimMay combine two claims.
Interpretationown data§ Additional informationTerrorism and insurgency have significant negative effects on FDI in Nigeria, with insurgency having a stronger effect.
“The regression analysis revealed that both terrorism and insurgency have significant negative effects on FDI, with insurgency having a stronger effect.”
- Also stated in: § Additional information · plain
“The study investigated the effect of terrorism and insurgency on foreign direct investment (FDI) in Nigeria, highlighting the negative relationship between these security challenges and investment inflows.”
Quote in the paperSubstantial claim- Rests on an assumption: Respondents' perceptions of FDI, terrorism, and insurgency accurately reflect the actual levels of these variables in Nigeria.
- Also stated in: § Additional information · plain
May combine two claims.
Premisecitation§ InsurgencyInsurgency poses significant economic challenges, as it disrupts critical infrastructure, reduces government revenues, and increases operational risks for businesses.
“Insurgency poses significant economic challenges, as it disrupts critical infrastructure, reduces government revenues, and increases operational risks for businesses (Collier & Hoeffler, 2004).”
Quote in the paperSubstantial claim0 of 1 sources checked- cites Collier & Hoeffler, 2004
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
May combine two claims.
Premisecitation§ TerrorismBoko Haram, one of the deadliest terrorist groups globally, has carried out numerous attacks, primarily in the northeastern region, leading to significant economic disruption and loss of investor confidence.
“In the context of Nigeria, Boko Haram, one of the deadliest terrorist groups globally, has carried out numerous attacks, primarily in the northeastern region, leading to significant economic disruption and loss of investor confidence (Onifade et al., 2020).”
Quote in the paperNot a substantial claim0 of 1 sources checked- cites Onifade et al., 2020
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
Probably not a substantial claim: may not pass S3 (load-bearing). May combine two claims.
Premisecitation§ TerrorismThe impact of terrorism on FDI extends beyond immediate physical damage, affecting investor perceptions, market stability, and long-term investment decisions.
“Ogundipe et al. (2021) argue that the impact of terrorism on FDI extends beyond immediate physical damage, affecting investor perceptions, market stability, and long-term investment decisions.”
Quote in the paperNot a substantial claim0 of 1 sources checked- cites Ogundipe et al., 2021
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
The paper relies on this without support.
Insurgency in the Northeast has led to widespread displacement, economic decline, and destruction of infrastructure.
“Insurgency, particularly in the Northeast, has led to widespread displacement, economic decline, and destruction of infrastructure.”
The paper relies on this without support.
The persistent security challenges suggest that military and law enforcement expenditures have not effectively mitigated the threats.
“While military and law enforcement agencies receive substantial funding, the persistent security challenges suggest that these expenditures have not effectively mitigated the threats.”
The paper relies on this without support.
Nigeria's rising security expenditure reflects the government's efforts to combat insecurity; however, it also has economic implications.
“Nigeria's rising security expenditure reflects the government's efforts to combat insecurity; however, it also has economic implications.”
The paper relies on this without support.
Respondents' perceptions of FDI, terrorism, and insurgency accurately reflect the actual levels of these variables in Nigeria.
“This study adopts survey research design to assess the effect of terrorism and insurgency on foreign direct investment (FDI) in Nigeria.”
The paper relies on this without support.
The sample of 311 respondents is representative of the population of 1,400 individuals and of the broader Nigerian context.
“Given the total population size of 1,400, the Taro Yamane formula was used to arrive at 311 sample sizes for this study.”
The paper relies on this without support.
Multinational corporations consider political and security stability as fundamental determinants in their investment decisions.
“Multinational corporations often consider political and security stability as fundamental determinants in their investment decisions, and Nigeria's current security landscape presents a significant deterrent.”
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
Each contradiction between two passages listed here was confirmed by an independent check.
Regression coefficients do not reproduce the reported FDI mean
MajorUsing the reported predictor means, the regression equation predicts mean FDI of 4.15 − 0.35 × 3.12 − 0.42 × 2.8 = 1.882. An ordinary least-squares regression with an intercept must predict the observed outcome mean, reported here as 2.45, if these summaries use the same data.
“Table 1 Descriptive Statistics Variable Mean Standard Deviation Minimum Maximum FDI 2.45 1.12 1 5 Terrorism (Ter) 3.12 1.05 1 5 Insurgency (Insur) 2.8 1.1 1 5”
“Table 3: Summary of Regression Result Variable Coefficient Standard Error t-statistic p-value Constant 4.15 0.98 4.24 0.000 Terrorism -0.35 0.12 -2.92 0.005 Insurgency -0.42 0.1 -4.2 0.000”
Reported R-squared conflicts with the correlation matrix
MajorFor a two-predictor regression using the reported correlations, R-squared is approximately 0.19, not 0.52. The correlation matrix and regression summary therefore cannot both describe the same analysis.
“| FDI | 1 | -0.35 | -0.42 | | Terrorism | -0.35 | 1 | 0.61 | | Insurgency | -0.42 | 0.61 | 1 |”
“R-squared 0.52 Adj.R-squared 0.5 F-statistic 28.76”
Cites
Armed Conflict and its Economic Costs: The Nigerian Perspective.
(2023) · ACLED Conflict Report.
UnresolvedThe changing international/external economic environment: FDI, trade liberalization, and economic development in Sudan.
(2020) · World Bank Report.
UnresolvedTerrorism and Foreign Direct Investment in West Africa.
(2022) · Journal of African Economic Studies
UnresolvedTerrorist Attacks and FDI: The Nigerian Experience.
(2022) · . International Journal of Development Studies.
UnresolvedThe impact of political shifts on Foreign Direct Investment: A study of Mexico’s presidential terms from 1999 to date.
(2023) · Journal of Economic Development.
UnresolvedThe political economy of terrorism.
(2012) · Cambridge University Press.
Unresolved
Flagged first, then by citations
6 of the 6 references couldn’t be matched to a known paper.
- Authors
- OTALU
- Affiliations
- Nasarawa State University (NG)
- Corresponding author
- OTALU,, OTALU,
- Venue
- African Journal of Governance and Development Studies (AJGDS)
- Publisher
- Boldscholar
- Published
- 2025-11-28
- ISSN
- 2695-2637 (ISSN-L)
- OpenAlex
- W4416804222
- Cited by
- 0
- References
- 6
- FWCI
- 0.00
- Type
- journal article
- Language
- en
- Open access
- bronze
- doi.org
- Locations
- African Journal of Governance and Development Studies (AJGDS) (publishedVersion)
- Topics
- Social Sciences › Sociology and Political Science › Terrorism, Counterterrorism, and Political Violence
- Social Sciences › Business, Management and Accounting › Strategy and Management › International Business and FDI
- Social Sciences › Sociology and Political Science › Diverse Research Studies Overview
- Keywords
- terrorism, insurgency, foreign direct investment, Nigeria, Boko Haram, ISWAP, armed banditry, separatism, farmer-herder conflict, oil theft, pipeline vandalism, investor confidence, business environment, economic uncertainty, security costs
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