Nigeria’s Foreign Direct Investment (FDI) hit $8.9 billion in 2011.

That’s according to the Minister of Trade and Investment, Dr Olusegun Aganga.

The figure represents 16 per cent of Africa’s total FDI of $55 billion in 2011, making it the leading investment destination in Africa.

Mr Aganga attributed the increase to growing investor confidence.

According to him, the federal government is committed to consolidating on the gains so far recorded by strengthening the one-stop investment centre of the Nigeria Investment Promotion Commission (NIPC).
http://www.channelstv.com/home/2012/11/17/foreign-investment-in-nigeria-hits-9billion/

I nor see any investment when I travel go Nigeria 2 times this year o!
Abi na 'COCAINE' be the investment?

I ask again. . . NA WETIN BE THE INVESTMENT?. . .

Callotti: I nor see any investment when I travel go Nigeria 2 times this year o!
Abi na 'COCAINE' be the investment?

I ask again. . . NA WETIN BE THE INVESTMENT?. . .

At least GSM infrastrutures are there for all of us to see.

Callotti: I nor see any investment when I travel go Nigeria 2 times this year o!
Abi na 'COCAINE' be the investment?

I ask again. . . NA WETIN BE THE INVESTMENT?. . .

There is massive ongoing investment in power, natural gas, agriculture, mining, communications, oil infrastructure, real estate, transport (including rail transport), and the retail sectors.

It's not something you can travel and ''see'' or view as if it were a tv show or circus. It's something that you will eventually start to feel the impact of after years of continued investment.

Dat is very poor, considering dat 1 in 5 African is Nigerian. Infact it is very poor at 9 billion.

Just as a side note and in relation to this, see this thread on the two most important Ratings Agencies in the world (S&P and Moody) [/b]that have reduced the ratings of many European and even American Economies in the world, recently increasing our Credit Ratings for the 2nd time (and [b]highlighting our strengths but also the significant challenges we face if we were to further improve on the Ratings as we ordinarily should):

https://www.nairaland.com/1096649/p-moody-upgrades-nigerias-credit

These were some of the reasons for the improved Ratings; anchored by the team in the Finance Ministry led Dr Okonjo Iweala's of course:

* Reduction of Budget deficit from 3.35% of GDP in 2010 to 2.96% in 2011 to 2.85% in 2012 to projected 2.17% in 2013(next year).

* Reduction of domestic borrowing from N1.1 trillion in 2010 to N852 billion in 2011 to N744 billion in 2012 budget and projected N727 billion in 2013(next year).

* Provision of 'Sink-in Fund' of about N25billion yearly from next budget year to service domestic debt in order to try to retire it over time.
* Reduction of Overhead votes from N526billion in 2010 to N266billion in 2012 to projected N230billion in 2013(next year).
* Reduction of Recurrent Component of the budget from 77.43% in 2010 to 74.43% in 2011 to 71.47% in 2012 to around 68.7% in 2013(next year).

PS: And in a move that is personally more exciting, the promise by the President to quickly treat the extremely important Oronsaye Committee Report which would drastically rationalise the large number of agencies in government, reduce waste and even further reduce the high cost of governance as reflected in the Recurrent budget(Mr President should plz fulfill this promise of his (with the required Wisdom cos of the sensitivity but also with Courage cos of the necessity ), release the Oronsaye Committee White Paper and start implementation asap)

* Growth of the Foreign Reserves from about $32Billion early tis year to more than 2 year ig of almost $44billion this month. Also important is the settig up of the Sovereign Wealth Fund (SWF).

* The Stabilization of the Baking sectors which has gone to profitability again, and the recovery of the Stock Exchage whose Capitalization has increased by about 34% this year alone.

* A Appreciation of the Naira this year above 3% (as at October, the best performing in Africa), and of course better Foreign inflows including this $8.9billion FDI


http://www.punchng.com/news/fec-approves-draft-budget-of-n5trn-for-2013/

http://www.channelstv.com/home/2012/09/19/jonathan-submits-2013-2015-expenditure-frameworks-to-senate/

http://bux-toweb..com/2012/09/nigerian-naira-best-performing-currency.html

A paltry 9billion dollars? Nigerians hurled 11billion dollars physically out of this country last year alone. Thats far less than what crooked Nigerian politicians and office holders spend annually on luxury items and home purchases.

From 1960 to now, all your successive government have been screaming foreign investment. And they could only attract 9billion. Talk about text book example of failure. Learn to respect yourselves, you prodigal sons of metu.

ebere1712: From 1960 to now, all your successive government have been screaming foreign investment. And they could only attract 9billion. Talk about text book example of failure. Learn to respect yourselves, you prodigal sons of metu.

How is an FDI of $8.92 billion small for a $250 billion Economy? What ratio are other countries, even developed ones?

Amazing..

taharqa:

How is an FDI of $8.92 billion small for a $250 billion Economy? What ratio are other countries, even developed ones?

Amazing..

China has at least 50% direct investment from the west and the actual seed money that sprung the asian giant came from as way back in the 60's from the west.

taharqa:

How is an FDI of $8.92 billion small for a $250 billion Economy? What ratio are other countries, even developed ones?

Amazing..

We have always led other African countries when it comes to FDI so having 16% of Africa's FDI is not strange. However,contrary to what the minister said, Nigeria was not the leading investment destination for the year 2011 because the FDI inflows into Nigeria was just $2.82billion For year 2011 compared to a country like SA who made FDI inflows of $4.58billion for the same year.
Ghana with limited resources compared to Nigeria has an FDI that hit $3.22billion, so there isn't much to celebrate about Nigeria hitting FDI of $8.92billion with its enormous resources, population and all that. Again considering that most of theses FDI's into Nigeria are externally financed and profits are repatriated and its largely in the oil and gas sector of the economy, it shows that we are not there yet

I'm more concerned with the sectoral composition of these new investments. How much is going to MANUFACTURING and other labour-intensive sectors?

For any FDI to benefit the common man, it must be in sectors that create the most jobs. So unless these funds are flowing into the manufacturing/construction sectors, I won't roll out the drums.