External financial flows to Nigeria and other African countries are projected to increase by 9.5% to a new record of $203.9 billion (₦32.2 trillion) by end of 2013, compared with $186.3 billion (₦29.4 trillion) in 2012, a report by African Economic Outlook, has revealed.
According to the report, the expected $17.6 billion (₦2.78 trillion) increase, over the 2012 figure would be boosted by projected contributions of remittances, Official Development Assistance (ODA) and investments respectively.
"As in 2012, investment growth is expected to underpin external flows. In 2013, however, almost the entire projected increase in external financial flows to Africa is expected to be in sub-Saharan Africa, while in 2012 Northern Africa absorbed half of the increase in financial flows, "the report stated.
This, the report said, confirmed sub-Saharan Africa’s economic dynamism as well as the hesitance of investors over political developments in North Africa, particularly in Egypt