Whilst the CBN Governor has refuted some of these FDI claims, it appears Unctad is still sticking to the $7billion FDI it claims Nigeria received in 2012. Who do you believe anyway? See story below-
Nigeria has again emerged number one destination for Foreign Direct Investment (FDI) in Africa, according to the United Nations Conference on Trade and Development (UNCTAD).
UNCTAD said in its World Investment Report 2013, titled: “Global Value Chains: Investment and Trade for Development,” that FDI inflows to Nigeria stood at $7.03billion. South Africa recorded $4.572 billion, Ghana ($3.295 billion), Egypt ($2.798 billion), and Angola (-6.898 billion), among others.
A breakdown of the Global FDI report, released yesterday, showed that Foreign Direct Investment flows to African countries increased by five per cent to $50billion in 2012, even as global FDI fell by 18 per cent.
According to the report, global FDI fell by 18 per cent to $1.35 trillion, while FDI is expected to increase to $1.45 trillion in 2013, $1.6 trillion in 2014 and $1.8 trillion in 2015.
UNCTAD said: “The road to FDI recovery is thus proving bumpy and may take longer than expected. UNCTAD forecasts FDI in 2013 to remain close to the 2012 level, with an upper range of $1.45 trillion – a level comparable to the pre-crisis average of 2005 to 2007.