The Nigerian Bureau of Statistics (NBS) has made it known that Nigeria did not make much from capital importation in 2023.
This, as you might have guessed, is because of the decline recorded in terms of foreign investments.
Fresh concerns arose as data released by the National Bureau of Statistics (NBS) showed a significant decline in Nigeria’s capital importation in 2023.
At a time in the country, when economic conditions are frustrating due to foreign exchange woes, the NBS says Nigeria only managed to attract a meagre $3.91 billion in foreign capital inflow last year, the lowest since 2007.
According to analysis, in the five years between 2007 and 2011, inflow ranged from $5.7 billion to $9.57 billion.
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A significant jump occurred in 2012, with inflows reaching $16.62 billion.
This was followed by two consecutive increases exceeding $20 billion between 2013 and 2014.
Then it dipped from 2015 onwards, with a brief recovery in 2017, resulting in a decline of $3.91 billion in 2023, and a 17-year low.
Notably, at $24 billion, in 2019, Nigeria saw the highest foreign investment in the past 17 years.
However, this peak was not sustained, hinting at the uncertain nature of foreign investors.
The NBS said portfolio investment (FPI) in 2023 was 29.5% ($1.15 billion) of the $3.91 billion total capital importation.
The highest FPI in the last 17 years was in 2019 at $16.4 billion, followed by $14.9 billion in 2014, and $11.8 billion in 2018.
On the other hand, foreign direct investment (FDI) stood at $377.4 million, and other investment was $2.38 billion last year.
Further analysis shows that the country’s major commercial city raked in $2.50 billion, representing 64% of the total capital inflow into Nigeria.
The NBS report said the FCT emerged as the second top investment destination with $1.17 billion, with 30% of the country’s total capital inflow.
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Other states that attracted foreign investments in 2023 are Abia ($150.09 million), Akwa Ibom ($39.13 million), Ogun ($27.09 million), and Rivers ($6 million).
Adamawa attracted $4.5 million, Anambra ($4 million), Niger ($1.50 million), Ondo ($200,000) and Ekiti $51,000.
