Foreign Investments To Decline By 50% In 2021, Worst In 20 Years — NIPC

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Global Direct Investments (FDI) has been projected drop by 40 per cent this year and 50 per cent 2021, being the worst the last 20 years.

The Executive Secretary of the Nigerian Investment Promotion Commission (NIPC), Yewande Sadiku, told journalists Abuja yesterday that global FDI is expected plummet from $1.54 trillion recorded 2019 $924 billion 2020 and further slump to $831.6 billion in 2021.

Ms Sadiku said the downturn the global FDI flow, occasioned by COVID-19, is not expected to recovery earlier than 2022.

The NIPC boss said Nigeria would need to formulate and implement “bold and coherent changes and deep economic reforms” to reverse the expected declines in FDI between 2020 and 2022.

“Investment interest in Nigeria was under pressure before COVID-19; coherent investment-supporting policies are urgently required to reverse the trend,” she said.

The investment promotion expert said NIPC tracked $41.71bn investment announcements in 2017, $73.07bn in 2018, $24.44bn in 2019 and $9.01bn in has been tracked so far in 2020.

She said not all the investment announcements materialised into actual investments.

“A proactive all-of- approach to investor , across federal and state governments is required to convert announcements to actual investments,” she said.