The amount of investment into Nigeria dropped by 33.02 per cent in the third quarter of 2022 and 51.51 per cent in the last quarter of last year, according to the latest capital importation data released by the National Bureau of Statistics (NBS).
According to the data, capital importation to the country which dropped to $1.159 billion in Q3 further declined to $1.06 billion by the end of December 2022.
This represents a 33.02 and 51.51 per cent decline in 2022 Q3 and Q4 compared to the inflow in the comparable period of 2021.
Foreign direct investment into Nigeria plunged by a third last year as a severe dollar shortage deterred global investors from expanding in the country.
Investment fell to $468 million in 2022 from $698 million a year earlier. FDI has collapsed about 90 per cent from a high of $4.7 billion in 2008, the government data shows.