UNCTAD, in its 38th Global Investment Trends Monitor, said Egypt remained the top recipient of FDI in Africa, despite a significant decline in inflows to an estimated $5.5bn.
The report showed that Nigeria overtook South Africa to become the second largest recipient of FDI on the continent.“Greenfield project announcements, an indication of future FDI trends, fell 63 per cent to $28bn, from $77bn in 2019. The pandemic’s negative impact on FDI was amplified by low prices of and low demand for commodities,” the UN agency said.“Inflows to Nigeria declined to $2.6bn from $3.3bn in 2019.
According to the report, Senegal was among the few economies with higher inflows in 2020, registering a 39 per cent increase to $1.5bn, supported by rising investments in energy. It said inflows to Ethiopia declined by 17 per cent but were still substantial at $2.1bn as significant investments took place in the manufacturing, agriculture and hospitality sectors.
UNCTAD said FDI inflows were also steady in Mozambique, decreasing only by six per cent to $2bn as the implementation of the $20bn LNG project led by Total continued, although at slower than planned speed.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
Why would they come? Almost all the news from this Naija is bad news. We don't rank high on the Ease of Doing Business index, and the country is politically divided and unstable...any wise investor would think twice before coming here
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I think it's even more than 21% If you're interested in a work from home, read the thread below for an extra income stream Wear a mask 😷
HamzyCODE Pandemic is the reason