The United Nations Conference on Trade and Development on Thursday said Nigeria attracted about $37.9 billion investment from Public-Private Partnership between 1990 and 2014.
An UNCTAD statement obtained by the News Agency of Nigeria in Lagos said of the 52 countries in Africa considered during the period of the report, Nigeria topped the list.
The statement warned African countries to be wary of debt accumulation, adding that African governments should devise alternative ways of funding infrastructure development.
It noted that UNCTAD Economic Development in Africa Report 2016 showed that Africa’s external debt ratios appeared manageable.
It, however, said African governments must take action to prevent rapid debt growth from becoming a crisis as experienced in the late 1980s and 1990s.
The statement said Africa should collaborate with the global community to also tackle illicit financial flows, which could be as high as $50 billion annually.
It urged African countries to leverage on Diaspora remittances which, it noted, had been growing rapidly, reaching $63.8 billion in Africa in 2014.
NAN reports that Diaspora remittances to Nigeria in 2015 amounted to $21 billion.
NAN.
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