Ghana has overtaken Nigeria to become the largest recipient Foreign Direct Investment (FDI) in 2018, a United Nations report seen by Ghanaguardian.com has revealed.

The report by the United Nations Conference on Trade and Development (UNCTAD) is a massive achievement for the government of Nana Akufo Addo in the area of the economy.

The report also underscores the massive strides the NPP government has made in attracting foreign investment to Ghana which has resulted in the leap over one of the biggest economies in Africa.

The UNCTAD, in its report titled ‘Investment Trends Monitor,’ says Ghana, having received Foreign Direct Investment (FDI) inflows worth $3.3 billion in 2018, overtook Nigeria to become the largest recipient of FDI in West Africa.

FDI inflows to Nigeria fell by 36 percent to $2.2 billion in 2018 from $3.5 billion in 2017.

However, the country reported significant greenfield investment project announcements in the oil and gas and chemical sectors.

This is the second consecutive time Nigeria registered a decline in FDI inflows.

In 2017, FDI inflows went down by 20 percent to $3.5 billion from $4.4 billion in 2016.

Commenting on why the country recorded a two-time decline, Emmanuel Noko, lead economist at M&C Research Institute, told Businessday that the decline was largely connected to the challenges the economy was facing such as weak growth, heightened political uncertainties.