The National Bureau of Statistics has announced that in the third quarter of 2024, African investors (excluding those from Nigeria) contributed $285.11 million to Nigeria’s foreign capital inflows, representing 22.76% of the total.
This marked a decline of 43.73% from the previous quarter and 16.77% from Q3 2023.
Mauritius, South Africa, Ghana, and Morocco were the key contributors. Mauritius, with $97.63 million, saw a significant drop of 61.05% from Q2 2024, while South Africa’s contribution of $185.03 million grew by 59.02% year-on-year, though it decreased by 27.73% from the previous quarter. Ghana contributed $2.35 million, signaling renewed interest, and Morocco contributed $0.10 million.
In contrast to the decline in African inflows, Nigerian investors saw a remarkable increase, contributing $10.84 million in Q3 2024, reflecting a 261.33% growth from the previous year and a 198.63% increase from Q2 2024. This suggests rising domestic investor confidence.
Despite the decline in African capital, foreign investments from other regions remained strong. Europe, led by the UK and the Netherlands, remained the largest contributor, with the UK providing $502.6 million, though it was down significantly from Q2 2024. The Netherlands contributed $121.92 million, a sharp drop from the previous quarter. North America also showed growth, with the United States contributing $163.86 million, a notable increase from Q2 2024.
Asian countries like Saudi Arabia, China, and Singapore showed mixed results. Saudi Arabia contributed $28.01 million, a 48.65% decline from Q2 2024, while China and Singapore also saw declines. Overall, Nigeria’s total foreign capital inflows for Q3 2024 amounted to $1.25 billion, reflecting a 51.89% drop from the previous quarter, despite a 91.35% increase from Q3 2023.
