The National Bureau of Statistics, NBS has disclosed that foreign investments into Nigeria has declined by 81.46% ($6.91bn) from $8.49bn in the first quarter of 2019 to $1.57bn in the corresponding quarter of 2022.
This was made known by the bureau in its quarterly report on ‘Nigerian Capital Importation’ released on Sunday.
According to the bureau, since the first quarters of 2019, 2020, 2021, and 2022, there has been a steady decline in capital inflows into the nation’s economy.
The report showed that the total capital inflow into the economy fell by 31.01% from $8.49bn in Q1 2019 to $5.85bn in Q1 2020; it fell by 67.45% to $1.91bn in Q1 2021; and declined further by 17.46% to $1.57bn in Q1 2022.
The report, which segmented foreign investment into three main investment categories: foreign direct investment, portfolio investment, and other investments, further explained that in Q1, 2019, the largest amount of capital imported into the Nigeria was through portfolio investment.
It also revealed that the banking sector dominated inflows that Qatar and the United Kingdom were responsible for most of the inflows.
Similarly, the report showed that portfolio investments also dominated inflows Q1 2020, while banking and the UK also retained their respective leadership positions.