The Greenfield Foreign Direct Investment into Nigeria increased with regards to number of FDI projects and capital investment by 35% and 28%, respectively in 2019. This amount to $10.2billion Capital Investment representing 9% of the total FDI into Middle East and Africa in 2019.
This is according to the latest report released last week by fDi Market Intelligence, a research unit of Financial Time.
The report shows that total FDI into Africa by number of projects grew 49% to 998, compared with a 12% increase between 2017 and 2018
Occupying top of the list is Egypt with inbound investment of $13.7billion representing 12 percent of the total capital inflow to Middle East and Africa followed by UAE with $12.8billion. Saudi Arabia closely followed with $12.3billion
[ALSO READ] NSE Ranks Second in Bloomberg’s Best Performing Indexes Over the Past Month
Ghana entered the top 10 destinations by number of FDI projects in the Middle East and Africa. It saw a 56% increase on 2018 figures, equivalent to 15 additional projects. Ghana also saw capital investment growth of 479%, an increase to $4.8bn. This was driven by projects such as a $2.8bn production facility being developed by Sweden-based Greenland Resources as part of a public-private partnership with the government of Ghana
On a global scale, the report said Greenfield FDI remained stationary with the number of FDI projects reaching 15,558, compared to the 15,561 recorded in 2018. Capital investment declined 15% to $795.7bn, but remained above the 2017 total of $651.1bn. Job creation declined 5% to 2.2 million.
The US replaced China as the highest ranked country for inward FDI by capital investment, with $92.2bn recorded. The US was also the highest ranked country for FDI by number of projects, recording 1832, compared with the UK’s 1271 and China’s 771.
Western Europe was the leading destination region for FDI in 2019 by number of projects with 4789 announcements. AsiaPacific received the largest amount of capital investment in 2019, with $255.9bn-worth of FDI recorded.
Western Europe was the leading source region for FDI in 2019, with 7210 FDI projects recorded. This accounted for 46% of all FDI globally and $300.5bn in capital investment.