Nigerian expatriates send money to Nigeria for investment. After Egypt and Ethiopia, Nigeria is Africa’s third-largest FDI recipient. The country is one of Africa’s most exciting growth poles, attracting many investors in the hydrocarbon, energy, and construction sectors, among others. The implications of the oil counter-shock are felt throughout the world. Africa has quickly risen to prominence as the next investment tourist destination, earning the moniker “the final frontier.”
A decade ago, the global boom in developing economies investing benefited Africa and other regions, but today, many African countries stand out as highly lucrative investment prospects on their own. Seven of the world’s top ten fastest-growing economies are located on the African continent, and foreign direct investment is increasingly rising.
According to the UNCTAD 2020 World Investment Report, foreign direct investment flows to Nigeria totaled approximately £2.37 billion in 2019, down 48.5 percent from the previous year (£4.60 billion in 2018) due to the effects of austerity measures., according to the UNCTAD 2020 World Investment Report. In 2019, the total stock of FDI was estimated to be USD 98,6 billion. The United States, China, the United Kingdom, the Netherlands, and France are among the most influential investors in Nigeria.
Nigeria wants to divest its economy away from oil by developing a competitive manufacturing industry that will enable it to better integrate into global value chains and increase productivity. Nigerian diaspora plays a pivotal role through money transfer to Nigeria and investment in significant sectors of the country’s market.
What Are The Opportunities For Expats In African Countries?
Expats in high-demand executive positions in Africa are paid well and have all of their expenses covered by their employers. Still, job demands leave them with little time for leisure activities. They are subservient to the companies that finance their extravagant lifestyles while also providing them with a golden opportunity to accumulate significant wealth throughout their working lives.
What Are The Common Investment Sectors In African Countries?
One of the top factors of online money transfer to Nigeria is investing in the irrigation sector of the country. Agriculture accounted for the majority of Nigeria’s foreign earnings until it joined the league of oil-exporting nations and a few years afterward. However, after Nigeria entered that group of exporters, the entire economic environment has changed, with oil exports accounting for nearly 95% of Nigeria’s foreign trade earnings and roughly 80% of the government’s overall revenue. With many of the world’s oil majors having a presence in Nigeria, the oil and gas market is a crucial sector for foreign direct investments.
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