Nigeria Loses $6.91bn To FDI Decline – NBS
The National Bureau of Statistics, NBS says foreign investments in Nigeria have declined by 81.46 percent ($6.91bn) from $8.49bn in the first quarter of 2019 to $1.57bn in the corresponding quarter of 2022.
The bureau revealed this in its quarterly report on ‘Nigerian Capital Importation’ released on Sunday.
According to the bureau, since the first quarters of 2019, 2020, 2021, and 2022, there has been a steady decline in capital inflows in the nation’s economy.
The report indicates that the total capital inflow into the economy fell by 31.01 percent from $8.49bn in Q1 2019 to $5.85bn in Q1 2020; it fell by 67.45 percent to $1.91bn in Q1 2021 and declined further by 17.46 percent to $1.57bn in Q1 2022.
The report, which segmented foreign investment into three main investment categories: foreign direct investment, portfolio investment, and other investments, further explained that in Q1, 2019, the largest amount of capital imported into Nigeria was through portfolio investment.
It also shows that the banking sector dominated inflows that quarter and the United Kingdom was responsible for most of the inflows.
Similarly, the report shows that portfolio investments also dominate inflows in Qin 1 2020, while banking and the UK also retained their respective leadership positions.