africa

Yale Center for the Study of Globalization
Table 23.3: Net Foreign Direct Investment Inflows (constant 2005 US$, millions)
Source: World Bank (2011) and calculations by authors.
Figure 23.2: Foreign Direct Investment Inflows and the Share of Oil in Total
Exports
Notes: The data are from World Bank (2011) and are averaged from 2000-09. An ordinary least squares
regression of the share of oil in FDI flows yields a coefficient of 0.033, with robust p-value=0.007, and
R2=0.26. N=21.
The increase in extractive industry FDI to the region can also be inferred from data
on United States FDI stock in extractive industries in Africa. Table 23.4 shows US
outward FDI stock in extractive industries in 1995, 2000, and 2005. It suggests
several important points. First, extractive industry investments by United States
MNCs in Africa increased significantly from 1995 to 2005, by about 489 percent in
constant US dollars. This compares with increases of 88 percent in Latin America
and Caribbean and 40 percent in the Middle East, and a decline of 43 percent in
South and East Asia. Furthermore, from 1995-2005, Africa’s share of extractive-
402