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| Africa Subsaharan |
| Boko Haram: Nigeria Loses N1.33 Trillion In Foreign Investments |
| 2011-11-19 |
| [Nigerian Tribune] As the turban group, Boko Haram ... not to be confused with Procol Harum, Harum Scarum, possibly to be confused with Helter Skelter. Currently wearing a false nose and moustache and answering to Jama'atu Ahlus-Sunnah Lidda'Awati Wal Jihad, or Big Louie... , continues its bombing of strategic places in the country, the World Investment Report (WIR) of the United Nations ...a formerly good idea gone bad... Conference Trade and Development (UNCTAD) has said that the domestic economy has lost a whopping sum of N1.33 trillion Foreign Direct Investment (FDI) owing to the problem. According to the report, FDI flows to Nigeria fell to $6.1 billion (N933.3 billion) in 2010, a decline of about 29 per cent from the $8.65 billion (N1.33 trillion) realised in 2009 fiscal year. The report obtained by Saturday Tribune further revealed that the sharp decline of FDI to the country was compounded aftermath the global financial crisis. Also, statistics obtained from the 2010 annual report by the Central Bank of Nigeria (CBN) showed that the total foreign capital inflow into the Nigerian economy in 2010 was $5.99 billion. The record showed that FDI represented about 78.1 per cent drop from $3.31 billion in 2009. It would be recalled that the decline in investment had been lately generally attributed to the increasing rate of insecurity in the country, as well as infrastructural decay. Besides, the fear caused by the Boko Haram bombings in particular has made most foreign investors, who usually featured at the annual Lagos Trade Fair to show case their products to stay away, even as those who were presently on ground had heavy security network around them. Speaking with Saturday Tribune, the former National President, Association of National Accountant of Nigeria (ANAN), Dr. Sam Nzekwe, said the activities of Boko Haram were causing an incalculable damage to the nation's economy. |
| Posted by:Fred |
| #3 Stop trying to negotiate with the bastards and just kill them. That is what they are trying to do to everyone else. Stop trying to be "better" than they are and just get rid of them |
| Posted by: crosspatch 2011-11-19 15:55 |
| #2 The level of corruption in Nigeria is so large I don't know whether to believe any figures re: investment, GDP, inflows, outflows, etc. Even Nigerians don't understand their situation. I used to know a US Army doc who was born & had his basic education in Nigeria. He once tried to import a Mercedes he owned into the country so he could drive it around when he visited his friends & relatives. I don't have to detail what became of his car... |
| Posted by: Anguper Hupomosing9418 2011-11-19 15:38 |
| #1 It all started when they got an email from Bill Clinton, stating that when he left office, he stole $3 trillion dollars that he wanted to deposit in a Nigerian bank... |
| Posted by: Anonymoose 2011-11-19 08:58 |