Markets

Nigeria records $6.099m foreign direct investment

The 2011 World Investment Report has indicated that Nigeria is presently enjoying Foreign Direct Investment inflow to the tune of 6.099 million dollars as of July this year,

The report further revealed that Nigeria enjoyed $8.85 million in 2010, $8.29 million in 2009, $5.321 million in 2008 and $1.642 million in 2004 respectively.A situation which has put the country in an advantaged position for foreign investments in spite of the numerous challenges facing the nation.

While presenting the report, the Executive Secretary of the Nigeria Investment Promotion Commission (NIPC), Mr Mustapha Bello, said a similar report which is a product of the United Nations Commerce, Trade and Investment Development (UNCTAD) was presented to Nigeria in 2010.

Bello said the purpose of the report was to enable Nigeria know whether it was making progress or not and be able to intensify efforts in the drive to encourage Foreign Direct Investment (FDI) into the country in spite of obvious challenges like epileptic power supply, lack of good roads as well as insecurity.

According to him, the global Foreign Direct Investment (FDI) flows rose moderately to $1.24 trillion in 2010 but were still 15 per cent below their pre-crisis average.

“This is in contrast to global industrial output and trade which were back to pre-crises level. UNCTAD estimates that global FDI will recover and attain its pre-crises level in 2011,” he said.

He explained that this positive scenario holds, barring any unexpected global economic shocks that may arise from a number of risk factors still in play.

Anthony-Claret Onwutalobi
Anthony-Claret Onwutalobi
Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC and CEO of Portia Web Solutions. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
https://www.codewit.com

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