Nigeria’s downslide in foreign direct investors and their ventures have generally affected West Africa’s Foreign Direct Investment turn over.
With a 21 percent decrease in Nigeria’s FDI, dropping to $3.5 billion in 2017 from $4.4 billion in 2016, Johnson Chukwu , CEO Cowry Asset Management Limited, said Nigeria’s impact on about 80 percent of the entire West African economy has a direct influence on the rise or drop in the FDI for West Africa.
Currently, this has reflected in the United Nations Conference on Trade and Development investment report for 2018 as it showed an 11 percent decrease in West Africa’s FDI from $12.7billion in 2016 to $11.3billion in 2017.
In 2017, Nigeria has rated the top investment location with an inflow of $3.5 billion.
Looking at the trajectory of Nigeria’s FDI inflow, Nigeria has been on a downward spiral since 2012 to 2017 except in 2016 when the FDI rose to $4.4 billion from $3 billion in 2015.
However, projections for future improvement with the introduction of the Investor and Export window, oil recovery and the general economic growth are expected to attract more companies to Nigeria in the future.
Image Credit: cio.co.uk
