Nigeria’s foreign investment rises by 152% to $2.6m

Nigeria’s capital importation, known as foreign investments, rose by 152.81 per cent to $2.604.50 million in the second quarter of 2024, compared to $1.030.21 recorded in the corresponding quarter of 2023.

The National Bureau of Statistics disclosed this in its latest Capital Importation Data released on Tuesday.

However, this represents a 22.85 per cent decline when compared with the $3.376.01 recorded in Q1 2024.

The data showed that portfolio investments ranked top with US$1,404.70 million, accounting for 53.93 per cent, followed by other investments with US$1,169.97 million, accounting for 44.92 per cent.

Foreign direct investment recorded the least with US$29.83 million (1.15 per cent) of total capital importation in Q2 2024.

On sectoral analysis, the banking sector recorded the highest inflow with US$1,123.95 million, representing 43.15 per cent of total capital imported in Q2 2024, followed by the production/manufacturing sector, valued at US$624.71 million (23.99 per cent), and the trading sector with US$569.22 million (21.86 per cent).

Capital importation during the reference period originated largely from the United Kingdom, with US$1,120.15 million, showing 43.01 per cent of the total capital imported. This was followed by the Netherlands with US$577.82 million (22.19 per cent) and the Republic of South Africa with US$255.98 million (9.83 per cent).

Out of the three states that recorded capital importation during the quarter, Lagos State remained the top destination with US$1,367.84 million, accounting for 52.52 per cent of the total capital imported. Abuja (FCT) followed with US$1,236.64 million (47.48 per cent), and Ekiti State with US$0.0003 million.

Citibank Nigeria Limited received the highest capital importation into Nigeria in Q2 2024 with US$818.46 million (31.43 per cent), followed by Standard Chartered Bank Nigeria Limited with US$654.79 million (25.14 per cent) and Rand Merchant Bank Plc with US$488.59 million (18.76 per cent).

This comes after President Bola Ahmed Tinubu, during Nigeria’s 64th Independence Day speech, said that the country attracted $30 billion in foreign direct investment in 2023.