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This paper estimates the impact of macroeconomic indicators on the growth of capital
formation in Nigeria. Adopting the Autoregressive Distributed Lag Model (ARDL), the
empirical findings showed that Foreign aid which is proxied by Overseas Development
Assistance (ODA) and Domestic Private Investment (DPI) had positive impact on
capital formation growth in Nigeria, while exchange rate, trade openness, and external
debt had negative impact for the period under review. The study therefore recommends
that aid, especially from the West should not be highly depended upon as a major
source of revenue for the development of the economy. Other macroeconomic
determinants of capital growth that government should encourage include; savings,
investment and the quality of institutions.
