ABSTRACT
FDI infl ows are highly concentrated in terms of host countries and specifi c sectors in SSA and developing countries (Elmawazini & Nwankwo, 2012). Specifi cally, 56 percent of FDI infl ows to SSA in 2009 went to three countries: Angola, South Africa and Nigeria (UNCTAD, 2010). The expansion of FDI infl ows to developing countries paradoxically fl ies in the face of the declining trend in the share of African countries in world FDI infl ows for the period 1995-2008 (UNCTAD, 2010). The share of African countries in world FDI infl ows declined from 5.1 percent for the period 1995-1999 to 4.9 percent for the period 2000-2008 (UNCTAD, 2010). The decline in the global demand and drop in commodity prices resulted to 17 percent decline in FDI infl ows to countries in SSA in 2009 (UNCTAD, 2010).
