Nigeria loses $6.91 billion due to a drop in FDI – NBS

By Adeleye Kunle

According to the National Bureau of Statistics, foreign investments in Nigeria have decreased by 81.46 percent ($6.91 billion) from $8.49 billion in the first quarter of 2019 to $1.57 billion in the same quarter of 2022.

This was disclosed in the bureau’s quarterly report on ‘Nigerian Capital Importation,’ which was released on Sunday.

According to the bureau, capital inflows into the country’s economy have been steadily declining since the first quarters of 2019, 2020, 2021, and 2022.

According to the report, total capital inflows into the economy fell by 31.01 percent from $8.49 billion in Q1 2019 to $5.85 billion in Q1 2020; by 67.45 percent to $1.91 billion in Q1 2021; and by 17.46 percent to $1.57 billion in Q1 2022.

According to the report, which categorizes foreign investment into three main investment categories: foreign direct investment, portfolio investment, and other investments, the largest amount of capital imported into Nigeria in Q1 2019 was through portfolio investment.

It also shows that the banking sector dominated inflows that quarter, with the United Kingdom accounting for the majority of inflows.

Similarly, the report shows that portfolio investments continue to dominate inflows in the first quarter of 2020, while banking and the United Kingdom maintain their respective leadership positions.

“In Q1 2021 and Q1 2022, portfolio investments accounted for the majority of capital inflows into the country, with banking raking in the most and the UK providing the most investment.

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