Foreign investments in Nigeria’s manufacturing sector increased by $644 million in 2023 to $1.5 billion from $948 million in the previous year.
According to the PUNCH, the industry with the greatest investments is manufacturing, which came on top recorded in NBS’s capital importation report.
The industries comprising the top three investment magnates were banking and finance, which ranked distantly second and third, respectively.
Manufacturing investments in 2023 totaled $1.5-2 billion, or 39% of all capital imports that year ($3.8 billion).
Compared to $5.4 billion in 2022, foreign investments in Nigeria decreased by $1.5 billion to $3.8 billion.
In terms of capital imports, other investments brought in $2.37 billion, portfolio investments came in at $1.1 billion and foreign direct investment brought in $377.3 million.
With $2.5 billion, Lagos State was the most popular destination in 2023, followed by Abuja ($1.1 billion), Rivers States reported $6 million and Abia $150 million, respectively.
In 2023, investments were also drawn to Ogun, Ekiti, Abia, Akwa Ibom, Anambra, and Adamawa states.
29 states were unable to draw in any capital during that time.
Foreign investments in Nigeria have consistently decreased in recent years.
The largest economy in Africa had a $18.6 billion fall in foreign investment in just four years (2019–2022), according to NBS.
Eight states were unable to draw in any kind of foreign investment throughout the four years.
Taraba, Yobe, Zamfara, Bayelsa, Ebonyi, Gombe, Jigawa, and Kebbi were the states that were impacted.
The report indicates that “$23.9 billion in foreign investments were made in Nigeria in 2019.
The amount fell to $9.6 billion by 2020, then to $6.7 billion the next year, and finally to $5.3 billion in 2022. This suggests a $18.6 billion drop over the next four years.”
Over the course of the four years, the world’s most populated Black country earned around $46 billion.
With $35.4 billion in foreign investments, Lagos State topped the way, followed by Federal Capital Territory ($10 billion).
