Nigeria and South Africa accounted for 95 per cent of total portfolio investment of $20.15 billion (N3.204 trillion) recorded in the African continent in 2012, according to the African Development Bank, AfDB.
The AfDB in its annual African Economic Outlook said total portfolio investment in Africa in 2012 stood at around $20.15 billion and was expected to increase by 30 per cent to $26.2 billion (N4.166 trillion) in 2013, eclipsing the pre-crisis peak of $22.5 billion in 2006.
The AfDB also gave a forecast of the growth in Africa’s economy at 4.8 per cent and 5.3 per cent in 2013 and 2014 respectively, driven by commodity exporters in West Africa such as Nigeria, Ghana and Ivory Coast.
According to the AfDB Foreign Direct Investment, FDI, to Africa, was set to rise by more than 10 per cent in 2013, approaching its 2008 record high, with the fast-growing sub-Saharan region likely to receive the majority of inflows.
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