Nigeria’s efforts to shore up its foreign capital have continued to suffer setbacks as the country’s capital importation declined by 22.85 per cent over in three months.
FDI during the period was only $29.83 million or 1.15 per cent of the total capital importation in Q2 2024.
This is also lower than the first quarter 2024 performance which was $119.18 million or 3.53 per cent of total capital importation during the period.
Even portfolio investment, which contributed 61.48 per cent of the total capital import in the first quarter, declined to 53.93 per cent in the second quarter 2024.
National Bureau of Statistics (NBS) in its Q2 2024 capital importation report shows that Nigeria’s total capital importation rose from $1.03 billion in the second quarter of 2023 to $2.6 billion in the second quarter of 2024, indicating a year-on-year increase of 152.81 per cent.
In comparison to the…
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