$11bn FDI Flowed into Nigeria in 2009’

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Nigeria has been ranked 19 th biggest recipient of Foreign Direct Invest-ment with a total of $11bn in 2009 by the United Nations Conference on Trade and Development.

 

Most of the FDI, the UNCTAD noted went into the oil & gas sector, and the telecommunications sector.

 

Nigeria's High Commissioner to the United Kingdom, Dr. Dalhatu Tafida made this disclosure at a meeting with the Business Council on Africa (West & Southern) in London where he added that the new figure was a major improvement from 2008 with FDI of about $5b for Nigeria.

 

According to a statement signed by Head of Information, Nigerian High Commission in London, Mr. Damian Agwu, Tafida noted that the World Bank's 2010 Logistics Performance Index had described Nigeria's capacity to connect manufactures with the international markets in terms of trade in goods and services as remaining relatively low.

 

The statement, however, said the major challenge was to move aggressively into agro-allied industries and manufacturing to diversify the revenue base of the economy and generate employment for the people.  

 

It explained that the huge infrastructure deficit in the country was a challenge and an opportunity for foreign investments.

 

``It is estimated that Nigeria needs to spend between $12 billion and $15 billion annually for the next five to six years to cover this gap including, most critically, the capacity for project development, management, operations and maintenance,'' the statement said.

 

Tafida noted that the potentials offered by Nigeria’s solid mineral sector remains grossly untapped and could be a huge source of revenue for the country if harnessed properly. He dispelled speculations by foreign media that Nigeria remains an insecure and unsafe country for residence and for business. ``Inflation is currently slightly above a single digit at 12.3 per cent, while the country's external reserves currently stands at 40.72 billion dollars,'' he said.

 

(Source:Thisday)

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