Nigeria as Africa’s top FDI destination

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According to the National Bureau of Statistics (NBS’) publication on Nigeria’s capital importation report for the first and second quarters of 2021, the nation received a sum of $875.62 million foreign inflows in Q2 2021, representing a year-on-year decline. Despite this, the Absa Africa Financial Markets Index 2021 (AAFMI) produced by the Official Monetary and Financial Institutions Forum (OMFIF) and sponsored by Absa Group Limited; a South African-based financial services group, ranked Nigeria as the third most attractive country in Africa for foreign investment.

According to the National Bureau of Statistics (NBS’) publication on Nigeria’s capital importation report for the first and second quarters of 2021, the nation received a sum of $875.62 million foreign inflows in Q2 2021, representing a year-on-year decline. Despite this, the Absa Africa Financial Markets Index 2021 (AAFMI) produced by the Official Monetary and Financial Institutions Forum (OMFIF) and sponsored by Absa Group Limited; a South African-based financial services group, ranked Nigeria as the third most attractive country in Africa for foreign investment.
According to the AAFMI evaluation of financial market development in 23 African countries, Nigeria was highlighted as one of the top economies with the most supportive environment for effective markets.

To rank the countries’ openness and attractiveness to foreign investment, AAFMI used six pillars and Nigeria’s performance across the six pillars were: market depth, 62; access to foreign exchange, 20; market transparency, tax and regulatory environment, 86; capacity of local investors, 44; macroeconomic opportunities, 69 and enforceability of standard master agreement, 100. Overall, Nigeria scored 63 points to occupy the third position while the first and second positions went to South Africa and Mauritius, which scored 86 and 70 points respectively.

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