Total foreign capital into Nigeria declined by 27% from $5.33 billion in 2022 to $3.91 billion in 2023, according to the latest capital importation report from the National Bureau of Statistics (NBS).
Despite the decline, the financial year 2023 has been notable for Nigeria, with significant foreign capital inflows from various countries.
The foreign capital inflow into Nigeria in 2023 paints a picture of a diverse range of international investors, each contributing to the country’s economic growth.
While some nations have scaled back, others have ramped up their investments, indicating shifting dynamics and the attractiveness of Nigeria as an investment destination.
Here is a detailed breakdown of the top countries where Nigeria received foreign capital in 2023:
#10 British Virgin Islands
In 2023, the British Virgin Islands showed the highest percentage increase in investments to Nigeria, contributing $30.16 million, a substantial rise from $7.14 million in 2022. This marks an impressive confidence boost from the Caribbean offshore finance haven, signalling the potential for future financial cooperation.
#9 Hong Kong
Hong Kong’s investment decreased to $40.74 million in 2023, down from $165.35 million in the previous year. This dip reflects a re-evaluation of investment strategies by Hong Kong-based investors towards the Nigerian economy.
#8 Nigeria
Nigeria’s reinvestment in its own economy stood at $168.29 million. Though this declines from $178.47 million in 2022, it underscores a continuous commitment to fostering domestic growth through internal capital circulation.
#7 United Arab Emirates (UAE)
The UAE remains a significant investor, contributing $328.48 million in 2023. Despite a slight decrease from $281.78 million the year before, the sustained investment points to the UAE’s ongoing interest in Nigeria’s economic landscape.
#6 Mauritius
Mauritius has strategically increased its investment to $331.07 million, up from $208.66 million in 2022. The island nation is positioning itself as a growing investor in the Nigerian market, reflecting a deepening economic relationship.
#5 Republic of South Africa
The Republic of South Africa remains a top investor, contributing $378.49 million, despite a reduction from $428.73 million in 2022. South Africa’s consistent investment highlights its role as a critical African economic partner to Nigeria.
#4 Netherlands
The Netherlands more than doubled its investment in Nigeria, with inflows reaching $391.43 million, a significant leap from $171.27 million in 2022. This growth signals strengthening economic ties and confidence in Nigeria’s market.
#3 United States
The United States has significantly increased its stake in the Nigerian economy, investing $442.66 million in 2023, up from $286.92 million the previous year. This uptick is indicative of the growing interest from American entities in tapping into Nigeria’s diverse opportunities.
#2 Singapore
Singapore solidified its position as a key investor with $470.68 million in capital inflow, an increase from $420.97 million in 2022. Singapore’s continued investment growth reflects its long-term confidence and commitment to Nigeria’s economic environment.
#1 United Kingdom
The United Kingdom remains Nigeria’s leading foreign capital source, with inflows amounting to $1.14 billion. Although this represents a decrease from $2.76 billion in 2022, the UK’s contribution is still significantly higher than any other country’s, underscoring a robust bilateral relationship and ongoing investment interests.
Can you shed more light on what sectors these investments were made in? Also, who are some of the notable investors? For example, are funds from the BVI simply being rerouted from elsewhere? Finally, please change the Union Jack that has been used to represent the United States. Great work! 👍🏽
The “Made in Nigeria” Project Office in Abuja is a government initiative under the Office of the Secretary to the Government of the Federation (OSGF). It focuses on promoting locally manufactured goods and services, encouraging their consumption, and supporting Nigerian businesses, particularly SMEs. The office aims to foster economic growth, create jobs, and diversify the Nigerian economy.
Key aspects of the project:
Mission: To drive economic growth by promoting local production, enhancing national pride, and empowering Nigerian businesses.
Location: The office is based in Abuja, specifically under the OSGF.
Leadership: It is led by Hon. George Buchi Nwabueze as the National Coordinator.
Core Objectives:
Promote local content and encourage the consumption of Nigerian-made products.
Boost economic growth through job creation and entrepreneurship.
Support the development of Nigerian brands and their visibility in global markets.
Key Activities:
Public awareness campaigns to highlight the benefits of supporting Nigerian goods.
Entrepreneur support programs providing training, funding, and market access.
Organizing events like the Abuja Expo and Trade Expo Nigeria to showcase local products.
Broader Initiative: The project is part of a larger government effort to promote economic growth through local production.
Social Media: The project has a presence on various social media platforms like Facebook, Instagram, and LinkedIn.