investment inflow plummets to $654.65 Million in Q3 2023 despite Tinubu's global outreach

Total investment inflow, otherwise called capital importation, into the economy crashed to a record low of $654.65 million in the third quarter of the year (Q3 2023).

The National Bureau of Statistics (NBS) disclosed in its recent Capital Importation Report for Q3 2023 that the figure was lower than US$1,159.67 million recorded in Q3 2022, indicating a decline of 43.55 percent.

In comparison to the preceding quarter, the current capital importation fell by 36.45 percent from US$1,030.21 million in Q2 2023.

Interestingly this result is coming on the heels of unceasing global search for investors by the President Tinubu-led government which has made combing the nooks and crannies of the globe for foreign investors a national priority.

Investment experts have criticized the globe trotting of the Nigerian government on the ground that making the domestic environment conducive for investors should take priority over the present unproductive approach.

The report showed that Other Investment ranked top accounting for 77.56 percent (US$507.77 million) of total capital importation in Q3 2023, followed by Portfolio Investment with 13.31 percent (US$87.11 million).

Foreign Direct Investment (FDI) scored the lowest with 9.13 percent (US$59.77 million).

The production/manufacturing sector recorded the highest inflow with US$279.51 million, representing 42.70 percent of total capital imported in Q3 2023, followed by the financing sector, valued at US$127.93 million (19.54 percent), and Shares with US$85.49 million (13.06 percent).

Lagos state remained the top destination in Q3 2023 with US$308.83 million, accounting for 47.18 percent of total capital importation, followed by Abuja (FCT) with US$194.66 million (29.73 percent) and Abia state with US$150.09 million (22.93 percent).