African investors, excluding Nigerians, funneled $285.11 million in foreign capital into Nigeria in the third quarter of 2024, accounting for 22.76% of the country’s total foreign capital inflows.
The National Bureau of Statistics (NBS) revealed this in its latest capital importation report, which highlighted a significant decline in Africa’s contribution. Compared to $506.68 million recorded in the second quarter of 2024, the figure dropped by 43.73%.
Year-on-year, the decline was less steep, falling 16.77% from $342.55 million in Q3 2023. Despite the slump, African investors remained critical players in Nigeria’s foreign capital landscape, signaling ongoing confidence in the nation’s economic potential.
Experts attribute the dip in capital inflows to global economic uncertainties and Nigeria’s internal fiscal challenges. However, the country’s investment prospects in sectors like fintech, energy, and agriculture continue to attract attention from African financiers, highlighting long-term optimism in the market.
