Ernest & Young Data Shows Nigeria Third Largest Recipient Of FDI In Africa

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Nigeria has been ranked the third largest recipient of foreign direct investment in Africa, data from Ernst & Young has shown. The EY Africa Attractiveness Survey 2019 Report, which was launched in Lagos, showed that FDI inflow into Nigeria stood at $8bn in 2018.

Egypt was the largest recipient of FDI in 2018 with $12bn, while Algeria was second largest with $9bn. The data showed that the $8bn invested in Nigeria were in 85 projects, which created 10,000 jobs.

In terms of number of projects, South Africa was ranked as number one as 110 projects were created by FDI worth $5bn, which created 12,000 jobs. The data said Africa’s FDI was dominated by services projects making, which made two-thirds of the total.

It noted that the services were majorly retail, financial services, telecoms, media, technology, business services and life sciences. The report read in part, “West Africa was the fourth largest FDI destination in Africa in 2018. Over a five-year period (2014 – 2018) West Africa was larger than East Africa in terms of FDI, and ranked third. “Consumer accounts for just under 25 per cent of the total FDI in West Africa, the bulk flowing to Nigeria and Ghana, the two key markets.

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