• Saturday, July 20, 2024
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Nigeria’s FDI slides to $462 million, lowest in six years

Nigeria’s manufacturing investment hits 3-year low as economic woes worsen

Nigeria’s Foreign Direct Investment (FDI) plunged by 33 percent to $462.91 million, the lowest level since 2017, data from the National Bureau of Statistics (NBS) showed.

According to NBS, the total capital importation into Nigeria stood at $1 billion in Q4 2022, lower than $2.1 billion recorded in Q4 2021, indicating a decrease of 51.51 percent.

Read also: KPMG predicts 3% GDP growth on economic activity slowdown

Industry players believe the country’s perpetual lack of structural reforms means deep-pocket foreign investors are pressing pause on Nigeria’s huge potential and abundant natural resources.

They noted that the decline in the past five years can be traced to the dwindling state of Nigeria’s oil fortunes as active oil explorations bring about a billion investments in the country’s economy as well as the development of related sectors of the economy and infrastructure.

More details later……