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The National Bureau of Statistics (NBS) has reported that African investors, excluding Nigeria, contributed a substantial $285.11 million foreign capital to Nigeria during the third quarter of 2024. This represented 22.76% of the total foreign capital inflow into the country, underscoring the importance of African nations in Nigeria’s capital importation landscape.
However, the latest NBS capital importation report highlights a decline in Africa’s contributions compared to the second quarter of 2024 and the same period last year. The $285.11 million recorded in Q3 2024 marks a 43.73% decrease from the $506.68 million recorded in Q2 2024 and a 16.77% drop from the $342.55 million recorded in Q3 2023.
Key African Contributors
Mauritius, the Republic of South Africa, Ghana, and Morocco emerged as the primary African contributors during the period:
- Mauritius contributed $97.63 million, maintaining its role as a significant source despite a sharp 61.05% decline from $250.70 million in Q2 2024 and a 56.85% drop from $226.18 million in Q3 2023.
- The Republic of South Africa provided $185.03 million, reflecting a remarkable year-on-year increase of 59.02% from $116.37 million in Q3 2023. However, this represented a quarter-on-quarter decrease of 27.73% from $255.98 million in Q2 2024.
- Ghana contributed $2.35 million, marking its first notable input in recent quarters and signaling renewed interest from Ghanaian investors.
- Morocco made a minor contribution of $0.10 million in Q3 2024.
Rising Contributions from Nigerian Investors
Unlike the decline seen among other African nations, foreign capital inflows from Nigerian investors surged significantly. Nigerian contributions totaled $10.84 million in Q3 2024, reflecting a 261.33% year-on-year increase from $3 million in Q3 2023 and a 198.63% quarter-on-quarter growth from $3.63 million in Q2 2024.
Global Contributions
While Africa’s share stood at 22.76% of Nigeria’s total capital inflow, significant contributions came from other regions:
- Europe remained the largest contributor, driven by inflows from the United Kingdom and the Netherlands. The UK led with $502.6 million, though this was a decline from $1.12 billion in Q2 2024. The Netherlands followed with $121.92 million, a sharp drop from $577.82 million in Q2 2024.
- North America showed consistent growth, with the United States recording $163.86 million in Q3 2024, up from $81.5 million in Q2 2024.
- Asia also contributed notably, with Saudi Arabia leading at $28.01 million, despite a 48.65% decline from $54.55 million in Q2 2024. China and Singapore recorded $9.58 million and $5.63 million, respectively, reflecting quarter-on-quarter decreases.
Overall Trends
The NBS report revealed a total foreign capital inflow of $1.25 billion in Q3 2024, marking a 51.89% decline from $2.60 billion in Q2 2024. Despite this, annual inflows increased by 91.35% compared to Q3 2023.
While Africa’s contribution remains significant, the declining inflows from Mauritius and South Africa impacted the continent’s overall share. In contrast, Europe and North America have demonstrated steady performance as major foreign capital sources for Nigeria.
The rise in contributions from Nigerian investors highlights growing domestic confidence and suggests a potential shift in the country’s capital inflow dynamics.
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