China Missing, UK leads in List of top 10 Countries With Foreign Investment Into Nigeria

China Missing, UK leads in List of top 10 Countries With Foreign Investment Into Nigeria

  • So far, in 2022, the Nigerian economy has attracted over $3 billion in foreign investment.
  • These investments came in from 45 countries all over the world, led by the United Kingdom
  • China, which is still one of Nigeria's first stops for loans, is completely absent from the list of the top ten countries where the investments funds have come from

The National Bureau of Statistics (NBS) has revealed that in the first six months of 2022(January to June), the Nigerian economy recorded a foreign investment of $3.1bn from 45 countries.

NBS disclosed this in its second-quarter capital importation report, which Legit.ng obtained from its website.

According to the report, foreign funds into the country totalled $1.573 billion in the first quarter (January to March), and $1.535 billion in the second quarter(March to June).

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Top 10 countries with Highest Foreign Investment Into Nigeria
Snapshop of investment type in the second quarter Credit: NBS
Source: Facebook

Breakdown of foreign investment by quarter

In the first quarter, NBS reveals that the United Kingdom ranked top as Nigeria's source of foreign investment, with a value of US$1.02bn, accounting for 64.92%.

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This was followed by the Republic of South Africa and the United States of America, valued at US$117.50 million (7.47%) and US$82.07 million (5.22%), respectively, BusinessDay reports.

Again, in the second quarter, the United Kingdom ranked top as the source of capital imported into Nigeria, with a value of US$781.05 million, accounting for 50.87%.

This was followed by Singapore and the Republic of South Africa, valued at US$138.58 million (9.03%) and US$122.26 million (7.96%), respectively.

Top 10 countries foreign investment in six months

  1. United Kingdom- $1.8 billion
  2. South Africa- $239 million
  3. Singapore- $203 million
  4. United States- $162.27
  5. United Arab Emirates- $138.22 million
  6. Mauritius- $124.41 million
  7. Togo- $73.98
  8. Netherlands- $70.16 million
  9. Nigeria- $70.09 million
  10. Hong Kong- $38.87

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Investment funds from China stand at $3.95 million, one of the lowest among the 45 countries.

Expert speaks

Speaking, the Chairman Royal Statistical Society (RSS), Olaniyi Matthew Olayiwola, attributed the decrease to many factors, including but not limited to the forthcoming general election, insecurity, and forex scarcity.

His words:

“Nigeria has lost a lot of FDI due to insecurity challenges we are having in the country, there are so many factors dragging the Nigeria economy down depriving investors."

He regretted that both local and foreign investors are now afraid of investing in the country due to insecurity.

We are ready for business, President Buhari says

Meanwhile, President Muhammadu Buhari has declared to global investors that Nigeria is ready for business.

He made this declaration in France as he looks to attract more international businesses to Nigeria's economy.

Legit.ng reported that Nigeria desperately needs foreign investment as oil revenues continue to decline.

Source: Legit.ng

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