Abstract
With regards to the ongoing development in investment activities in the Economic Community of West African States(ECOWAS) and the entire African continent is because of institutional reforms and initiation of sound investment policies. Foreign direct investment(FDI) inflow and outflow severs as a source of capital formation for most developing and least developed countries. This paper provides an overview and analyses of the flow of FDI to the ECOWAS region by considering 16 nations under this region in determining their performance towards FDI attraction and their contribution to outward FDI across the globe by the use of the quantitative method. The outcome shows that there is a continuous decline in FDI inflow to the ECOWAS region over the past 10 years. The result also proves that Ghana and Nigeria are the major recipients of foreign direct investment inflows in the West African region. The result further indicates that Nigeria is the major contributor of outward FDI from the ECOWAS region. It is recommended that the region should increase its outward FDI.
Highlights
Concerning the recent development in most African countries’ economies have attracted many investors on the continent
This paper provides an overview and analyses of the flow of FDI to the Economic Community of West African States (ECOWAS) region by considering 16 nations under this region in determining their performance towards FDI attraction and their contribution to outward FDI across the globe by the use of the quantitative method
The objective of this study is to be of importance to governments, various policy-makers, multinational companies and individual investors in the West African region, foreign investing countries, manufacturers and exporting nations producing some essential goods and services as well as other substantial investors that would like to gather much information on investment in the ECOWAS region and the African continent
Summary
Concerning the recent development in most African countries’ economies have attracted many investors on the continent. In African countries, above all, besides being a crucial supply of long-term capital for investment in infrastructure and alternative biological process initiatives, FDI may be a catalyst for economic diversification, serving to these economies move on the far side overdependence on natural resources (John & Nadege, 2015). According to the United Nations Conference on Trade and Development world investment report, foreign direct investment inflows to Africa were forecasted to expand slightly in 2017 as a result of modest rises in oil price and a potential increase in non-oil FDI. As FDI inflows serve as a capital formation of many developing nations, this paper seeks to focus on the value (amount) received by countries in the West African region
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