Top 10 Countries Driving Foreign Investment into Nigeria in 2023.
The influx of foreign capital into Nigeria witnessed a decline of 27% in 2023, as reported by the National Bureau of Statistics (NBS), dropping from $5.33 billion to $3.91 billion. Despite this downturn, Nigeria experienced notable foreign investment activity throughout the year, showcasing a diverse array of international investors contributing to the country’s economic prosperity.
Here’s an insightful breakdown of the top 10 countries channeling foreign capital into Nigeria:
#10 British Virgin Islands: Experiencing a remarkable surge in investments, the British Virgin Islands contributed $30.16 million in 2023, reflecting a substantial increase from $7.14 million in 2022. This surge indicates growing confidence in potential financial collaborations between Nigeria and the Caribbean offshore finance hub.
#9 Hong Kong: Recording a decrease in investment to $40.74 million in 2023, down from $165.35 million in the previous year, Hong Kong-based investors recalibrated their investment strategies towards Nigeria, reflecting evolving market dynamics.
#8 Nigeria: Domestic reinvestment remained steady at $168.29 million in 2023, showcasing a commitment to bolstering internal economic growth through sustained capital circulation within the country.
#7 United Arab Emirates (UAE): Despite a slight decrease from the previous year, the UAE continued its significant investment in Nigeria, contributing $328.48 million in 2023, reaffirming its enduring interest in Nigeria’s economic landscape.
#6 Mauritius: Strategically increasing its investments to $331.07 million in 2023 from $208.66 million in 2022, Mauritius emerged as a growing investor in Nigeria, indicating a deepening economic partnership between the two nations.
#5 Republic of South Africa: Remaining a prominent investor, South Africa contributed $378.49 million in 2023, highlighting its pivotal role as a key economic partner to Nigeria, despite a slight reduction from the previous year.
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#4 Netherlands: Experiencing a significant surge, the Netherlands doubled its investment in Nigeria to $391.43 million in 2023 from $171.27 million in 2022, signaling enhanced economic ties and confidence in Nigeria’s market.
#3 United States: Marking a substantial increase, the United States invested $442.66 million in Nigeria in 2023, up from $286.92 million in 2022, showcasing growing interest from American entities in leveraging Nigeria’s diverse opportunities.
#2 Singapore: Solidifying its position as a key investor, Singapore witnessed a rise in capital inflow to $470.68 million in 2023 from $420.97 million in the previous year, underscoring its long-term confidence and commitment to Nigeria’s economic landscape.
#1 United Kingdom: Remaining the primary foreign capital source for Nigeria, the United Kingdom contributed $1.14 billion in 2023. While this figure represents a decrease from the previous year, the UK’s substantial investment underscores a robust bilateral relationship and sustained investment interests between the two nations.
By attracting investments from diverse global partners, Nigeria continues to position itself as an attractive destination for foreign capital, fostering economic growth and development in the region.
