April 05, (THEWILL) – Investment inflow to the Nigerian economy, via foreign direct investment (FDI), dropped to a nine-month low of $468 million in 2022 from $698 million a year earlier, the National Bureau of Statistics said on Tuesday.
The statistical bureau report revealed that FDI collapsed about 90 percent from a high of $4.7 billion attained in 2008.
In its report released on Tuesday (April 4, 2023), the NBS said total capital importation into Nigeria in Q4 2022 stood at $1.06 billion.
The figure is lower than $2.1 billion recorded in the corresponding period of Q4 2021, indicating a decrease of 51.51 percent.
When compared to the preceding quarter, capital importation also fell by 8.53 percent from US$1.1 billion in Q3 2022.
“The largest capital importation during the period was received from Other Investment, which accounted for 65.17% (US$691.23 million) of total capital imported in Q4 2022. This was followed by Portfolio Investment with 26.89% (US$285.26 million)
and Foreign Direct Investment (FDI) with 7.94% (US$84.23 million).
“Disaggregated by Sectors, capital importation into the production sector recorded the highest inflow of US$392.54 million, representing 37.01% of total capital imported in Q4 2022.
“This was followed by capital imported into the banking sector, valued at US$255.45 million (24.08%), and Telecoms with US$168.27 million (15.86%),” the report revealed.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
