The National Bureau of Statistics (NBS) has revealed that African investors, excluding those from Nigeria, contributed $285.11 million in foreign capital to Nigeria during the third quarter of 2024.
This contribution accounted for 22.76% of the total foreign capital inflow into the country, emphasizing the significant role of African nations in Nigeria’s capital importation landscape.
However, the NBS report pointed out that Africa’s overall contribution dropped compared to both the second quarter of 2024 and the same period last year. In Q3 2024, Africa’s contribution fell by 43.73% from $506.68 million in Q2 2024. It also decreased by 16.77% from $342.55 million in Q3 2023.
In the third quarter of 2024, Mauritius, South Africa, Ghana, and Morocco were the top African countries providing foreign investment to Nigeria. Mauritius was a major contributor, bringing in $97.63 million. However, this was a sharp drop of 61.05% compared to the $250.70 million it invested in the second quarter of 2024 and a 56.85% decrease from the $226.18 million it invested in the same period in 2023.
South Africa invested $185.03 million in the third quarter of 2024, which was a significant 59.02% increase from the $116.37 million it invested in the same quarter of 2023. However, this was a 27.73% decrease from the $255.98 million it invested in the second quarter of 2024. Ghana also contributed $2.35 million, showing renewed interest from its investors, while Morocco made a contribution of $0.10 million.
In contrast to the declining trends from other African nations, foreign capital inflows from Nigerian investors showed significant growth. Nigerian investors added $10.84 million to foreign investments in the third quarter of 2024. This was a huge jump of 261.33% compared to the $3 million they invested in the same period in 2023. Compared to the previous quarter (Q2 2024), it was a 198.63% increase from $3.63 million.
The report also pointed out that while Africa made up 22.76% of Nigeria’s foreign investments, other regions like Europe, North America, and Asia played a big role. Europe was the top contributor, with the United Kingdom and the Netherlands leading the inflows.
