Nigeria’s Foreign Investments Drops To $655m, Lowest In 11 Years

Foreign investments into Nigeria plunged to $654.7 million in the third quarter of 2023, the lowest in at least 11 years, according to the latest capital importation report on Friday.
The report by the National Bureau of Statistics (NBS), shows that total capital importation into Africa’s biggest economy declined by 36.5 per cent to $654.7 million in Q3 from $1.03 billion in the previous quarter. It also declined on a year-on-year basis by 43.6 per cent from $1.16 billion in Q3 2022.

“Other investment ranked top accounting for 77.6 per cent ($507.6 million) of total capital importation in Q3, followed by Portfolio Investment with 13.3 ($87.1 million) and Foreign Direct Investment (FDI) with 9.13 percent ($59.8 million),” the report said.

It added that production/manufacturing sector recorded the highest inflow with $279.5 million, representing 42.7 per cent of total capital imported in Q3, followed by the financing sector, valued at $127.9 million (19.5 per cent), and Shares with $85.5 million (13.1 per cent).”

“Capital importation during the reference period originated largely from the Netherlands with $175.62 million, and recorded 26.8 per cent share.”
According to the statistical agency, this was followed by Singapore with $79.2 million (12.1 per cent) and the United States with $67.0 million (10.2 per cent).

In terms of states, Lagos remained the top destination in Q3 with $308.8 million, accounting for 47.2 per cent of total capital importation, followed by Abuja (FCT) with $194.7 million (29.7 per cent) and Abia state with $150.1 million (22.9 per cent).

Stanbic IBTC Bank Plc received the highest capital importation into Nigeria with $222.8 million (34.0 per cent), followed by Citibank Nigeria Limited with $190.0 million (29.0 per cent) and Zenith Bank Plc with $83.0 (12.7 per cent).