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Nigeria Leads Africa in FDI

By on July 7, 2012

The Minister of  Trade and Investments, Segun Aganga, may be one of the members of the Federal Cabinet who cannot be accused of sleeping on the job by the Nigerian people.

In 2011, the Nigerian government attracted Foreign Direct Investment (FDI) inflows of $ 8.9 billion, or N 1.2 trillion.

Compared to the $ 5.8 FDI inflows into South Africa over the same period, Nigeria’s figure represents a growth of 53% over South Africa’s performance.

Part of the reason Nigeria is leading in FDI inflows in Africa is because even South African companies are investing in Nigerian banks.

On Thursday South African food company, Tiger Brands announced a 63% acquisition of Dangote Flour.

Standard Bank has also invested in the Nigerian banking sector.

All in all, Nigeria represents one of the most prized investment destinations in Africa as it has one of the biggest and fastest growing populations in the world and biggest in Africa.

Investors are fond of noting that the size of the Lagos market is equal to the size of the whole of Ghana and several other African countries.

There are also many areas of strategic investment including the Fast Moving Consumer Goods, Power, Telecommunications and Financial Services sectors.