Comparative Analysis of Foreign Direct Investments and Remittances to Five English-Speaking West African Countries Using Statistical, Machine Learning and Deep learning Models

Project Title: Comparative Analysis of Foreign Direct Investments and Remittances to Five English-Speaking West African Countries Using Statistical, Machine Learning and Deep learning Models
Program:
CAREERS (323)

Project Image: {Empty}
Tags:
{Empty}

Status: Complete
Project Leader
--------------
Project Leader:
Stanley Nwoji

Email: snwoji@harrisburgu.edu
Mobile Phone: {Empty}
Work Phone: {Empty}

Project Personnel
-----------------
Mentor(s):
Iheb Abdellatif (15791)

Student-facilitator(s):
Nour Rashed (28249)

Mentee(s):
{Empty}


Project Information
-------------------
Project Description:
The five English-speaking West African countries, Ghana, Gambia, Liberia, Nigeria, and Sierra Leone
have benefited from both foreign direct investments and remittances from their citizens in diaspora.
Existing scholarship on remittances and foreign direct investments have been purely econometric with
particular emphasis on the relationship of these foreign sources of income with GDP of nations (Tahir,
Khan, & Shar, 2015; Comes, Bunduchi, Vasile, & Stefan, 2018; Minh, 2020; Salisu, 2020). This approach
has helped scholars and practitioners understand the impact of remittances and foreign direct investments
on the economy of nations. However, these studies have been made in silo and there is a dearth of
literature on the comparative analysis of the yearly inflow of foreign direct investments and remittances to
the five English-speaking West African countries. The assumptions are that migration from these
countries leads to brain drain (Idemudia & Boehnke, 2020; Awire & Okumagba, 2020; Fofack &
Akendung, 2020) and that these developing countries depend on foreign direct investments to exist
(Shittu, Yusuf, El Houssein, & Hassan, 2020; Appiah-Kubi, et al., 2020). This study will therefore
compare the inflow of foreign direct investments and remittances to this economic bloc to understand the
impact of both to the region. Moreover, the present studies are mostly done by using econometric models.
In this study, econometric, machine learning, and deep learning models will be used both to compare and
forecast foreign direct investments and remittances.

Project Information Subsection
------------------------------
Project Deliverables:
{Empty}

Project Deliverables:
{Empty}

Student Research Computing Facilitator Profile:
The student facilitator must have the following skills:
1. High emotional intelligence to work with other students, the mentor, and the PI.
2. Proficiency in modeling data using econometric, machine learning, and deep learning models.
3. Good writing and communication skills.

Mentee Research Computing Profile:
{Empty}

Student Facilitator Programming Skill Level: {Empty}
Mentee Programming Skill Level: {Empty}
Project Institution: {Empty}
Project Address:
{Empty}

Anchor Institution: CR-Penn State
Preferred Start Date: {Empty}
Start as soon as possible.: Yes
Project Urgency: Already behind3Start date is flexible
Expected Project Duration (in months): {Empty}
Launch Presentation: https://support.access-ci.org/system/files/webform/project/4445/Careers.project.launch%20-%20Final.pptx
Launch Presentation Date: 05/17/2024
Wrap Presentation: {Empty}
Wrap Presentation Date: 03/05/2025
Project Milestones:
- Milestone Title: Collect and Clean Data
  Milestone Description: Collection of historical data on foreign direct investments and remittances from the
  five English-speaking West African countries
  Cleaning and transformation of collected data
  Completion Date Goal: 2024-05-10
- Milestone Title: Statistical Analysis
  Milestone Description: Comparative analysis of transformed data with statistical and econometric models
  Completion Date Goal: 2024-06-10
  Actual Completion Date: 2024-10-09
- Milestone Title: Machine Learning Analysis
  Milestone Description: Comparative analysis of transformed data using machine learning and deep learning
  models
  Completion Date Goal: 2024-07-10
- Milestone Title: Best Model Identification
  Milestone Description: Identification of the best model for the comparative analysis of FDI and remittances
  to the five English-speaking West African countries
  Completion Date Goal: 2024-08-10

Github Contributions: {Empty}
Planned Portal Contributions (if any):
{Empty}

Planned Publications (if any):
{Empty}

What will the student learn?:
{Empty}

What will the mentee learn?:
{Empty}

What will the Cyberteam program learn from this project?:
{Empty}

HPC resources needed to complete this project?:
{Empty}

Notes:
{Empty}



Final Report
------------
What is the impact on the development of the principal discipline(s) of the project?:
{Empty}

What is the impact on other disciplines?:
{Empty}

Is there an impact physical resources that form infrastructure?:
{Empty}

Is there an impact on the development of human resources for research computing?:
{Empty}

Is there an impact on institutional resources that form infrastructure?:
{Empty}

Is there an impact on information resources that form infrastructure?:
{Empty}

Is there an impact on technology transfer?:
{Empty}

Is there an impact on society beyond science and technology?:
{Empty}

Lessons Learned:
{Empty}

Overall results:
{Empty}