Economics & Politics Advertise
With Us

Nigeria Attracts 0.5 Per Cent FDI In 2006 

 

Despite the Federal Government's effort at improving the investment climate in Nigeria, the country is yet to attract any significant portion of the global Foreign Direct Investment (FDI) valued at over $1.2 trillion. The nation's FDI for last year is put at N691.1 billion. United Kingdom Parliamentary Under-Secretary of State for International Development, Baroness Shriti Vadera, while speaking as a special guest at the national launch of Investment Climate Programme in Abuja on Thursday, said Nigeria received only about 0.5 per cent of the total global figure for 2006. Nigeria, in collaboration with the United Kingdom Department of Foreign Affairs and International Development (DFID) and the World Bank Group launched the state-driven Investment Climate Programme, the first of its kind in Africa, which focuses on investment climate at state-level. Vadera stated that the whole of sub-Saharan Africa was in the danger of missing the UN Millennium Development Goals, noting that around 40 per cent of the population still lived in extreme poverty.