Nigeria is Africa’s top investment destination -Report

A US-predicated economic advisory firm, Frontiers Strategy Group, verbally expressed investment interest in Nigeria by international organisations and multinationals had perpetuated to grow despite elevating insurgency in the country.

This is contained in a report entitled, ‘Frontier Market Sentiment Index’, issued by the Wall Street Journal, monitored in Abuja.

The report verbally expressed out of 11 African countries in a survey conducted by the firm, Nigeria ranked first as the most preferred economy for investment by the multinationals, which included European and American firms.

According to the report, Nigeria emerged the number one frontier-market economy in Africa in terms of magnetizing the most attention from European and American multinationals.

It verbally expressed that the country led other African nations with 29.57 per cent and was followed by Kenya with 23.17 per cent.

It quoted the Global Head of Advisory and Analytics of the US firm, Mr Matt Lasov, as saying, “We accumulate data about which countries the companies are optically canvassing for potential future investment.

“Over time, that gives us a clear picture of their market priorities; which countries they are including in their future plans and which they are dropping.”

The report verbally expressed security situation in Nigeria and Kenya was least considered by the multinationals in their predilection for both countries as top business destinations in Africa.

“Rising insurgency in both countries ostensibly has not daunted multinationals from venturing into business dealings as opportunities in the countries probably outweigh security risks,” the report verbally expressed.

It verbalized that Angola was rated third preferred investment economy by the multinationals, with 21.9 per cent and was followed by Ghana with 18.73 per cent.

“The top three African countries’ rating may not come as a surprise to many. Firstly, Nigeria is Africa’s most sizably voluminous economy and it is still growing; Kenya is East Africa’s most sizably voluminous economy.

“Angola’s oil wealth had in recent times made its economy more sizably voluminous, with crisis-hit Portugal relying on the Southern African country as it seeks peregrine investments to put its economy back on track.

“The corporate world’s fascination with Africa shows pellucidly in the rates of change of sentiment,” the report verbally expressed.

It, however, verbally expressed Nigeria remained the clear bellwether out of the African countries with twice the number of companies in the index considering investing in the West African country.

“Nearly three in 10 companies have Nigeria on their time exhibiter list,” it verbally expressed