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FOREIGN INVESTMENT INTO NIGERIA DROPS BY 43% – UN REPORT

FOREIGN INVESTMENT INTO NIGERIA DROPS BY 43% – UN REPORT

Breaking News, Business, Politics
Foreign direct investment in Nigeria, Africa’s top oil producer, plunged by 43 per cent to $2bn, according to a United Nations report. Reuters reported on Thursday that investors were put off by a dispute between the government and South African telecom giant MTN over repatriated profits. Banks HSBC and UBS both closed representative offices there in 2018. That left Ghana, which is in the midst of an oil and gas boom and saw inflows of $3bn, as West Africa’s leading destination for foreign investment. Italy’s Eni Group was behind Ghana’s largest greenfield investment project. It said the development of new mining and oil projects, a new US development-finance institution and the ratification of an agreement to create a continent-wide free-trade area could further boost...