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5 sectors that attracted the most foreign investment in Nigeria 2023

Top 5 sectors that attracted the most foreign investment in Nigeria 2023


5 sectors that attracted the most foreign investment in Nigeria 2023



In the fiscal year of 2023, Nigeria saw a shift in foreign investment trends amid economic challenges, with a total capital importation of $3.9 billion, a noticeable decrease from the $5.3 billion recorded in the previous year.


5 sectors that attracted the most foreign investment in Nigeria 2023


This is also the lowest capital importation for Nigeria dating as far back as 2013 when the NBS started publishing data. For context, Nigeria attracted over $23 billion in capital importation in 2019.



Despite this downturn, certain sectors stood out for their ability to draw in capital, showcasing resilience and potential growth areas in the Nigerian economy.


Top 5 sectors that attracted the most foreign investment in Nigeria 2023


Here we highlight the top five sectors that attracted the most capital inflow in 2023, underscoring their significance to the nation’s economic landscape.



5. Trading Sector

The Trading sector’s inflow stood at $237.52 million, slightly down from $265.35 million, suggesting that trade activities remain essential, with the movement of goods and services still attracting considerable investments.



4. Shares

The Shares sector received $294.08 million, a drop from $469.42 million in 2022, indicating a cautious approach from investors who are possibly waiting for more favorable market conditions before committing to equity investments in Nigerian companies.



3. Financing Sector

With an investment of $445.94 million, the Financing sector showed its pivotal role in facilitating economic growth, although it marked a decrease from $791.16 million in 2022. This sector remains critical for funding development projects and empowering other sectors through financial services.



2. Banking Sector

The backbone of Nigeria’s financial system, the Banking sector, attracted $832.64 million, despite a substantial reduction from the previous year’s $2,089.60 million. The banking sector continues to be a pillar for investment, reflecting investors’ confidence in its stability and regulatory framework.



1. Production/Manufacturing Sector

Dominating the chart with an overwhelming inflow of $1,590.79 million, the Production/Manufacturing sector demonstrated robust performance, significantly higher than the $948.43 million in the preceding year. This sector’s growth signals a positive move towards diversifying the economy and increasing self-reliance in production capabilities.

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