Foreign direct investment in Nigeria, Africa\u2019s top oil producer, plunged\n by 43 per cent to $2bn, according to a United Nations report.<\/p>\n\n\n\n
Reuters\n reported on Thursday that investors were put off by a dispute between \nthe government and South African telecom giant MTN over repatriated \nprofits. Banks HSBC and UBS both closed representative offices there in \n2018.<\/p>\n\n\n\n
That left Ghana, which is in the midst of an oil and gas \nboom and saw inflows of $3bn, as West Africa\u2019s leading destination for \nforeign investment. Italy\u2019s Eni Group was behind Ghana\u2019s largest \ngreenfield investment project.<\/p>\n\n\n\n
It said the development of new mining and oil \nprojects, a new US development-finance institution and the ratification \nof an agreement to create a continent-wide free-trade area could further\n boost foreign direct investment in 2019.<\/p>\n\n\n\n
Africa stands in sharp \ncontrast to developed economies, which saw FDI inflows plunge by 27 per \ncent to their lowest level since 2004, the United Nations Conference on \nTrade and Development wrote in its \u2018World Investment Report\u2019.<\/p>\n\n\n\n
President Cyril Ramaphosa, who took office last year \npledging to revive the economy, is seeking to attract $100bn in FDI to \nAfrica\u2019s most developed economy by 2023.<\/p>\n\n\n\n
Though much of the South\n African jump came from intracompany loans, new investments included a \n$750m Beijing Automotive Group plant and a $186m wind farm being built \nby the Irish company Mainstream Renewable Energy.<\/p>\n\n\n\n
Kenya, Uganda and Tanzania all saw increases in FDI inflows. Foreign investment in Uganda jumped 67 per cent to a record $1.3bn, boosted by the oil and gas development of a consortium that includes France\u2019s Total, CNOOC of China and London-listed Tullow Oil.<\/p>\n\n\n\n
The creation of the US International Development Finance Corporation could help support FDI inflows this year. A replacement for the Overseas Private Investment Corporation, it will be have a budget of $60bn and a mandate to make equity investments.<\/p>\n\n\n\n
\u201cThe ratification of the \nAfrican Continental Free Trade Area Agreement could also have a positive\n effect on FDI, especially in the manufacturing and services sectors,\u201d \nthe report said.<\/p>\n\n\n\n
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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 […]<\/p>\n","protected":false},"author":2,"featured_media":1451,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,6],"tags":[16,357,356],"class_list":["post-1450","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking-news","category-business","category-politics","tag-buhari","tag-fdi","tag-investment"],"_links":{"self":[{"href":"https:\/\/shippingworld-ng.com\/index.php\/wp-json\/wp\/v2\/posts\/1450","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/shippingworld-ng.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shippingworld-ng.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shippingworld-ng.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/shippingworld-ng.com\/index.php\/wp-json\/wp\/v2\/comments?post=1450"}],"version-history":[{"count":1,"href":"https:\/\/shippingworld-ng.com\/index.php\/wp-json\/wp\/v2\/posts\/1450\/revisions"}],"predecessor-version":[{"id":1452,"href":"https:\/\/shippingworld-ng.com\/index.php\/wp-json\/wp\/v2\/posts\/1450\/revisions\/1452"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shippingworld-ng.com\/index.php\/wp-json\/wp\/v2\/media\/1451"}],"wp:attachment":[{"href":"https:\/\/shippingworld-ng.com\/index.php\/wp-json\/wp\/v2\/media?parent=1450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shippingworld-ng.com\/index.php\/wp-json\/wp\/v2\/categories?post=1450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shippingworld-ng.com\/index.php\/wp-json\/wp\/v2\/tags?post=1450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}