Nigeria Attracts $12.2 billion Investments in 2017

• Nigeria Attracts $12.2 billion Investments in 2017

Rising business confidence and better economic outlook in Africa’s largest economy Nigeria helped attract substantial foreign direct investment in 2017.

According to the National Bureau of Statistics, capital importation stood at $12.2 billion in 2017, more than 137 percent increment when compared to the $5.38 billion generated in 2016.

Also, capital inflow in the final quarter of 2017 rose by 29.9 percent to $5.32 billion, slightly below the $5.38 billion generated in the whole of 2016. This, experts attributed to the renewed interest in the Nigerian economy due to the ongoing economic recovery and growth plan.

Breaking down the numbers, Portfolio Investment rose by 1,123.5 percent or $3.1 billion to $3.47 percent in the fourth quarter of 2017, representing 64.6 percent of the total capital imported in the quarter. Year-on-year, portfolio investments rose from $5.51 billion in 2016 to $7.32 billion in 2017.

Foreign Direct Investment attracted a total of $378.4 million in the quarter, about 9.8 percent higher than what was obtained in the same quarter of 2016. Also, this is the highest FDI since the final quarter of 2015 when $123.2 million was recorded. Other investments accounted for 28 percent of the total capital inflow.

The report read in part, “The growth in capital importation in 2017 was mainly driven by an increase in portfolio investment, which went up by $5.51bn from the previous year to reach $7.32bn in 2017, and accounting for 60 percent of capital imported.

“During the reference quarter, the total capital imported, when compared to the previous quarter, increased by $1.23bn.”