South Africa and Ghana attracted more than 200 percent more foreign direct investment (FDI) than Nigeria in the first half of 2020, according to Daily Trust analysis.
It showed that South Africa and Ghana thrived in the appeal of FDI despite the COVID-19 pandemic.
Data from the National Bureau of Statistics (NBS) showed that Nigeria had attracted $ 362.84 million FDI by June 2020, which was the first half of the year.
However, according to ceicdata.com, a financing data platform, South Africa had $ 966.7 million FDI in June 2020. This is 266 percent of what Nigeria realized during the period; it is also $ 603.86 more than the FDI value of Nigeria.
The Ghana Investment Commission (GIPC) said the country was pulling $ 785.62 million FDI within the same period. This is N422.78 million higher and 116 percent of what Nigeria attracted in the same period.
Another minus is that the Nigerian Investment Promotion Commission (NIPC) has no readily available data on FDI on its website like that of the GIPC.
While Ghana has $ 67.1 billion in GDP for domestic products, South Africa has $ 59.8 billion (GDP). However, Nigeria has $ 446.543 billion, making it the largest economy in Africa.
This means that Nigeria is seven times larger than Ghana and almost eight times larger than that of South Africa.
NIPC executive secretary Yewande Sadiku said at a seminar in July that the United Nations Conference on Trade and Development (UNCTAD) estimates that global inflows from FDI will fall by at least 30 percent as a result of the pandemic.
UNCTAD also noted that it will generate investments worth less than $ 1 billion for the first time since 2005. Nigeria already feels this because the data from the World Bank shows that it is ahead of Ghana in FDI and is only the second place in South Africa on the continent. of 2019.
In 2019, Nigeria recorded $ 3.3 million FDI for the four quarters, indicating that the $ 362 million realized in the first two quarters of this year was a serious concern for the country.
In the same year, South Africa realized $ 4.6 million FDI, while Ghana attracted $ 2.3 million FDI. While South Africa led in 2019, Ghana was at least $ 1 million FDI behind Nigeria, according to records.