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EY seeks entrenchment of risk-mitigating policies to attract investors

By Peter Egwuatu

Following the drop of Foreign Direct Investment, FDI, projects in Nigeria and other African countries, Ernst &Young, EY, has called on the Federal Government to entrench risk-mitigating policies that would assure safe business environment  for both local and foreign investors.

It further called for fresh socio-economic policies to spur economic growth in view of leadership changes that have taken place in Africa in the last three years.

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EY’s latest ‘Africa Attractiveness’ Report, released yesterday, shows that , FDI was up across the continent last year, although South Africa experienced a fall in project numbers, on the back of continued weak domestic growth.

The EY 2018 report stated: “The 2017 data shows that Africa attracted 718 FDI projects which is up six percent from the previous year. This was in line with a recovery in the continent’s economic growth, following a difficult preceding year.

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“The higher project numbers were driven by interest in ‘next generation’ sectors, namely manufacturing, infrastructure and power generation. Despite the rise in FDI, project numbers remain below the 10-year average of 784 projects per annum”, the report noted.

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