Nigeria: Government Faces Heavy Criticism As 24 States Lose FDI

By Metohuey Michael Adoglo

The Catholic Bishops’ Conference of Nigeria, the Sultan of Sokoto, Alhaji Abubakar Sa’ad lll- led Jamaatul Nasril Islam, some state governments and the Manufacturers’ Association of Nigeria have taken a swipe at the Federal Government over its failure to address the rising insecurity in the country.

The groups stated this on Monday as killings and other forms of insecurity took a toll on investments in the country with foreign investors shunning 24 states in 2021.

Earlier on Monday, the National Bureau of Statistics released data, which indicated that Nigeria generated a total of $698.7m from Foreign Direct Investments in 2021.

According to data from the NBS, the FDI generated in 2021 was the lowest the country recorded in 10 years.

FDI is one of the three major types of investments and a critical source of capital inflow into the country.

Other sources include foreign portfolio investment, foreign loans, and trade credits, among other investments.

NBS defines FDI as an investment whereby the investor has some control or a significant degree of influence on the management of a domestic enterprise.

The report also revealed that 24 states in the country failed to attract any foreign investment last year.

The Chairman, Infrastructure Committee of “MAN”, Ibrahim Usman, said that aside from the COVID-19 pandemic that affected a number of companies abroad, there was the issue of insecurity plaguing the country.

The views and opinions expressed in this article are those of the author’s and do not necessarily reflect those of Africanian News.