According to the National Bureau of Statistics (NBS), capital importation to Nigeria in Q3 2023 stood at $654.65 million, indicating a 36.45 percent decline from $1.03 billion recorded in Q2 2023 and a 43.55 percent decline from $1.16 billion recorded in Q3 2022. The Q3 2023 value is the lowest Nigeria has recorded in any quarter over the last 10 years. This dip in capital importation could be traced to the challenges with foreign exchange which has dipped the confidence of investors and recently led to the exit of some international firms.
January 11, 2024
Nigeria Economic Update (Issue 1)
Related
Nigeria Economic Update (Issue 38)
Recent
NBS data on Nigerias real GDP growth rate declined from -0.36 percent in
2016Q1 to -2.06 percent in 2016Q2. With negative GDP growth rate in
two consecutive quarters, Nigeria records its first recession in 23 years. Both
the oil and non-oil sectors continued to contract by -15.59 and -0.20
percentage points, respectively, relative to preceding quarter. The worsening
growth rate in the oil sector was largely driven by the decline in domestic crude
oil production by 14.5 percent relative to preceding quarter