Nigèria: Invertir a Nigèria
Nigeria is the third host economy for FDI in Africa, behind Egypt and Ethiopia. The country is among the most promising poles of growth in Africa and attracts numerous investors in the sector of hydrocarbon, energy, buildings etc. The country undergoes the effects of the oil counter-shock. According to the UNCTAD 2021 World Investment Report, FDI flows to Nigeria totalled USD 2.4 billion in 2020, showing a slight 3.5% increase from the previous year (USD 2.3 billion in 2019), despite the global economic crisis triggered by the Covid-19 pandemic. The total stock of FDI was estimated at USD 102 billion in 2020. According to UNCTAD’ Investment Trends Monitor, global FDI flows rebounded strongly in 2021, but FDI flows to African countries (excluding South Africa) rose only moderately. Some of the main investing countries in Nigeria include the USA, China, the United Kingdom, the Netherlands and France.
Nigeria intends to diversify its economy away from oil by building a competitive manufacturing sector, which should facilitate integration into global value chains and boost productivity. The merging of trade, industry and investment under the ambit of the Federal Ministry of Industry, Trade and Investment reflects Nigeria's intention to effectively coordinate between these three key areas to improve its trading and investment environment. Some of the country's main advantages are a partially privatized economy, an advantageous taxation system, significant natural resources and a low cost of labor. On the other hand, widespread corruption, political instability, lack of transparency, security issues, import restrictions and poor quality of infrastructure are limiting the country's FDI potential. Intense bureaucracy also curbs foreign investment.
In the World Bank's 2020 edition of Doing Business Report, Nigeria ranked 131st worldwide, for the ease of doing business. This represent a leap from 2019 edition when the country was ranked 146th. The country has improved in many subcategories of the rankings: Starting a business, Dealing with construction permits, Getting electricity, Registering property, Trading across borders, and Enforcing contracts. Nigeria appears as one of the top-10 improvers for the second time. The country has been attracting strong inflows from American companies, including giants like Uber, and Facebook, as well as Emergent Payments, and Meltwater Group. China has also been investing considerably in the country, mainly in the textile, automotive and aerospace industries.
Foreign Direct Investment | 2019 | 2020 | 2021 |
FDI Inward Flow (million USD) | 2,305 | 2,385 | 4,844 |
FDI Stock (million USD) | 99,709 | 87,013 | 91,857 |
Number of Greenfield Investments* | 76 | 54 | 43 |
Value of Greenfield Investments (million USD) | 10,196 | 6,625 | 1,508 |
Source: UNCTAD, Latest available data
Note: * Greenfield Investments are a form of Foreign Direct Investment where a parent company starts a new venture in a foreign country by constructing new operational facilities from the ground up.
Country Comparison For the Protection of Investors | Nigeria | Sub-Saharan Africa | United States | Germany |
Index of Transaction Transparency* | 7.0 | 5.5 | 7.0 | 5.0 |
Index of Manager’s Responsibility** | 7.0 | 3.5 | 9.0 | 5.0 |
Index of Shareholders’ Power*** | 7.0 | 5.5 | 9.0 | 5.0 |
Source: Doing Business, Latest available data
Note: *The Greater the Index, the More Transparent the Conditions of Transactions. **The Greater the Index, the More the Manager is Personally Responsible. *** The Greater the Index, the Easier it Will Be For Shareholders to Take Legal Action.
The Nigerian Government has introduced many programmes to boost FDI, notably in agriculture, exploitation and mining, oil and gas extraction, as well as in the export sectors. Tax incentives are granted to pioneering industries deemed beneficial for the economic development of the country and employment of its workforce (such as clothing); allowances facilitating capital investments and the deduction of interest on loans for gas companies are also planned. The list of inventives can be found here.
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Actualitzacions: January 2023