The National Bureau of Statistics (NBS) has announced that Nigeria has recorded a substantial increase in foreign investments in the first quarter (Q1) of 2024.
The report, titled ‘Nigeria Capital Importation Q1 2024,’ revealed that the country received $3.38 billion in foreign investments, a 210% quarter-on-quarter increase from the $1.09 billion reported in Q4 2023.
On a year-on-year basis, capital importation rose by 198.06% from $1.13 billion recorded in Q1 2023. The report further revealed that two states and the Federal Capital Territory (FCT) contributed to the country’s capital importation during the quarter.
Lagos State accounted for the largest share of foreign capital inflow, with a total of $2.78 billion, representing 82% of the total. The FCT followed with $593.58 million, while Ekiti State recorded a modest $12,750.
The report provides a positive outlook for Nigeria’s economy, indicating a growing confidence in the country’s investment landscape.
Boluwatife Enome
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