West Africa: Nigeria Leads W/Africa in U.S.$194 Billion FDI Influx, 154 000 Jobs – EY Experiences

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A brand new report launched by Ernst and Younger, EY, a world skilled providers agency, has indicated that International Direct Funding, FDI, promoted greater than 730 initiatives throughout the continent in 2022, injecting $194 billion in financing whereas creating 154,000 jobs.

The report additionally reveals that Nigeria led different West African international locations within the FDI flows, whereas in East Africa, Kenya dominated the FDI panorama. The 2 international locations got here in third and fourth positions respectively for the biggest FDI areas on the continent.

Considerably, Egypt noticed a document of $107 billion in capital for its 149 FDI initiatives, taking the continental lead place.

The EY’s thirteenth Africa Attractiveness report tagged ‘A Pivot to Progress’, supplies insights into the continent’s FDI, exposing that the 2022 calendar yr noticed a robust FDI rebound, led by renewable power.

A notable spotlight of the report exhibits that CleanTech turned the biggest FDI recipient sector in 2022, main Africa’s FDI for the primary time. Whereas the extractive based mostly sector FDI inflows proceed to fall, FDI into the Providers sector, notably Tech and Enterprise services-continue to rise.

In an analogous vein, Egypt FDI attractiveness continues to rise in prominence as South Africa FDI inflows stay flat.

The three largest economies in Africa (Nigeria, Egypt and South Africa) are at the moment dealing with financial head winds. Zimbabwe options within the Prime 10 for the primary time in a decade whereas Ethiopia and Mozambique exit the Prime 10. Nigeria additionally misplaced FDI inflows momentum.

Sharing insights on the report, Ashish Bakhshi, Senior Accomplice and Head of Markets, EY West Africa, believes that 2022 was the primary seen signal of Africa’s return to the funding area.

He, nonetheless, notes that a lot stays to be accomplished to make sure that its funding attractiveness improves in order that it may possibly construct on final yr’s fortunes.


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