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.
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.
“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.