Nigeria’s FDI Revenue Plummets to $29.83M

Insights on Nigeria’s FDI Decline and Economic Factors

Nigeria’s Foreign Direct Investment (FDI) revenue has dropped to a record low of $29.83 million in the second quarter of 2024, according to the National Bureau of Statistics (NBS).

This marks a significant decrease of 65.33% from the $86.03 million recorded in the same quarter in 2023, and a 74.97% decline from the $119.18 million reported in the first quarter of 2024.

This downturn is attributed to a range of factors, including economic uncertainties, foreign exchange market instability, and high business operation costs in Nigeria.

These challenges have deterred investors and prompted multinational companies to exit the market​.