Telecom: FDI’s In Nigeria Hit $64 Million In Q3 2023

In the third quarter of 2023, foreign direct investments (FDIs) of $279.51 million were directed toward the Manufacturing sector.

Comparing this amount to the $605.04 million number during the previous quarter, there has been a decrease of around 53.80%.

FDI to the manufacturing sector fell by 71.2% year over year from $392.54 in Q3, 2022 to the amount in the quarter under review.

Figures from the National Bureau of Statistics’ Q3 Foreign Capital Importation report (NBS) support this.

However, in the first nine months of 2023, the manufacturing sector received around $1.14 billion in foreign capital.

This represents an increase of $415.82 million when compared to the $724.75 million received in the same period of 2022.

It is important to note that the decline in foreign capital is not unique to the manufacturing sector but to the general economy in Q3.

Total capital importation for Q3 stood at $654.65 million which represents a drop of 36.45% when compared to the figure recorded in Q2 ($1.03 billion).

Every year, foreign capital declined by 43.55% from the $1.16 billion recorded in the same quarter of 2022.