ADVERTISEMENT

10 Nigerian sectors with the highest foreign investments

Capital importation increase during the period in review shows a restoration of investor confidence amid the current economic turmoil.

Sectors with highest foreign investments [BI]

The most recent capital importation report for the first quarter of 2024 released by the National Bureau of Statistics (NBS) has shown that Nigeria’s capital importation during the period ($3,376.01 million) increased by 198.06% from US$1,132.65 received in Q1 2023.

When compared to the figures recorded in the fourth quarter of 2023 ($1,088.48 million), the figures in Q1, 2024 showed a 210.16% rise.

Capital importation is the currency flow into a country for investment, trade, or business operations and its increase during the period in review shows a restoration of investor confidence amid the current economic turmoil.

ADVERTISEMENT

Some sectors however showed more strength by attracting more foreign investments than other sectors and the top ten sectors that attracted the most capital importation include:

The Banking sector recorded the highest inflow with $2,067.44 million. When compared to figures in Q4, 2023 ($283.3 million), this represented a massive 630% increase and represented 61.24% of total capital importation in Q1 2024.

The trading sector followed closely and recorded a $494.93 million inflow. This indicated a 646% rise from $66.34 million recorded in Q4 2023 and represented 14.66% of the total capital importation.

ADVERTISEMENT

The sector came in third position with an inflow of $191.92 million representing 5.68% of the total capital importation. The sector, however, witnessed a 57.4% drop from $450.11 million recorded in Q4 2023

The telecommunications sector received $191.57 million in Q1 2024 indicating a 738.7% increase from $22.84 million recorded in Q4 2023. This represented 5.67% of the total capital importation.

ADVERTISEMENT

Investments in IT services witnessed an inflow of $171.7 million in Q1 2024 representing a massive 1,790% increase from $9.08 million recorded in Q4 2023. This represented 5.09% of the total capital importation during the period.

The Shares sector followed closely as it attracted $98.71 million in Q1 2024. This indicated a 91.86% jump from $51.45 million recorded in Q4 2023 and represented 2.92% of the total capital importation in Q1, 2024.

According to Infosentric, the Financing sector witnessed a drop in investments from $135.59 million in Q4, 2023 to $75.55 million in Q1, 2024. This represented 2.24% of total importation in Q1 2024

ADVERTISEMENT

The Electrical sector attracted a $58.93 million inflow in Q1 2024. This indicated a 15.71% increase when compared with $50.94 million recorded in Q4 2023 and represented 1.75% of total capital importation.

The Agricultural sector attracted an increased investment of $15.8 million in Q1 2024, a 3,666.67% rise from the $0.42 million invested in Q4 2023, representing 0.47% of total capital importation.

ADVERTISEMENT

Investments in the transport sector witnessed a moderate increase from $0.14 million recorded in Q4, 2023, to $5.05 million in Q1 2024. This represented 0.15% of the total capital importation.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Best real money South Africa online casinos

Best real money South Africa online casinos

Prices of beans, tomatoes, and other food items surge in June 2024

Prices of beans, tomatoes, and other food items surge in June 2024

How QShop is changing the E-commerce game for Nigerian small businesses

How QShop is changing the E-commerce game for Nigerian small businesses

10 African countries with the lowest number of internet users in 2024

10 African countries with the lowest number of internet users in 2024

9 African countries with the highest average monthly net salary

9 African countries with the highest average monthly net salary

Cardoso-led CBN raises interest rate by 50 basis points

Cardoso-led CBN raises interest rate by 50 basis points

Rack Centre, others canvass for the use of waste to generate energy

Rack Centre, others canvass for the use of waste to generate energy

MTN, Piggyvest, Flutterwave, Kuda named top fintech companies in CNBC’s 2024 ranking

MTN, Piggyvest, Flutterwave, Kuda named top fintech companies in CNBC’s 2024 ranking

Breaking News: UAE considering slashing Visa/DVN fees for Nigerians

Breaking News: UAE considering slashing Visa/DVN fees for Nigerians

ADVERTISEMENT
ADVERTISEMENT