Decline in US Investment: Nigeria’s Foreign Capital Plummets by 88% in Q4 2023.
In an unexpected turn of events, Nigeria experienced a significant 88% decline in foreign capital influx from the United States during the final quarter of 2023, as reported by the National Bureau of Statistics (NBS).
This drastic drop saw capital inflow from the U.S. plummet from $67.04 million in Q3 to a mere $8.34 million in Q4, marking the lowest level of U.S. capital importation into Nigeria on record.
This downturn isn’t just a quarterly anomaly; it represents an alarming 80% year-over-year decrease from the $42.14 million recorded in the same quarter of the previous year, indicating a notable decline in American economic interest in Nigeria.
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Despite this fourth-quarter slump, it’s noteworthy that the United States remained among the top 10 contributors to Nigeria’s foreign capital pool for 2023. The U.S. actually escalated its economic engagement with Nigeria, with investments totaling $442.66 million, up from $286.92 million in the preceding year, indicating a broader trend of increasing economic interactions despite the end-of-year downturn.
