The report published by the United Nations Committee for Trade and Development said that FDI into Nigeria declined by 48 per cent to $3.3bn in 2019 from $6.4bn in 2018.
“The development of a $600m steel plant in Kaduna state offers some evidence of investment diversification, a long-standing policy objective.” The report added that decreased investment to traditional major investment hubs like Nigeria, South Africa and Ethiopia dragged FDI flow to Sub-Saharan Africa down by 10 per cent to $32bn.
“The ongoing regional cooperation, including through the African Continental Free Trade Area, may also prove instrumental in designing regionally coordinated responses to the crisis and supporting regional trade and FDI.”
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