Africa’s largest economy, Nigeria has dropped out of the top five countries where the International Finance Corporation maintains investment portfolios.
The size of IFC’s investment in Nigeria now ranks only among the top 10 after a shrinkage occasioned by the country’s devastating economic recession in 2016.
Eme Essien Lore, Head of the IFC in Nigeria, said the ranking is on the basis of absolute amount of investment portfolio in US dollars.
According to her, “given its strong fundamentals, Nigeria should be top 5 as it had been but the recession slowed investment activity across many sectors.”
She said “Nigeria will need bold reforms in such areas as power, infrastructure, monetary policy as well as human capital in order for it to maintain its status among the top and fastest-growing emerging market investment destinations. Such as Brazil, China and India.”
The IFC head said this requirement would be true for all leading investors looking to grow their presence in Nigeria.