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Research Document: NESG Q2 Capital Importation Alert


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Posted Tue, Oct 10, 2023 1:13 PM

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Key Highlights

 

  • Nigeria’s foreign investment inflows fell by one-third to US$1 billion in 2023Q2 from US$1.5 billion in 2022Q2. Cumulatively, foreign investment inflows were 32.3 percent lower at US$ 2.1 billion in H1’2023 relative to H1’2022. This reflects deteriorating investors’ confidence in the Nigerian economy.

 

  • Historically, there is an alternation in the predominance of the country’s capital importation between Foreign Portfolio Investment and Other investment. This fact is in favour of Other investment in 2023Q2 (US$837.3 million) as against FPI (US$106.9 million). In addition, FDI remained the least contributor at US$86 million.

 

  • Remarkably, the impressive quarter-on-quarter growth in Foreign Direct Investment (FDI) at 80.7 percent in 2023Q2 suggests that the pro-market reforms introduced recently are yielding fruits, but there is an urgent need to improve the business environment to sustain the current gains.

 

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All text, graphics, audio files, code, downloadable material, and other works on this web site are the copyrighted works of the Nigerian Economic Summit Group (NESG).