Economic Policy Reforms and Foreign Direct Investment Inflows in Nigeria: An Assessment of the Buhari Administration (2015–2023)

This study examines the economic policy reforms introduced during the Buhari administration (2015–2023) and assesses the trend of foreign direct investment (FDI) inflows into Nigeria during the same period. The study is anchored on two specific objectives: first, to examine the major economic policy reforms introduced during the Buhari administration regarding foreign investment; and second, to assess the trend and volume of FDI inflows into Nigeria between 2015 and 2023. A descriptive survey research design was adopted, with data collected through structured questionnaires administered to 351 purposively selected respondents drawn from key government institutions, investment analysts, foreign investors, and academic experts. Findings reveal that while the Buhari administration introduced significant reforms—including the Economic Recovery and Growth Plan (ERGP), the Presidential Enabling Business Environment Council (PEBEC), tax incentives, and the Petroleum Industry Act (PIA)—their implementation was largely inconsistent and failed to produce a sustained upward trend in FDI inflows. Approximately 58.9% of respondents affirmed that FDI did not steadily increase during the period, and 85.3% acknowledged that economic challenges such as recession and inflation significantly hindered investment inflows. The study concludes that economic policy reforms alone are insufficient to attract sustained FDI without corresponding institutional strengthening, macroeconomic stability, and security improvements. It recommends exchange rate unification, improved institutional enforcement, and deeper regulatory reform as essential strategies for improving Nigeria's investment appeal.