The Chamber, on Wednesday, February 23, 2022, hosted a webinar on the state of security in West Africa to discuss the impact of the various coups on Foreign Direct Investment to the region.
Speaker for the event, Mutaru Mumuni Muqthar, Executive DirectorWest Africa Centre for Counter-Extremism, provided insight into the history of coup d’etats in West Africa.
His presentation also covered the threat of extremism in the region, stating that about 53% of West African countries are currently experiencing terrorist violence. According to Mutaru, piracy has also descended from the Horn of Africa to the waters of the Gulf of Guinea. “Gulf of Guinea is currently the deadliest waters globally. 43% of all piracy incidents took in the Gulf of Guinea in Q1 of 2021.”
Despite these challenges, Mutaru maintained that West Africa is still attractive for Foreign Direct Investment. Nigeria, he said attracted one-tenth of all FDI in 2020, notwithstanding threats of terrorism and COVID-19. The continent continues to see a huge increase in FDI. “A year after the pandemic, there has been more than $4.7 billion in venture funding.”
Watch the full event below.