**Investment in Nigeria tops African major economies of South Africa, Ghana $3.295 and Egypt put together.
A new Foreign Direct Investment (FDI) report released by the United Nations Conference on Trade and Development (UNCTAD) yesterday has put Nigeria’s FDI inflows ahead of other African countries.
The UNCTAD World Investment Report 2013 subtitled: “Global Value Chains: Investment and Trade for Development,” disclosed that Nigeria retained its position as Africa’s number one destination for FDIs for the second time in two years with FDI inflows of $7.03 billion in 2012. This, it observed, was in spite of the fact that FDI inflows into the country actually fell from $8.9 billion in 2011 to $7 billion last year.
While revealing that FDI inflow into South Africa stood at $4.572 billion; Ghana $3.295 billion; Egypt $2.798 billion; and Angola $6.898 billion, among others, the report noted that generally FDI flows to African countries were driven largely by the extractive industry. Also an increase in investments in consumer-oriented manufacturing and services saw FDIs increasing by five per cent to $50 billion in 2012.
It pointed out that even as the global FDI fell by 18 per cent to $1.35 trillion, it was expected to increase to $1.45 trillion in 2013, $1.6 trillion in 2014, and $1.8 trillion in 2015, adding that the sharp decline was in stark contrast to other key economic indicators such as the gross domestic product (GDP), international trade and employment, which all registered positive growth at the global level. Economic fragility and policy uncertainty in a number of major economies, it observed, gave rise to caution among investors. - Leadership.
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