Foreign investment flows into Nigeria plummeted by 80 percent to $3.9 billion in 2023 from the $5.3 billion recorded in 2022.
This is according to the analysis of the report on Capital Importation into Nigeria, released by the National Bureau of Statistics (NBS).
The NBS report reveals that Nigeria attracted $1.1 billion in the first quarter of 2023 (Q1 2023), $1.03 billion in the second quarter (Q2), $654.6 million in Q3, and $1.08 billion in Q4.
According to the report, in 2022, $1.57 billion was imported into the country in Q1, which reduced to $1.53 billion in Q2. The analysis of the NBS report shows that it further decreased to
$1.15 billion and $1.06 billion in Q3 and Q4 respectively.
However, the report states that the $1.08 billion imported into the country in Q4 2023 was slightly higher than the $1.06 billion recorded in Q4 2022, representing an increase of 2.62 percent. It added, “In comparison to the preceding quarter, capital importation rose by 66.27 percent from the $654.6 million in Q3 2023.”
The report explains that other investments ranked top, accounting for 54.64 percent, about $594.7 million of total capital importation in Q4 2023, followed by portfolio investment with 28.46 percent, representing $309.76 million, and Foreign Direct Investment (FDI) with 16.90 percent, indicating $183.9 million.
