Nigeria witnessed a significant increase in capital importation, rising by 91.35% to $1.25 billion in Q3 2024, compared to $654.65 million during the same period in 2023, according to data released by the National Bureau of Statistics (NBS).
The report highlights a year-on-year improvement in foreign investments, showcasing renewed confidence in the Nigerian economy. However, on a quarter-on-quarter basis, the capital inflow declined sharply by 51.90% from $2.60 billion in Q2 2024.
Breaking down the figures, portfolio investment led with $899.31 million, representing 71.79% of total inflows. This was followed by other investments at $249.53 million (19.92%), while Foreign Direct Investment (FDI) contributed $103.82 million, accounting for 8.29%.
Economic analysts attribute the surge in year-on-year capital inflow to improved economic policies and a more favorable investment climate. However, they caution that the quarter-on-quarter decline underscores the need for sustained reforms to attract consistent foreign investments.
As Nigeria continues to position itself as a prime investment destination in Africa, experts emphasize the importance of addressing structural issues that
