Africa’s Capital Inflows to Nigeria Decline in Q3 2024

African investors contributed 22.76% of Nigeria’s foreign capital inflows in Q3 2024, amounting to $285.11 million. The inflow demonstrates the considerable role of fellow African countries in Nigeria’s capital importation. However, it also represented a 43.73% decline from Q2 2024 and a 16.77% drop compared to Q3 2023. Key contributors included Mauritius, South Africa, Ghana, and Morocco. While Mauritius saw a sharp decline in its contribution to Nigeria’s inflows, South Africa’s investment grew by 59.02% year-on-year. Meanwhile, foreign capital inflows from Nigerian investors increased by 261.33% compared to the previous year, reaching $10.84 million. Despite Africa’s declining share, Europe maintained its status as the largest contributor to Nigeria’s foreign capital with the United Kingdom contributing the most inflow. Overall, Nigeria’s foreign capital inflow totaled $1.25 billion, reflecting a 51.89% drop from the previous quarter. While this decline highlights global economic caution, Nigeria’s investors show growing confidence in the local economy.

SOURCE: NAIRAMETRICS