Foreigners are fleeing Nigeria and settling in Ghana, making the tiny West African nation the largest beneficiary of foreign direct investment on the continent in 2018.

This is according to a new report by the United Nations Conference on Trade and Development UNCTAD.

The report entitled ‘UNCTAD Global Investment Trends Monitor’, which was released on Monday, said Nigeria recorded a 36% decline in FDI in 2018.

“Africa registered a 6% increase in FDI inflows in 2018 ($40 billion, up from a revised $38 billion in 2017), but the growth was concentrated in few economies and aimed for the shift from the natural resources dominated FDI profile of the continent towards a more balanced sectoral distribution was only partially visible, in that the relatively diversified economies, such as Egypt and South Africa, saw more stable and increasing FDI inflows,” the report read.

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"Egypt with an increase of 7% from $7.4 billion to $7.9 billion, was the biggest recipient of FDI in Africa in 2018 with investments in real estate, food processing, oil and gas exploration and renewable energy.

"In contrast, flows to the two largest oil producers of the continent, Nigeria (-36% to $2.2 billion) and Angola were low, with a decline and a net divestment respectively.

“In West Africa, Ghana ($3.3 billion) overtook Nigeria as the largest recipient of FDI in 2018.

"However, Nigeria reported a few significant greenfield project announcements in the oil and gas and chemical sectors, which could lead to a recovery in 2019.”

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