The National Bureau of Statistics (NBS) has reported that African investors, excluding Nigerians, provided 22.76% of all foreign capital coming into Nigeria in the third quarter of 2024. This adds up to $285.11 million. However, this is a big drop of 43.73% compared to $506.68 million in the second quarter of 2024 and a 16.77% decrease from $342.55 million in the same period in 2023.
Key African contributors were Mauritius, South Africa, Ghana, and Morocco
- Mauritius invested $97.63 million, which is a big fall of 61.05% from $250.70 million in the second quarter of 2024 and a 56.85% drop from $226.18 million in the third quarter of 2023.
- South Africa invested $185.03 million, showing a 59.02% increase from $116.37 million in the same period last year, but a 27.73% decrease from $255.98 million in the second quarter of 2024.
- Ghana invested $2.35 million, appearing in the report again after not investing for a few quarters.
- Morocco made a very small investment of $0.10 million.
On the other hand, Nigerian investors had strong growth, adding $10.84 million—a 261.33% increase from $3.00 million in Q3 2023 and a 198.63% rise from $3.63 million in Q2 2024.
Global Investments
Africa made up 22.76% of all investments, but Europe, North America, and Asia still had the most.
- Europe had the biggest share, mostly from the United Kingdom with $502.60 million, though this was less than $1.12 billion in Q2.
- The Netherlands came next with $121.92 million, a big drop from $577.82 million.
- North America saw growth driven by the United States, which added $163.86 million, up from $81.58 million in Q2 2024.
Asia saw drops, with key inflows from:
- Saudi Arabia: $28.01 million (-48.65% from Q2).
- China: $9.58 million (-9.88% from Q2).
- Singapore: $5.63 million (-58.26% from Q2).
In the third quarter of 2024, Nigeria received a total of $1.25 billion in foreign investment. This amount was 51.89% less than the $2.60 billion received in the second quarter of 2024. However, compared to the same period in 2023, when Nigeria got $653.24 million, the investment increased by 91.35%.
