FDI, which is the ownership of a stake in a foreign company or project made by an investor, company, or government from another country, comprises equity and other capital.
The latest data on capital importation from the National Bureau of Statistics indicated that the country attracted $5.98bn capital inflow in H1 2024, which is about 177 per cent higher than the $2.16bn recorded in the same period of 2023.
A look at the NBS data showed that the increase in capital inflow was driven by a 360 per cent year-on-year jump in portfolio investments into Nigeria to $3.48bn from $756m last year and an 85 per cent rise in other investments to $2.35bn while FDI merely managed a 12 per cent year-on-year increase to $149m under six months of 2024.
Experts have emphasised the need to make the country’s economy for FDIs, which brings in long-term capital and projects.
Due to the high interest rate environment in H1 2024, investors participated significantly in the money market, with around 77 per cent (or $2.68bn) of foreign portfolio investments allocated to Treasury bills, open market operations bills, and commercial papers.
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