Nigeria has maintained its position for the 2nd year as Africa’s number one destination for Foreign Direct Investment (FDI) by the United Nations Conference on Trade and Development (UNTAD).
According to the latest UNCTAD report, entitled, “Global Value Chains: Investment and Trade for Development”, Nigeria’s FDI inflow is at $7.03billion.
African countries that follow are South Africa which recorded $4.572bn; Ghana with $3.295bn worth of investment; Egypt with $2.798bn and Angola recorded 6.898bn.
The report also noted that there was an increase in investments in consumer-oriented manufacturing and services.
It added that developing countries take the lead in 2012 for the first time ever; accounting for 52% of global FDI flows. “This is partly because the biggest fall in FDI inflows occurred in developed countries, which now account for only 42% of global flows.”
UNCTAD’s annual survey of investment trends revealed that inflows to African countries went up by 5% to $50bn in 2012, though global FDI declined by 18%.
In 2011, Nigeria was ranked Africa’s biggest destination for FDI, with total inflows of $8.92bn, South Africa followed with $5.81bn, while Ghana received $3.22bn.
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