Saturday, April 12, 2014

Nigeria is Largest Recipient of Foreign Direct Investment in Africa

 Nigeria is the largest African economy and that is a fact and established as Africa's Economic Powerhouse.

Nigeria’s new economic position validates the hard work that people across Nigerian society continue to put into an economy that is the largest recipient of Foreign Direct Investment (FDI) in Africa.

According to UNCTAD, in 2011 Nigeria generated the fourth highest return on foreign direct investment globally. On avergae foreign investors made a 36% return on their investment.

Foreign investors and their local partners are making windfall profits out of the Nigerian economy.

Based upon new GDP calculations, current GDP per capita is around $2.938, which means that the average Nigerian is almost twice as well off as the average Indian, roughly equal to the average Moroccan, slightly less well off than a Swazi citizen and almost two and a half times worse off than an average South African.

Above all, Nigeria’s economic supremacy represents a large responsibility for the government. Not only in spearheading broad-based national development, by improving basic infrastructure. But also in showing economic leadership for the African continent as a whole.

To this end, the Nigerian government has started to make a concerted effort to boost domestic power generation capacity and more than doubled power generated in the space of 8 months, according to the Nigerian ministry of power.

Improving transportation links across the country is also another key ingredient in converting wealth into development.


Photo Gallery: NIGERIA, Africa's Economic Powerhouse

Nigeria's new status as Africa's largest economy puts the spotlight on Nigeria as a key engine for regional progress. The photo gallery assesses the relationship between the economy and security in Nigeria, and assesses how this impacts security in Africa as well.

LONDON, April 11, 2014 /PRNewswire/ -- The latest photogallery on the Nigerian economy from Think Security Africa, profiles Nigeria's economy and assesses the inter-relationship between economic issues and security in Nigeria. Furthermore, Nigeria's status as the leading economy in Africa highlights the role that Nigeria will play in boosting economic and social security in Africa. The photogallery assesses key economic data provided by UNCTAD relating to Nigeria, and explains that the Nigerian economy continues to be the single largest recipient of Foreign Direct Investment in Africa, and in 2011 it was the economy yielding the fourth highest return on FDI globally.

Despite this good news, the vast majority of Nigerians are still waiting to benefit from the profitability of Nigeria's economy. For this reason economic issues pose a key challenge for security in Nigeria. In 2013 Nigeria was ranked 153 (out of 186) on the UNDP's Human Development Index. The photogallery looks at the day-to-day impact of infrastructure challenges for the majority of Nigerians, focusing on challenges with electricity and basic infrastructure. It also explains how the Nigerian government is responding to these challenges.

"There is no definitive way to establish the relationship between security and development, however it is not possible to ignore the fact that the most persistent threats to security in Nigeria are occurring in the least developed regions of the country," says Adunola Abiola, founder of Think Security Africa.
Nigeria's terrorism challenges have become regionalized, for this reason translating economic power into national development is not only important for security in Nigeria, it is also important for security in Africa as a whole.

The gallery can be viewed at:

Think Security Africa (TSA) is an independent think tank specializing in security in Africa. The core mission of TSA is to improve understanding of security in Africa, and engage in objective research into the causes and potential solutions to insecurity across Africa. TSA's resources are used by governments, inter-governmental organizations, journalists and business to assist with their Africa-focused missions.

SOURCE Think Security Africa
CONTACT: Joel Tavon, Think Security Africa, +44 203 287 0008

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