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Can Blockchain Job Opportunities Save Nigeria’s Foreign Direct Investments Decline. From $3.5 billion — $2.2 billion.

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Last updated on September 11th, 2020 at 10:34 pm

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Nigeria’s Foreign Direct Investment (FDI) fell by 36 per cent to $ 2.2 billion in 2018 from $3.5 billion in 2017 as was disclosed by The United Nations Conference on Trade and Development (UNCTAD). The Continent has experienced an increase in the Foreign Direct Investments (FDI) with a 6.0 percent growth in 2018 as against 2017. UNCTAD disclosed intangible Global Investment Monitor Trends that the FDI increased from $38 billion in 2017 to $40 billion in 2018 while Nigeria had a big drawback in her FDI.

The UNCTAD report stated:
“Global FDI fell by 19 per cent in 2018, to an estimated US$ 1.2 trillion from US$1.47 trillion in 2017. The third consecutive drop brings FDI flows back to the low point reached after the global financial crises. “The decline was concentrated in developed countries where FDI inflows fell 40 percent to an estimated US$451 billion mainly due to large repatriations of accumulated foreign earnings by United States Multinational Enterprises, MNEs, following tax reforms.”

Moreover, the report also states that Nigeria recoreded a countable significant growth in oil and gas and chemical sectors of the economy. Aside from Nigeria, another large oil producer in Africa, Angola recorded a decline in her FDI inflow in 2018. The significant landslide recorded by Nigeria in Oil and Gas and Chemical Sectors of the economy might contribute to the economy revival of Nigeria in 2019 says UNCTAD.

Moreso, Egypt had increased by 7 per cent from $7.4 billion to $7.9 billion. South Africa recovered from her decline in 2017 to a commendable increase from $1.3 billion in 2017 to $7.1 billion in 2018. The duo boosts as the best performing countries in Foreign Direct Investments (FDI)

Blockchain Experts and Investors are of the opinion that utilizing Blockchain Technology in the administrations of the country affairs can boost the economy of the country and also create more jobs. Among the most sort out jobs since 2016. Blockchain Job Opportunities increased from 645 vacancies in 2016 —1800 in 2017 — 4500 in mid 2018 and current over 13,186 records displays jobs related to Blockchain and 2,479 related to Cryptocurrency as was estimated by LinkedIn Analysts. With an increase in unemployment rate in the country from 22.70 percent in the second quarter of 2018 to 23.10 percent in third quarter of 2018(from TradingEconomics), the economy can be saved from more decline with the job opportunities that abound in the Blockchain Technology Sector suggests Experts.

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By Tony Chimdiuto

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