Investment in port infrastructure helped boost foreign direct investment (FDI) in West Africa to a new high in 2021. This is according to the World Investment Report 2022, an annual report published by the United Nations Conference on Trade and Development that monitors global and regional investment trends.Between 2020 and 2021, FDI in West Africa increased by 48% to $14 billion. The previous high was $11.7 billion in 2016.Nigeria saw its f lows double to $4.8 billion, mainly because of the resurgence in oil investment and expansion in gas. International project finance deals in the country jumped to $7 billion, with some large projects in residential and commercial real estate. These included a $2.9 billion Escravos Seaport project involving the construction of an industrial complex complete with a refinery, an international airport, an industrial estate and a free trade zone. FDI f lows to Ghana rose by 39% to $2.6 billion, again attributed mainly to projects in extractive industries – for example, the construction of an $850 million gold-mining facility by Newmont Corporation (United States) and the construction of a cement factory by Ciments de l’Afrique (CIMAF) (Morocco) for $436 million.
