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.
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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.
