Foreign Investments Fell In Third Quarter Of 2023 – NBS

Data from the National Bureau of Statistics (NBS) has revealed that capital imports into Nigeria hit a new low of $654.65 million in the third quarter of 2023, indicating a decline of new foreign investments into the country.

This is according to latest National Bureau of Statistics data.

According to the statistics body,  ‘Nigeria Capital Importation (Q3, 2023),’ investments into the country plummeted by 36.45 percent to $654.65 million in Q3, 2023, from $1,030.21 million in Q2 2023.

It said, “In Q3 2023, total capital importation into Nigeria stood at $654.65m, lower than $1,159.67m recorded in Q3 2022, indicating a decline of 43.55 per cent. In comparison to the preceding quarter, capital importation fell by 36.45 per cent from $1,030.21m in Q2 2023.

“The production/manufacturing sector recorded the highest inflow with $279.51m, representing 42.70 per cent of total capital imported in Q3 2023, followed by the financing sector, valued at $127.93m (19.54 per cent), and Shares with $85.49m (13.06 per cent).”

Nigeria only received $59.77 million in Foreign Direct Investment, $87.11 million in portfolio investment, and $507.77 million in other investments during the reporting period.

The latest data comes as multinational companies continue to exit the country.

Naija News had earlier reported that P&G had announced that it would be stopping manufacturing activities in Nigeria.

The company lamented that it is becoming increasingly difficult to do business in Nigeria due to issues with Dollar to Naira exchange values and issues with the macro-economic environment.

The Chief Financial Officer of the group, Andre Schulten stated this during his presentation at the Morgan Stanley Global Consumer & Retail Conference.