The Executive Secretary Nigerian Investment Promotion Commission Yewande Sadiku has said that due to the Corona Virus pandemic, there is tightening margins for foreign investment in Nigeria while there was automatic effect on reinvested earnings, a key component of FDI.
Sadiku also said that the Commission tracked $41.71 billion foreign investment in 2017 which rose to $73.07 billion in 2018 and declined to $24.44 billion in 2019 and further to $9.01 billion in 2020.
Sadiku, who made the disclosure in a chat with our correspondent, said that Nigeria requires a coherent policy reforms to reverse the decline in Foreign Direct Investments (FDIs) flow expected in the 2021 fiscal year.
It would be recalled that in a presentation entitled “Understanding the Impact of COVID-19 on Investment in Nigeria’’ in a recent interaction with newsmen in Abuja, Sadiku highlighted the impact of COVID-19 pandemic on global economic growth and FDI.
