AFRICAN INVESTORS CONTRIBUTE $285.11 MILLION TO NIGERIA’S FOREIGN CAPITAL IN Q3 2024

African investors, excluding those from Nigeria, contributed $285.11 million in foreign capital to Nigeria in the third quarter of 2024, according to the National Bureau of Statistics (NBS). This amount represented 22.76% of the total foreign capital inflow into the country, highlighting the significant role African nations play in capital importation.

The NBS report revealed a decline in Africa’s overall contribution compared to both the second quarter of 2024 and the same period last year. The $285.11 million in Q3 2024 marked a 43.73% decrease from the $506.68 million recorded in Q2 2024. On a year-on-year basis, contributions fell by 16.77% from $342.55 million in Q3 2023.

The decline in African investment in Nigeria raises concerns about the country’s ability to attract foreign capital. However, the NBS data also underscores the importance of African investors in Nigeria’s economy, accounting for nearly a quarter of total foreign capital inflows in Q3 2024.