The Nigerian government has revealed that the country is now the biggest receiver of foreign investment in Africa. During a recent summit, Nigeria’s Minister of Trade and Investment, Mr Olusegun Aganga, said that the country received $8.9 billion of investment money in 2011 - 16 percent of Africa’s total. A big portion of this comes from the United States, which has re-committed itself to existing investments and also placed a larger focus on non-oil investments. According to Information Nigeria, the two countries are working to enhance the levels of trade between them. Nigeria’s Punch newspaper reported that the trade relationship between the country and Sweden has reached $1 billion - though most of this still consists of imports from the latter.



http://african.howzit.msn.com/inside-africa-this-week-1#image=4

Ofcourse, I doubt that the minister is right. Nigeria cannot be the africa's top investment destination with thw incessant attacks by boko haram and kidnappings going on in the south east

k2039: Ofcourse, I doubt that the minister is right. Nigeria cannot be the africa's top investment destination with thw incessant attacks by boko haram and kidnappings going on in the south east

Nigeria emerged Africa’s biggest destination for Foreign Direct Investment in 2011 with $8.92bn, according to the 2012 World Investment Report by the United Nations Conference on Trade and Development.

The report, which was released in Geneva last week, noted that FDI inflows to sub-Saharan Africa soared from $29.5bn in 2010 to $36.9bn in 2011.

This level, it said, was comparable to the peak of $37.3bn achieved in 2008, prior to the onset of the global financial crisis.

According to the report, Nigeria received $8.92bn in FDI, placing it as first in Africa. South Africa was ranked next with $5.81bn during the period under review.

The report stated that Ghana received $3.22bn; Congo, $2.93bn; and Algeria, $2.57bn worth of FDI.

The countries were ranked as the top five African FDI destinations by the UNCTAD, which said that the other countries, aside South Africa, topped the chart because they were oil and gas producing nations.

The report stated that another significant African oil producer, Angola, also received major investment inflows, “but divestment and repatriated profits by transnational corporations rendered net inflows negative.”

UNCTAD said the continuous rise in commodity prices and a relatively positive economic outlook for sub-Saharan Africa were among the factors that contributed to the turnaround in the FDI inflow as found out by the annual survey.

It, however, said that for Africa as a whole, total FDI inflows declined.

This, it said, was due to a drop in FDI to North Africa, with inflows to traditional strong performers, Egypt and Libya, coming to a halt as result of protracted political and social instability in those countries.

UNCTAD said overall, the continent’s FDI prospects for 2012 were promising “as strong economic growth, ongoing economic reforms and high commodity prices have improved investor perceptions of the continent.

“UNCTAD’s figures show that South Africa’s FDI inflows for 2011 accounted for 13.6 per cent of Africa’s total, while amounting to 31.8 per cent of the country’s Gross Domestic Product in 2011; up from 9.9 per cent in 1995.”

However, the report suggested that in line with each country’s development strategy, investment policies were required to establish open, stable and predictable entry conditions for investment; it also recommended regular reviews to ensure effectiveness and relevance.


http://www.punchng.com/business/business-economy/nigeria-leads-africa-with-8-92bn-fdi-report/

By the way, in this year alone:


* GDP has increased by an average of 6.5% (one of the fastest in the world)
* The naira has appreciated by about 3.2% (the best or 2nd best performing currency in Africa this year)
* Foreign Reserves has increased from $32billion early this year to about $47billion and would probably hit $50billion before year's end (Excess crude account has more than doubled to $9.3billion this year).
* All these and others indices, making the top rating Agencies in the world to raise the Credit rating of the economy twice in less than 2 years; and JPMorgan adding Nigeria in its Debt Index, just as Barclays waits to do same in March, 2013 (raising Investors confidence in the economy).

All these in spite of the considerable challenges to the economy (including worsening Security and the still average infrastructure-though this is somewhat improv[b]ing[/b] now); in fact, Nigeria should be growing at Double digit and attracting up to $21billion FDI each year according to Young and Ernt (esp if Power is stabilized, the investment condition is improved and security improves).

Finally, even though almost every economy indices is improving (regardless as what some of the cynics say), Employment rate may only be very slightly improved (if at all) cos OF THE STRUCTURE OF THE NIGERIAN ECONOMY THAT PROMOTES CONSUMPTION INSTEAD OF PRODUCTION. Except some of the Deep reforms been pursued currently (some of them meeting significant challenges from those that gain from the present unproductive environment AND from a significant weary public who cos of trust issues seem not know what they want), we may continue to have an economy that does not properly serve the majority of its people.

Lmao... Obviously, for thieves looking to reap 10,000,000 folds on their investments in the corrupt system...

I'll join them soon and hit a jackpot in Nigeria..

k2039: Ofcourse, I doubt that the minister is right. Nigeria cannot be the africa's top investment destination with thw incessant attacks by boko haram and kidnappings going on in the south east

Clueless bigot

A case of one eyed man in the midst of the blind as Africa has a poor uncompetitive FDI rating. Nigeria is an oil producing country and will attract FDI flows as it has always attracted. So nothing has changed, we are still less than competitive in attracting global FDI flows.

They like to deceive us

FRESH AIR

Top investments destination blah blah blah, FDI blah blah blah all diz ain't nuttin if da masses are not benefiting. Politicians luv to assemble word 2geda to mek tins luk gud n only a fool will pay dem any attention.

And how does all these improvement in economic statistics impact on the life of the common man?

Inflation reduces, GDP rising, FDI increasing, bla bla bla bla bla... Standard of living is still poor, no food, security zero, unemployment is in its heights.
Sometimes i don't like seeing these economic statistics because it has no impact on our lives maybe except for a few(the rulling class)

I strongly believe that Nigeria can be Africa's top investment destination.

story.with this high rate of armed robbery in the southwest and boko haram in the north? I doubt it.

if this was a negative report about Nigeria, this thread would have entered 12 pages by now. if u feel you are so hopeless that nothing good can come out of this country, go hug transformer or jump into the lagoon. you cant pull this country down with ur pessimism or unfounded criticism. God bless Nigeria.

Correction: bank robbery in southwest

imotondo: story.with this high rate of armed robbery in the southwest and boko haram in the north? I doubt it.

I'll advise that we stop complaining. These indeces tell us that we are getting there. What you should do is to invest your time and energy productively in order to reap economic benefits. By so doing you have reduced unemployment by at least one person.

morewealth: And how does all these improvement in economic statistics impact on the life of the common man?

Inflation reduces, GDP rising, FDI increasing, bla bla bla bla bla... Standard of living is still poor, no food, security zero, unemployment is in its heights.
Sometimes i don't like seeing these economic statistics because it has no impact on our lives maybe except for a few(the rulling class)

rampant lover: Top investments destination blah blah blah, FDI blah blah blah all diz ain't nuttin if da masses are not benefiting. Politicians luv to assemble word 2geda to mek tins luk gud n only a fool will pay dem any attention.

Bleep off, u senseless Ghana man. Because the good news is not for Ghana, u called it blah blah blah. U useless ghanaians don't want to hear any good news from Nigeria, all want u ugly senseless apes Ghanaian want to be hearing bad news from Nigeria. Bleep off from NL before Amadioha will kill u.

I dont have anything to say.

I dont blame Nigerians for being pessimistic and cynical about this piece of good news because as they say, seeing is believing and doing is real. In an economy were over 70% of graduates are unemployed and 85% of the populace living on less than 2 dollars a day, and the situation worsening by the day. Nigeria is a paradox, with economists peddling figures of growth and yet there is no development! Infrastructure is in shambles, corruption is walking on all fours and the gulf between the haves and have not so unimaginable. It is the likes of Dangote that are reaping from this unholy growth. Until power and roads are fixed and corruption tamed, Nigeria will not witness real growth!

Pessimism is worrying alot of people. Whenever they read negative report,they instantly believe it‘s true but will doubt positive ones... SMH !

k2039: Ofcourse, I doubt that the minister is right. Nigeria cannot be the africa's top investment destination with thw incessant attacks by boko haram and kidnappings going on in the south east

come to agbara industrial estate i have counted 39 new factory along agbara to atan road i have counted more than 50 new factory in shagamu and ikorodu axis you may not accept it but it is real

*Yawnin* e be lyke say dem wan 2 tell us another story again ooo

dridowu: They like to deceive us

come to agbara industrial estate i have counted 39 new factory along agbara to atan road i have counted more than 50 new factory in shagamu and ikorodu axis you may not accept it but it is real

ballabriggs: A case of one eyed man in the midst of the blind as Africa has a poor uncompetitive FDI rating. Nigeria is an oil producing country and will attract FDI flows as it has always attracted. So nothing has changed, we are still less than competitive in attracting global FDI flows.

come to agbara industrial estate i have counted 39 new factory along agbara to atan road i have counted more than 50 new factory in shagamu and ikorodu axis you may not accept it but it is real

Dose stories make me sleep,we've bein hearing dis stories since 19,19,100...but one tin is dat nobody takes richies to d grave for dose un educated politicians dat did diploma in agric and yet dey stil rule a great nation lyk 9ja....but one dey e go beta...add me up on facebook piple 'biggie darlington'

Good. They need to do more to drive more FDI. We should be getting at least 40% of Africas FDI

rampant lover: Top investments destination blah blah blah, FDI blah blah blah all diz ain't nuttin if da masses are not benefiting. Politicians luv to assemble word 2geda to mek tins luk gud n only a fool will pay dem any attention.

Go to ghanaweb and rant, this is Nairaland for Nigerians only. This is good news for Nigeria, if it pains u pls go kill yourself.
If you are ranting about poor government then go kill all your leaders in Ghana. OBJ just helped the sitting president rig your election and u cannot talk about that, you rather choose to rant about Nigerias FDI. On many other posts u were ranting how Ghana is a shinning light bla bla bla, and i confronted u and told u eventhough our government doesnt make noise but ghana can never get close to our FDI anyday. I am glad u are reading this news, if it pains u go hug a transformer..

Nigeria is still the toast of africa in terms of investment of FDI our only problem is that our leaders lack vvision and some Nigerians lack optimism about Nigeria their country, if the government fail does not mean the citizens should also fail also.

THE NATION IS RICH......THE GOVERMENT IS D.UMP.....THE CITIZENS HAVE DEAD BRAINS.

secreyor: THE NATION IS RICH......THE GOVERMENT IS D.UMP.....THE CITIZENS HAVE DEAD BRAINS.

did you mean dumb? You must be one of the dead brained citizens, mtcheew. People will never know the opportunities abound if they keep waiting for white collar jobs. Some companies have factories, but because some people would rather sit in air-conditioned offices, or feel like factory job is beneath them, they'll go about screaming 'unemployment is rife'. Just cos you were able to cheat your way through school, doesn't make you better than the drop out