Foreign Investments Fall to $654m in Third Quarter – NBS

Capital importation into Nigeria has fallen to a new low of $654.65m in the third quarter of 2023, indicating a slow of new foreign investments into the country.

This is according to new data from the National Bureau of Statistics.

In its ‘Nigeria Capital Importation (Q3, 2023), the statistics body noted that investments into the country fell by 36.45 per cent to $654.65m in Q3, 2023 from $1,030.21m in Q2 2023.

It said, “In Q3 2023, total capital importation into Nigeria stood at $654.65m, lower than $1,159.67m recorded in Q3 2022, indicating a decline of 43.55 per cent. In comparison to the preceding quarter, capital importation fell by 36.45 per cent from $1,030.21m in Q2 2023.”

In the period being reported, Nigeria was only able to attract Foreign Direct Investments of $59.77m, portfolio investment of $87.11m, and other investments of $507.77m.

Commenting on the sectors responsible for attracting capital importation, the NBS added, “The production/manufacturing sector recorded the highest inflow with $279.51m, representing 42.70 per cent of total capital imported in Q3 2023, followed by the financing sector, valued at $127.93m (19.54 per cent), and Shares with $85.49m (13.06 per cent).”

So far this is the lowest recorded capital importation into the country according to available data from Q3, 2013. Before now, the lowest was the $710.97m recorded in Q1, 2016.