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The issue of foreign aid has continued to gain renewed economic cum political attention in the
early years of the twenty-first century. At a summit, popularly known as the Millennium Summit, which took
place in 2000, there was an agreement by the international community concerning some goals known as the
Millennium Development Goals which were targeted to be reached by the year 2015 but have now been
replaced by the Sustainable Development Goals. Against this background, it becomes pertinent to ascertain
the contributions and impact of foreign aid in the form of Overseas Development Assistance (ODA) on capital
formation in Nigeria. This is an area of foreign aid studies that has been ignored by many researchers. Most
studies are seen delving into analyzing the aid-growth nexus without evaluating the transmission link
through which foreign aid transmits to affect economic growth. There is paucity of studies on the aid-capital
nexus. The paper aims to discuss these issues.
