CROSS-BORDER INVESTMENT
This study sized-up the impact of cross-border investment on economic growth of Nigeria for the period ranged from 1982 to 2022. To realize robust results, unit root tests were conducted with the aid of the Augmented Dickey-Fuller unit root test and Zivot-Zandrews structural adjusted unit root test. The result outcomes of the unit root tests, led the study into engaging the Autoregressive Distributed Lag (ARDL) model and the Kernel-Based Regularized Least Squares (KRLS) model to estimate the variables of the study. The variables used in the research were gross domestic product as the explained variable, whereas foreign direct investment inflows, foreign direct investment outflows, GDP per capita, exchange and inflation rate were employed as the explanatory variables. The results reported that foreign direct investment inflows and foreign direct investment outflows had no significant average marginal influence on gross domestic product in Nigeria. The results also indicated that GDP per capita and exchange rate had significant and positive average marginal impact on economic growth; while inflation rate had no significant but increasing average marginal influence on gross domestic product in the economy. On the above note, the study recommended that government should take inward looking economic policies aimed at attracting foreign direct investments in Nigeria. This can be done by granting tax waivers or reducing taxes on capital inflows or even on foreign companies operating in the country. More so, insecurity challenges should be severely dealt with to secure foreign capital inflows and protect outflows of foreign direct investment from cyber-crimes. It is in this view that foreign direct investment can on average affect economic growth of Nigeria significantly and positively.