Nigeria's FDI takes a knock

Nigeria’s neighbours are
beginning to attract a larger
share of foreign investment
than the West African
economic giant, according
to the United Nations
Conference on Trade and
Development (Unctad) World
Investment Report 2014.
The report shows that
Foreign Direct Investment
(FDI) inflows into West
Africa declined by 14% to
US$14.2 billion in 2013,
with the decline largely due
to reduced investment in
Nigeria.
Uncertainties over a longawaited
petroleum industry
bill and security issues
triggered a series of asset
disposals from foreign transnational
companies (TNCs).
Cargo flows will be
affected as national
champions and other
developing-country TNCs
take over the assets of the
“retreating” TNCs.
Examples are two pending
megadeals that will see Total
(France) and ConocoPhillips
(United States) sell their
Nigerian assets to Sinopec
Group (China) and local
group Oando PLC for $2.5
billion and $1.8 billion,
respectively.