’Femi Asu with agency reportForeign direct investment in Nigeria, Africa’s top oil producer, plunged by 43 per cent to $2bn, according to a United Nations report. Reuters reported on Thursday that investors were put off by a dispute between the government and South African telecom giant MTN over repatriated profits. That left Ghana, which is in the midst of an oil and gas boom and saw inflows of $3bn, as West Africa’s leading destination for foreign investment. Foreign investment in sub-Saharan Africa rose by 13 per cent last year to $32bn, bucking a global downward trend and reversing two years of decline, according to the UN report. Foreign investment in South Africa more than doubled to $5.3bn.

Source: Punch June 13, 2019 23:29 UTC