• Tuesday, March 05, 2024
businessday logo

BusinessDay

Nigeria’s foreign investments slide to $655m, lowest in 11 years

foreign investments into Nigeria in bn- (1)

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 percent 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 percent from $1.16 billion in Q3 2022.

“Other investment ranked top accounting for 77.6 percent ($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 percent of total capital imported in Q3, followed by the financing sector, valued at $127.9 million (19.5 percent), and Shares with $85.5 million (13.1 percent).”

“Capital importation during the reference period originated largely from the Netherlands with $175.62 million, and recorded 26.8 percent share.”

According to the statistical agency, this was followed by Singapore with $79.2 million (12.1 percent) and the United States with $67.0 million (10.2 percent).

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

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

Details later.