N5.6bn Inflow Places Nigeria among Top 3 for FDI

The United Nations Industrial Development Organization has said that that Nigeria is one of the top three destinations for Foreign Direct Investment (FDI) in Africa despite the nation’s current challenges.

This report was given by UNCTAD on Wednesday, June 25, as the United Nations Industrial Development Organization, UNIDO, gave the go ahead for the establishment of an Investment and Technology Promotion Office, ITPO, in Nigeria.

The report said that FDI inflows into Africa rose by 4% to $57bn, with Nigeria’s inflow standing at N5.6bn in 2013.

It added that in Africa, only seven countries went above the $3bn FDI inflow point. The countries include; Nigeria, South Africa, Mozambique, Egypt, Morocco, Ghana and Sudan.

The Commissioner for Industry and Private Sector Promotion, ECOWAS, Mr. Kalilou Traore, said the recently launched Nigeria Industrial Revolution Plan was a model for Africa, noting that foreign investments would always thrive in the right environment.

Also recognizing the massive investments by Nigerian companies in the country was the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, who said that 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.

He said, “There are only a few countries in the world where UNIDO has set up ITPO to promote investment into the area of technology.

“Its establishment in Nigeria will have a big positive impact on the economy.”