Nigeria’s Foreign Direct Investment Slumps To 9-Year Low In Second Quarter 2024
This represents a sharp drop of approximately $90 million from the $119.18 million recorded in Q1 2024.
Amid claims by Nigeria’s President, Bola Ahmed Tinubu that the country recorded $30 billion Foreign Direct Investment in the last year, data has shown that in the second quarter of 2024, the country recorded its lowest FDI in over nine years.
This report examines the trend of FDI in Nigeria between 2015 and the second quarter of 2024. Recently released data from the National Bureau of Statistics reveals a significant decline in FDI for Q2 2024, totaling $29.83 million.
This represents a sharp drop of approximately $90 million from the $119.18 million recorded in Q1 2024.
In the third quarter of 2023, which marked the beginning of Tinubu’s administration, Nigeria received $59.77 million in FDI. This was a notable increase from the first quarter’s $47.06 million, and lower than the second quarter’s $86.03 million.
Further analysis shows that the figure posted for the second quarter of the year, is lowest since 2015.
In the fourth quarter of 2022, Nigeria earned FDI of $84.23 million; in the third quarter of 2022, the FDI stood at $81.72 million; in the second quarter of 2022, it stood at $147.16 million, while that of the first quarter of 2022 stood at $154.97 million.
More checks show that in the second quarters of 2023, FDI stood only at $86.03 million while in the first quarter of 2023, FDI stood at $47.06 million.
Data review shows that in the first quarter of 2015, the country’s FDI stood at $394.6 million, the figure recorded in Q2 of 2015 was $211.1 million, Q3 $717.7, million and Q4, $123.1 million.
In 2016, the FDI recorded was Q1 $174.4 million, Q2 $184.2 million, Q3 $340.6 million, Q4. $344.6 million.
The data further shows that in 2017, the FDI for the first quarter stood at $211.3 million, that of Q2 was $274.3 million while that of Q3 was 117.6 million.
In 2018, the amount recorded was $246.6 million for the first quarter, $261.3 million for the second quarter, $530.6 million for the third quarter and $156 million for the fourth quarter.
In 2019, FDI for Q1 stood at $247.3 million; Q2, $223.1 million; Q3, $206.5 million and Q4, $257.2 million.
The figure posted in 2020 stood at $214.2 million for the first quarter, $148.5 million for the second quarter, $414.7 million for the third quarter and $251.2 million for the fourth quarter.
For the fourth quarter of 2021, FDI stood at $358 million, Q3 recorded $107.81 million, Q2 recorded $77.9 million and Q1 recorded 2021 $154.7 million.
