The National Bureau of Statistics (NBS) has revealed that African investors, excluding Nigeria, contributed $285.11m in foreign capital to Nigeria during the third quarter of 2024, representing 22.76 per cent of the country’s total foreign capital inflow.
Despite the significant input, the latest NBS report indicates a steep decline in Africa’s contributions compared to both the previous quarter and the same period in 2023.
The $285.11m recorded in Q3 2024 represents a 43.73 per cent drop from $506.68m in Q2 2024 and a year-on-year decrease of 16.77 per cent from $342.55m in Q3 2023.
Mauritius, South Africa, Ghana, and Morocco emerged as notable contributors.
Mauritius led with $97.63m in inflows but experienced a sharp 61.05 per cent decline from the $250.70m recorded in Q2 2024.
The year-on-year drop was even steeper, falling by 56.85 per cent from $226.18m in Q3 2023.
South Africa contributed $185.03m, marking a robust year-on-year growth of 59.02 per cent from $116.37m in Q3 2023.
However, its inflow fell by 27.73 per cent from $255.98m in Q2 2024. Ghana, making a notable re-entry, contributed $2.35m, while Morocco recorded $0.10m in inflows.
In contrast to the declining trends from other African nations, Nigerian investors showed remarkable growth in foreign capital inflows.
Domestic contributions rose to $10.84m in Q3 2024, reflecting a 261.33 per cent increase year-on-year from $3m in Q3 2023 and a 198.63 per cent rise from $3.63m in Q2 2024.
While Africa’s share declined, other continents played significant roles. Europe remained the largest contributor, with inflows driven by the United Kingdom and the Netherlands.
The UK led with $502.6m in Q3 2024, though this marked a substantial drop from $1.12bn in Q2 2024.
Similarly, the Netherlands contributed $121.92m, a sharp decline from $577.82m in the previous quarter.
North America, led by the United States, demonstrated consistent growth. U.S. inflows rose to $163.86m in Q3 2024, up from $81.5m in Q2 2024, reflecting increased investor confidence despite global economic uncertainties.
Asia also saw notable contributions, particularly from Saudi Arabia, China, and Singapore. Saudi Arabia recorded $28.01m, a 48.65 per cent decline from $54.55m in Q2 2024.
China contributed $9.58m, down 9.88 per cent quarter-on-quarter, while Singapore’s $5.63m inflow marked a 58.26 per cent drop from $13.49m in Q2 2024.
Overall, foreign capital inflow into Nigeria totaled $1.25bn in Q3 2024, a sharp 51.89 per cent decline from the $2.60bn recorded in Q2 2024.
Despite the quarterly contraction, the total inflow represented a 91.35 per cent year-on-year increase from Q3 2023, underscoring broader recovery trends.
The NBS noted that while Africa’s contribution remains significant, the declining inflows from Mauritius and South Africa have negatively impacted the continent’s overall share.
Meanwhile, Europe and North America have reinforced their dominance as major foreign capital sources.
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