Foreign Investment: Nigeria Remains Top 3 in Africa

United Nations Conference on Trade and Development (UNCTAD) has said that Nigeria still stands as one of the top three destinations for Foreign Direct Investment (FDI) in Africa in spite of its current challenges.
United Nations Conference on Trade and Development (UNCTAD) has said that Nigeria still stands as one of the top three destinations for Foreign Direct Investment (FDI) in Africa in spite of its current challenges.
The disclosure comes in correlation with the approval of the United Nations Industrial Development Organisation, in Vienna over the establishment of an Investment and Technology Promotion Office in Nigeria.
Quoting a report by UNCTAD which was released in Vienna, Austria, Senior Special Assistant on Corporate Communications to the Minister of Industry, Trade and Investment, Yemi Kolapo in a statement on Wednesday said that FDI inflows into Africa rose by four per cent to $57bn in 2013, with Nigeria’s inflow standing at $5.6bn.
The report stated that only seven countries in Africa went overhead the $3bn inflow point. They are Nigeria, South Africa, Egypt, Mozambique, Morocco, Ghana and Sudan.
Kalilou Traore, the Commissioner for Industry and Private Sector Promotion, ECOWAS, who spoke during the UNIDO Forum on Strategies and Instruments for Inclusive and Sustainable Industrial Development, said the recently launched Nigeria Industrial Revolution Plan was a model for Africa, noting that foreign investments would always thrive in the right environment.
Olusegun Aganga, the Minister of Industry, Trade and Investment, who also accredited the massive investments by Nigerian companies in Nigeria, despite the current challenges, noted that the ITPO would help to promote Nigeria’s local and foreign direct investment and technology, in addition to boosting job creation, technology transfer and industrial development.
The minister said, “There are only a few countries in the world where UNIDO has set up ITPO to promote investment into the area of technology. The establishment of the ITPO in Nigeria will not only have a big positive impact on the Nigerian economy, it will also help in the innovation of the industrial sector.”
“UNIDO has bought into the NIRP and adopted Nigeria as one of the two countries in Africa that they want to work with for the realisation of Nigeria and indeed Africa’s industrialisation goals. This is the first time that UNIDO will be doing this under the leadership of the new director-general.”
Li Yong, the director-general, UNIDO, said the NIRP would play a critical role towards the realisation of Nigeria’s inclusive and sustainable economic transformation through industrialisation.
He also said, “UNIDO sees the Nigeria Industrial Revolution Plan as a very important strategy for the country to achieve inclusive and sustainable industrialisation and economic transformation.
“I always remember the very strong statement made by President Goodluck Jonathan of Nigeria that industrialisation is the anchor of the transformation of the Nigerian economy.”

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