Nigeria ranked as most preferred investment destination



•Ngozi Okonjo-Iweala, Finance Minister

•Ngozi Okonjo-Iweala, Finance Minister

A
United States based economic advisory firm, Frontiers Strategy Group,
said investment interest in Nigeria by international organisations and
multinationals had continued to grow despite rising insurgency in the
country.
This was contained in a report entitled “Frontier Market
Sentiment Index”, issued by the Wall Street Journal, monitored in Abuja.
The
report said that out of 11 African countries in a survey conducted by
the firm, Nigeria ranked first as the most preferred economy for
investment by the multinationals, which included European and American
firms.
According to the report, Nigeria emerged the number one
frontier-market economy in Africa in terms of attracting the most
attention from European and American multinationals.
It stated that the country led other African nations with 29.57 per cent and was followed by Kenya with 23.17 per cent.
It
quoted Matt Lasov, Global Head of Advisory and Analytics of the United
States firm as saying, “we collect data about which countries the
companies are watching for potential future investment.
“Over
time, that gives us a clear picture of their market priorities; which
countries they are including in their future plans and which they are
dropping.”
The report said that security situation in Nigeria and
Kenya was least considered by the multinationals in their preference for
both countries as top business destinations in Africa.
“Rising
insurgency in both countries apparently has not discouraged
multinationals from venturing into business dealings as opportunities in
the countries probably outweigh security risks,” the report said.
It
stated that Angola was rated third preferred investment economy by the
multinationals, with 21.9 per cent and was followed by Ghana with 18.73
per cent.
“The top three African countries’ rating may not come as
a surprise to many. Firstly, Nigeria is Africa’s largest economy and it
is still growing; Kenya is East Africa’s largest economy.
“Angola’s
oil wealth had in recent times made its economy bigger, with crisis-hit
Portugal relying on the Southern African country as it seeks foreign
investments to put its economy back on track.
“The corporate world’s fascination with Africa shows clearly in the rates of change of sentiment,” the report said.
It,
however, said that Nigeria remained the clear leader out of the African
countries with twice the number of companies in the index considering
investing in the West African country.
“Nearly three in 10 companies have Nigeria on their watch list,” it said.


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