There has been concern on the part of Nigerians, in particular, and Africans, in general, as to who is controlling the economic activities in Nigeria and Africa. This concern has caused some governments in Africa to initiate laws and regulations that tilt toward the encouragement of Africans to invest or buy shares in areas that are known to be controlled by foreign investors. This study examines the extent and the impact of direct private foreign investment in Nigeria. Data obtained on Nigeria and other African countries were employed. The result suggests that there is foreign investment in the major economic activities in Nigeria and that the inflow foreign investment has not helped the economic development of Nigeria.