Investor Presentaiton
increase, posting a 17% to $621 billion. By region, FDI inflows increased
considerably in Africa (27%) and in Latin America and the Caribbean (13%) in
2008, continuing the upward trend of the preceding years for both regions.
In the first half of 2008 developing countries weathered the global financial crisis
better than developed countries, as their financial systems were less closely
interlinked with the hard-hit banking systems of the United States and Europe.
In 2006 Nigeria attracted US$14 billion, while in 2007; the country attracted
US$12 billion. The decline of 2% was as a result of investors attitude of 'wait and
see' in view of the general election for civilian to civilian political transition. In
2008 Nigeria was at the top of the ten Africa FDI recipient nations with over
US$20billion followed by Angola and Egypt. The 2008 performance has
launched Nigeria as the 19th highest recipient of FDI in the world.
The ethnic conflicts and youth restiveness in the Niger delta affected the level of
the crude Oil production. These socio-political conflicts coupled with the election
tension aggravated the problems of insecurity and hence the uncertainty in the
domestic business environment which in turn impacted negatively on the inflow
of FDI. Towards this the Federal Government has stepped up security in the
region and the youths in that region are being empowered to engage in
productive ventures.
Consequently the year 2007 was a challenging one for the Commission, in view
of the keen competition for FDI globally and the "wait and see" attitude of
potential Investors that due to the transition election. Consequently the
Commission had to seek a new direction and evolve new strategies to fulfill its
mandate to offer effective and efficient service delivery to meet the need of
investors. Key reform measures were undertaken to position it for the
attainment of its mandate:
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Process re-engineering to ensure, simpler, clearer and investor friendly
procedures and requirements were undertaken.
Reduction of fees chargeable for registering new businesses to bring down
the cost of entry
Undertaking registration of new businesses within 24 hours
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Improved after care services
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Targeted investment promotion activities to countries that demonstrated
confidence in Nigeria's economic reform agenda etc.
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