The National Bureau of Statistics (NBS) has disclosed that African investors, excluding Nigerians, contributed $285.11 million to Nigeria’s foreign capital inflows in the third quarter of 2024. This figure represents 22.76% of the total foreign capital imported into the country during the period.
While the contribution underscores the critical role of African investors in Nigeria’s capital importation landscape, it also reflects a decline compared to previous quarters. The NBS report noted a 43.73% decrease from $506.68 million recorded in the second quarter of 2024 and a 16.77% drop from $342.55 million in the third quarter of 2023.
Key contributors to the African inflow were Mauritius, the Republic of South Africa, Ghana, and Morocco. Mauritius led the African contributors with $97.63 million, despite a steep decline of 61.05% from $250.70 million in Q2 2024 and a 56.85% year-on-year drop from $226.18 million in Q3 2023.
The Republic of South Africa followed with $185.03 million, marking a significant 59.02% year-on-year growth from $116.37 million in Q3 2023. However, on a quarter-on-quarter basis, its contribution fell by 27.73% from $255.98 million in Q2 2024. Ghana re-emerged as an investor with $2.35 million, while Morocco contributed $0.10 million.
In contrast to the declining trends from other African countries, Nigerian investors demonstrated remarkable growth, contributing $10.84 million in Q3 2024. This reflects a 261.33% year-on-year increase from $3 million in Q3 2023 and a 198.63% quarter-on-quarter surge from $3.63 million in Q2 2024.
Overall, Nigeria’s total foreign capital inflow for Q3 2024 amounted to $1.25 billion, a sharp 51.89% decline from the $2.60 billion recorded in Q2 2024. Despite this quarterly contraction, the inflows marked an annual increase of 91.35% from $653 million in Q3 2023.
Europe remained the largest contributor to Nigeria’s foreign capital, driven primarily by the United Kingdom and the Netherlands. The United Kingdom contributed $502.6 million in Q3 2024, though this represented a significant drop from $1.12 billion in Q2 2024. The Netherlands followed with $121.92 million, down sharply from $577.82 million in Q2 2024.
From North America, the United States recorded steady growth, contributing $163.86 million in Q3 2024, up from $81.5 million in Q2 2024. Meanwhile, inflows from Asia were led by Saudi Arabia, which contributed $28.01 million despite a 48.65% drop from $54.55 million in Q2 2024. China and Singapore also contributed $9.58 million and $5.63 million, respectively, reflecting declines from Q2 2024 levels.
The NBS report highlights the challenges Nigeria faces in attracting foreign capital amidst global economic uncertainties. While Africa’s contribution remains vital, the overall decline in inflows from Mauritius and South Africa has impacted the continent’s share. In contrast, Europe and North America continue to serve as stable sources of foreign investments, reinforcing their dominant role in Nigeria’s capital importation framework.
