Multiple repellers

Weakening naira, insecurity, poor policies… Why Nigeria’s FDI declining

By Temitayo Lawal

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Posted on April 18, 2023 14:47

© A bureau de change operator counts U.S. currency notes in Abuja, March 12, 2015. REUTERS
A bureau de change operator counts U.S. currency notes in Abuja, March 12, 2015. REUTERS

Nigeria’s foreign investment plunged from $6.7bn in 2021 to $5.3bn in the following year, recording a nearly 21% year-on-year drop, according to a recent report by the National Bureau of Statistics (NBS).

This is the country’s lowest level in six years, as the downward trend persists in Africa’s largest economy, where foreign investment stood at about $24bn in 2019.

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