Recent data from the National Bureau of Statistics (NBS) indicates that, in Q3 2024, African investors (excluding Nigerians) contributed 22.76 percent of Nigeria’s foreign capital inflows, amounting to $285.11 million. This marks a substantial involvement of African nations in Nigeria’s capital importation ecosystem; however, it represents a significant decline of 43.73 percent from $506.68 million in Q2 2024 and a 16.77 percent drop compared to $342.55 million in Q3 2023.
The Bureau noted a remarkable growth among Nigerian investors, with foreign capital inflows climbing to $10.84 million—an impressive 261.33 percent year-on-year increase from $3.00 million in Q3 2023 and a 198.63 percent surge from $3.63 million in Q2 2024.
Mauritius and South Africa emerged as the leading contributors among African nations, although their performances contrasted sharply. Mauritius accounted for $97.63 million, marking a significant decline of 61.05 percent from $250.70 million in the preceding quarter and a 56.85 percent decrease year-on-year. In contrast, South Africa’s contribution rose to $185.03 million, representing a 59.02 percent increase compared to $116.37 million in Q3 2023, though it saw a 27.73 percent drop from $255.98 million in Q2 2024. Ghana showed renewed interest with $2.35 million, while Morocco contributed a minimal $0.10 million.
In comparison, Africa’s overall performance was overshadowed by substantial contributions from Europe, North America, and Asia. Europe continued to lead, with the United Kingdom contributing $502.60 million despite a decline from $1.12 billion in Q2 2024, along with the Netherlands adding $121.92 million. North America also saw an uptick, with the United States increasing its contribution to $163.86 million, a rise from $81.58 million in Q2 2024. Asia experienced noted inflows, with Saudi Arabia contributing $28.01 million, China $9.58 million, and Singapore $5.63 million, although all registered declines compared to the previous quarter.
Overall, Nigeria’s total foreign capital inflow in Q3 2024 decreased significantly to $1.25 billion, reflecting a 51.89 percent drop from $2.60 billion in Q2 2024, despite an annual increase of 91.35 percent. The decline in African inflows, particularly from Mauritius and South Africa, dampened the overall contribution, while Europe and North America solidified their roles as leading sources. The rise in contributions from Nigerian investors highlights growing confidence and potential shifts in Nigeria’s capital inflow dynamics.
