Saturday, 15 August 2009

NIGERIA: Nigerian economy under threat as FDI, remittance inflows drop

With a severe credit squeeze traumatising the economies of Europe, the United States of America, Japan and China, Foreign Direct Investment (FDI) and even private remittance inflows to Nigeria alongside other developing regions may suffer a decline in the years to come. This likely decline in investment inflow into the country will definitely have a negative multiplier effect on not only capital formation and growth projections for the economy, but on employment generation and human development.

Certainly, with a projected decline in FDI, the country’s hope to realise $600 billion in FDI before 2020, in furtherance of its vision to be one of the world’s top 20 economies by 2020 may go unfulfilled. Read more

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