The National Bureau of Statistics, NBS, has released a report showing the top 10 countries with the highest foreign investment in Nigeria. The report indicates that Nigeria attracted $2.60 billion foreign investment in the second quarter of this year.
This amount represents a 22.85% fall from the $3.37 billion recorded in the same period last year. However, it indicates a shifting dynamics and the attractiveness of Nigeria as an investment destination.
Here is a list of the top 10 countries with the highest foreign investment in Nigeria in Q2 2024 according to the NBS;
10. Belgium
In the second quarter of this year, Belgium’s investment in Nigeria rose to $14.2 million. This indicates a huge decline of over 70% compared to the $59.15 million recorded during the same period last year. This decline may have been spurred by the current economic uncertainty in the country.
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9. Switzerland
Switzerland’s investment in Nigeria rose by 202% in Q2 2024 hitting $14.55 million. This represents a substantial increase and renewed Swiss interest in Nigeria’s market.
8. Hongkong
Hongkong also features on the list of top 10 countries with the highest foreign investment in Nigeria. In Q2 2024, Hongkong recorded $15.7 million foreign investment, indicating a 91% increase from $8.09 million in Q1 2024. This shows Hongkong’s renewed confidence in Nigeria’s economic prospects.
7. Saudi Arabia
Saudi Arabia contributed $54.55 million into Nigeria in Q2 2024, an increase of $0.01 million in Q2 2023. However, there was a 41.04% decline compared to $271.92 million recorded in Q1 2024.
6. United States
Also on the list of top foreign investment in Nigeria is the United States with $81.58 million in Q2 2024. This indicates a 70% decline from $271.92 million recorded in Q2 2023.
5. UAE
With $143.44 million investment, UAE ranks 5th on the list of top foreign investors in Q2 2024. This represents a 41.82% increase compared to $101.13 million in the same period last year. Also, it highlights the booming economic ties between UAE and Nigeria.
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4. Mauritius
Mauritius also rose up the ladder as one of the top investors in Nigeria with $250.70 million. This represents a massive year-on-year increase of 1,369.94% from $17.05 million in Q2 2023.
3. South Africa
In the second quarter of 2024, South Africa contributed $255.98 million, reflecting a significant year-on-year growth of 86.91% from $136.95 million in the same quarter of 2023. However, this figure represents a quarter-on-quarter decrease of 56.05% compared to the $582.34 million recorded in the first quarter of 2024.
2. Netherlands
In the second quarter of 2024, the Netherlands made an investment of $577.82 million in Nigeria, marking a remarkable year-on-year growth of 871.60% compared to the $59.45 million invested in the same quarter of 2023.
1. United Kingdom
In the second quarter of 2024, the United Kingdom emerged as the foremost contributor of foreign investment in Nigeria, with an investment totaling $1.12 billion. This figure marks a remarkable year-on-year growth of 752.02%, compared to $131.49 million in the same quarter of 2023.
