Foreign Direct Investments Into Nigeria Drops By 43% – UN Report
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United Nations report says Nigeria’s foreign direct investment has nosedived by 43 percent to $2billion.
Reports by Reuters say investors were discouraged because of the impasse between the government and South African telecom giant MTN over repatriated profits.
Foreign investment in sub-Saharan Africa was said to have risen by 13 per cent in 2018 to $32bn, bringing about a global downward trend and reversing two years of decline.
UN report said the development of new mining and oil projects, a new US development-finance institution and the ratification of an agreement to create a continent-wide free-trade area could further boost foreign direct investment in 2019.
Africa stands in sharp contrast to developed economies, which saw FDI inflows plunge by 27 per cent to their lowest level since 2004, the United Nations Conference on Trade and Development wrote in its ‘World Investment Report’.
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