Investment Data For Nigeria

"A country without a stable macroeconomic and political environment will not be able to attract long-term investment. Similarly,  a country without a sound banking sector lacks a key pillar of capital markets development,..., WBG's Global Investment Competitiveness Report 2017/2018 found that political stability and security, a stable legal and regulatory environment are the leading country characteristics valued by multinational corporations"- The World Bank Group
Nigeria has oil revenue as the main sources of Financing. According to the IMF; Nigeria has one of the lowest revenue-to-GDP ratios relative to peers with an active taxpayers population of only 5%. Nigeria has a significantly higher revenue potential from structural tax measures, tax administration reforms. Estimates of tax potential from the literature ( Fenochietto 2013, IMF 2017b), suggest that a non-oil tax capacity of 16 to 18 percent would be optimal for a country with Nigeria's economic structure and per capita income levels. This estimate implies space for additional tax collection of 12 percent of GDP. The largest source of International Financing in the country in 2017 is Official Development Assistance(ODA) at 11%. The United States, The United Kingdom and the European Union are the largest donors of Overseas Development Assistance (ODA) to Nigeria. Foreign Direct Investment(FDI) to Nigeria is at 11% and Personal Remittances at 72% are other important sources of International Financing in Nigeria. The Diaspora is the largest Foreign Direct Investment to Nigeria. According to  Professor Andrew Nerving, Chief economist at Price Water Coopers (PWC) Nigeria; "Nigeria's citizens living outside the country are its biggest  export remitting about  US $25Billion in 2018"(Allafrica.com, 16 Feb 2019). Domestic Public Finance is crucial to Nigeria's continued development to reduce dependence on volatile oil revenues. Tax collection is low at about three and five percent of Gross Domestic Product (GDP) in 2017. Recent data from the National bureau of Statistics indicate that Nigeria's external Debt is rising while the total government collection in taxes was decreasing barely N1.3 Trillion in the Second Quarter (Q2 2018). Debt Sustainability is a huge concern and it is unlikely that the government can continue to lend to finance its development. Private Financing, International and Domestic is promising if the Government commits to building an enabling investment environment and to developing its capital markets. Foreign Direct Investment is very important for economic growth of any nation, but 'there are both global and country-level barriers to private investment in EMDEs'. "At the country level, the World Bank Group's(WBG's) Global Investment Competitiveness Report 2017/2018 found that Political stability and security, and a stable legal and regulatory environment, are the leading country characteristics valued by multinational corporations". Poor societies must diversify and recognise the need for Private Finance to fund Sustainable Development Goals. One sure way this can happen is electing people of expertise and experience to drive sound government that will provide the enabling environment for long-term investment not fear and terror. Insecurity is the biggest threat to investment and most Nigeria states are on International terror lists with various governments hightening travel risk to Nigeria. According to Priti Patel , former UK International Development Secretary; "Nigeria is the only member of OPEC that is dependent upon petrol imports to keep the country going and the country is ranked 145th in the world for ease of doing business which demonstrates the risks of investment into Nigeria.  Professor Pat Utomi, A Professor of Political Economy, confirmed this in a recent seminar in Lagos Nigeria. In his words; "lack of investors' confidence is slowing the economic growth of Nigeria despite enormous investment opportunities in the country". He noted that Nigerians are now establishing their businesses outside the country due to the fear of unknown in Nigeria. I have argued several times that the only way to make progress is to acknowledge the failings in the system and address the flawed political system that creates abuse of power, insecurity and instability. Nigeria must be bold to restructure the country to embrace true federalism which enables comparative advantage and competition to drive growth.Capture and corruption, luxury and adorenment is never a growth good fit, thinking needs to change if the country will join the rest of the world to achieve the Sustainable Development Goals and eradicating poverty. Poor leadership with barbaric and primitive ideas are a big threat to democracy and development and should be avoided. The essence of democracy is to achieve economic growth and improvement in citizens living standard and well-being not a return of the society to the primitive state where life is 'nasty, brutish and short'. The future is to think different. The future is thinking big. We must be mindful of incompetent, and divisive leadership that don't bother about a dying economy and citizens well-being just power grips. Political leaders of ''cunning, cruelty and manipulation who conceal personal ambition behind the rhetoric of public service". Nigeria does not need barbaric politicians who believe that political power is a means for oppressing others, oppression, subjugation, exploitation and domination, rather leadership that will embrace high investment for development and better ideas to transform the future and change people's lives.. The future is Peaceful, and inclusive societies for Sustinable Development, Justice for all and Strong Institutions that are effective, accountable and inclusive at all levels.
Data For Nigeria:
i) Official Development Assistance (ODA); 2017- (USD) 3471.6(11%)
ii)Other International Sources: 2017;  (USD)1449(5%)
iii)Public Finance; Central Government Debt: 2017; (USD375.74Billion)
iv) Tax Revenue: (N1.3Trillion) (3%), 2018
v)Imports, Exports: 2017 (USD13.2)
vi) Foreign Direct Investment: 2017; (USD3,497) (11%)
vii) Remittances: 2017; (USD 22,001) (72%)
viii) Capital Markets: 2017 GDP US $375.745( )
(Source: The World Bank Group)
Uche Okeke is the Founder of The LEAD Project Foundation, he lives in London. He has participated in ; Unlocking Investment and Finance in Emerging Markets and Developing Economies(EMDEs).