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FDI Overview
Nigeria – a ‘safe haven’ in a world of turmoil.
Fundamentally strong economy offers an attractive destination for investment
Foreign investors ploughed an unprecedented USD12.4 billion into the Nigerian economy in 2007 (World Investment Report 2008 – UNCTAD). Not an insubstantial sum at a time when more mature world economies were showing the first vital signs of a painful and protracted slowdown. But it is perhaps not surprising, taken in its proper context, that international confidence should be growing in a country which, as recently as August 2008, was tipped by one financial services group would boost its GDP to USD216.4 billion this year, some 30% higher than 2007.
Renaissance, which has extensive experience in public-private partnership operations, gave its predictions at an economic summit in Abuja. Though such a growth rate is remarkably at odds with the pedestrian progress of infrastructure development taking place across the country, the purpose of the presentation left delegates in no doubt: here is serious potential. And it is for this reason that Yar’Adua’s government has been at pains to bring the figures to a wider, global investor community. Renaissance says Nigeria will need to spend more than 20% of its GDP on infrastructure if it is to meet its goal of becoming a top 20 global economy by 2020.
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