World Bank Forecasts $31bn Foreign Direct Investment for Africa in 2012

The World Bank said yesterday that it expected about $31 billion in Foreign Direct Investment (FDI) inflows to Africa this year, adding that there had been strong investor-interest in the continent.
The bank, also predicted that Nigeria, which is currently the largest regional oil producer, could keep supplying at the 2011 levels for another 41 years, saying that Angola, the second largest producer in the region, had about 21 years remaining at current production levels before its known reserves would be depleted.
The multilateral institution also predicted a 4.8 per cent growth rate for sub-Saharan Africa in 2012, but cautioned countries to be frugal in spending their resources.
The bank, which had forecast a 4.9 per cent growth rate in 2011, said the region remained on track despite setbacks in the global economy.
World Bank Vice-President for Africa, Mukhtar Diop, said: “A third of African countries will grow at or above six per cent with some of the fastest growing ones buoyed by new mineral exports such as iron ore in Sierra Leone, uranium and oil in Niger, and by factors such as the return to peace in Cote d’Ivoire, as well as strong growth in countries such as Ethiopia.”