Nigeria’s economy attracted $76.89 billion foreign investments between 2010 and 2015 even as analysts opine that the new flexible foreign exchange framework will drive up the volume of foreign investments in the nearest future.
The National Bureau of Statistics, NBS data showed that the investments comprise foreign direct investments (FDIs), foreign portfolio investments (FPIs) and others.
In 2010, Nigeria attracted $6 billion investments, made up of $0.73 billion FDIs, $3.87 billion FPIs and others $1.40 billion. The value of investments rose to $7.90 billion in 2011 with FDIs accounting for $1.75 billion, FPIs $4.51 billion and others $1.64 billion.
The value rose by 110 per cent in 2012 rising to $16.62 billion. Out of this amount, FDIs was $2.0 billion, FPIs stood at $13.49 billion while others stood at $1.13 billion.
The upward trend was maintained in 2013 and the value of investments rose by 28.3 per cent to $21.32 billion led by FPIs with $17.37 billion. FDIs recorded $1.28 billion, while others stood at $2.67 billion.
However, the value dropped marginally by 2.7 per cent from $21.32 billion in 2013 to $20.75 billion in 2014. Out of these, FDIS accounted for 2.28 billion, while FPIs and others recorded $14.92 billion and $3.56 billion respectively.
In 2015, the value witnessed yet another decline, falling by 79 per cent to $4.30 billion. FDIs fell to $0.66billion, from $2.28 billion; FPIs crashed from $14.92 billion to $2.28 billion, while others fell from $3.56 billion to $1.36 billion.
Analysts at FSDH Merchant Bank Limited who connected the plunge recorded in 2015 partly to the unacceptable forex regime, expressed optimism that the new market structure announced by the Central Bank of Nigeria (CBN) last week would increase supply of forex from FPIs and FDIs.
