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Egypt Humbles Nigeria, South Africa, Leads In Foreign Direct Investment

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The United Nations Trade Association revealed that Egypt led the pace in the Foreign Direct Investment ahead of Nigeria and South Africa, as its recorded a total of $2.6 billion in FDI in 2020.

Brandnewsday understands that the UNTA report has shown that Egypt’s $2.6 billion in Direct Investment in 2020, is lower compared to the $3.3 billion posted in 2019.

In a similar note, Africa’s most industrialised nation, South Africa recorded a $2.5 billion in the year 2020, slightly below Nigeria, Africa’s largest economy, and 50 percent below the $4.6 billion reported in 2019.

The report also revealed that Africa recorded a total of $38 billion FDI in 2020, representing an 18% percent decline from the $46 billion reported in the corresponding year of 2019.

READ: World Bank’s Projection of Slower Diaspora Remittance To Nigeria, Negative For Exchange Rate

Meanwhile, in 2020, Egypt led Nigeria and South Africa with $5.5 billion in Foreign Direct Investment, thus, an increase of the estimated 38% as against the previous year.

Foreign Direct Investment

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According to the report, “FDI flows to Africa declined by 18% to an estimated $38 billion, from $46 billion in 2019. Greenfield project announcements, an indication of future FDI trends, fell 63% to $28 billion, from $77 billion in 2019. The pandemic’s negative impact on FDI was amplified by low prices of and low demand for commodities.”

UNCTAD also disclosed that global foreign direct investment declined by 42 percent to an estimated $859 billion, shrinking from $1.5 trillion in 2019.

”Flows to Europe dried up completely to -4 billion (including large negative flows in several countries). A sharp decrease was also recorded in the United States (-49%) to $134 billion.”

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