The United Nations  Conference on Trade and Development (UNCTAD) has ranked Nigeria as the 19th country in the world among the recipients of Foreign Direct Investment (FDI).

Quoting UNCTAD, Dr Dalhatu Tafida, Nigeria’s High Commissioner to the UK, told members of the Business Council on Africa (West & Southern) in London on Thursday that the country received 11 billion dollars in 2009.

“This is a remarkable improvement from previous years with a projection of not more than five billion dollars,” Tafida said in a statement made available to newsmen in Abuja.

The statement, signed by Mr Damian Agwu, Head of Information, Nigerian High Commission in London, said the “positive record was achieved against the backdrop of the global economic downturn”.

It, however, noted that most of the FDI went into the oil and gas as well as telecommunications.

The statement also explained that notwithstanding the heavy reliance on a few sectors such as oil, gas and services, Nigeria’s Gross Domestic Product (GDP) grew steadily at 8.23 per cent in the fourth quarter of 2009.

It said the GDP had been set to grow at 7.53 per cent and perhaps even higher in 2010 as indicated in the latest reports published by the Central Bank of Nigeria.

“The non-oil sector, especially agriculture, wholesale and retail trade and services, would remain the major driver of growth, although this would be complemented by a modest increase in the growth of the oil sector following sustained peace in the Niger Delta region,” the statement said.

It noted that the World Bank’s 2010 Logistics Performance Index had described Nigeria’s capacity to connect manufactures with the international markets in terms of trade in goods and services as remaining relatively low.

The statement, however, said the major challenge was to move aggressively into agro-allied industries and manufacturing to diversify the revenue base of the economy and generate employment for the people. 

It explained that the huge infrastructure deficit in the country was a challenge and an opportunity for foreign investments.

“It is estimated that Nigeria needs to spend between 12 billion dollars and 15 billion dollars annually for the next five to six years to cover this gap including, most critically, the capacity for project development, management, operations and maintenance,” the statement said.