Foreign direct investment in Nigeria, Africa’s top oil producer, plunged by 43 per cent to $2bn, according to a United Nations report.

Reuters reported on Thursday that investors were put off by a dispute between the Foreign direct investment in Nigeria, Africa’s top oil producer, plunged by 43 per cent to $2bn, according to a United Nations report.

Reuters reported on Thursday that investors were put off by a dispute between the government and South African telecom giant MTN over repatriated profits. Banks HSBC and UBS both closed representative offices there in 2018.

That left Ghana, which is in the midst of an oil and gas boom and saw inflows of $3bn, as West Africa’s leading destination for foreign investment. Italy’s Eni Group was behind Ghana’s largest greenfield investment project.

Foreign investment in sub-Saharan Africa rose by 13 per cent last year to $32bn, bucking a global downward trend and reversing two years of decline, according to the UN report.

Some African countries fared better than others, however. The Southern Africa region performed the best, taking in FDI of nearly $4.2bn, up from $925m in 2017. Foreign investment in South Africa more than doubled to $5.3bn.

President Cyril Ramaphosa, who took office last year pledging to revive the economy, is seeking to attract $100bn in FDI to Africa’s most developed economy by 2023.

Ethiopia remained East Africa’s top recipient of FDI at $3.3bn, despite an 18 per cent drop compared with the year before.

Kenya, Uganda and Tanzania all saw increases in FDI inflows. Foreign investment in Uganda jumped 67 per cent to a record $1.3bn, boosted by the oil and gas development of a consortium that includes France’s Total, CNOOC of China and London-listed Tullow Oil.

The creation of the US International Development Finance Corporation could help support FDI inflows this year. A replacement for the Overseas Private Investment Corporation, it will be have a budget of $60bn and a mandate to make equity investments.

“The ratification of the African Continental Free Trade Area Agreement could also have a positive effect on FDI, especially in the manufacturing and services sectors,” the report said.

https://punchng.com/foreign-investment-into-nigeria-drops-by-43-un-report/amp/

Doe's Buhari know anything about investment/Economy? All he knows is Islamisation. Buhari did not came to work, he came to Islamic....

Why always a negative economic outlook under this Buhari. When u think u v heard it all a more painful statistics comes up. 43% dip, Oh no

Only in a country where a sitting president scored F9 in economics and maths. Meanwhile,who will invest in a country where a corrupt president paradoxically only sees himself & cronies as saints while constantly degrading his citizens as criminals?

Who will invest in a country wherein a president is covertly & covertly tolerating widespread insecurity by his terrorists kins men while apportioning blame to others? Zombies make una answer.

Great work by APC

Next level! Shebi una put illiterate for Aso Rock then want make Naija dey like America. Make una enjoy am while the stock last. When una dey ready we go divide this shithole make everybody ansa him papa and mama name.

Foreign direct invest or portfolio investment..?

When a country is having fools and unreasonable individuals has its majority that Nation automatically have all it takes to be failure in every aspect of life.

Tears..... Sorrows and blood.









Buhari Nigerians are suffering

they will still drop more because bullhari know nothing about economy the only business bullhari can manage successfully is cattle rearing business

bigpicture001:

Foreign direct invest or portfolio investment..?

Well this is FDI but when u look at reports from SEC n NSE, it's also obvious that there are enormous losses there due to portfolio withdrawals by foreign investors. Especially before our elections and much more after it.

So to ur question it's actually both of them in reality

Good. Let it drop to 1%.Nonsense.

yourstruly123:
Good. Let it drop to 1%.Nonsense.

Who r u angry with naa, the govt, foreign investors, UN or NL