Nigeria Attracts $43bn Investments in Four Years

• Nigeria Attracts $43bn Investments in Four Years

The Nigerian economy attracted a total investment of $43.81 billion between January 2015 and December 2018, checks have revealed.

Going by the official exchange rate of N305 to a U.S. dollar, the $43.81 billion is equivalent to N13.36 trillion.

Analysis showed investment inflows stood at $9.65 billion in 2015 before dropping by $4.55 billion to $5.1 billion in 2016.

The report, however, noted that the introduction of Investors & Exporters foreign exchange window boosted foreign investment inflow in 2017 to $12.2 billion.

In 2018, the economy attracted $16.81 billion investment following a moderate and stable economic growth amid better oil outlook.

The larger part of 2018 investment inflow came from the United Kingdom with $6 billion, representing 35.74 per cent of the total capital inflow.

The United States followed with $3.57 billion; South Africa, $1.15bn; the United Arab Emirates, $937.19m; Belgium, $886.08m; and Singapore, $780.87m.

Other sources of capital investment were Ghana, $626.44 million; Mauritius, $560.87m; The Netherlands, $373.08m; and Switzerland, $355.98m.

Yewande Sadiku, the Executive Secretary, Nigeria Investment Promotion Commission, had said the government was interested in local investment in key sectors.

She said, “We are interested in seeing more Nigerians invest in the country, and we have a Domestic Direct Investment model now in the commission and we are working with the National Bureau of Statistics to track investments inflow into the country.”

“The current efforts of the NIPC in working more closely with the states is to increase the level of investment inflow into the country, and to ensure seamless collaboration and proper tracking.”