Nigeria recorded the lowest quarterly Foreign Direct Investment (FDI) of $78 million since 2016 in the second quarter of this year.
The Chairman, Presidential Advisory Committee on the Economy, Prof. Doyin Salami, said this during his presentation at the Nigeria Economy Summit Group (NESG).
While quoting data from the National Bureau of Statistics (NBS), he said total foreign investment inflows into Nigeria remain low.
He said, “FDI inflow into Nigeria has revolved around $1.0 billion in the last five years. FDI inflow in 2021 Q2 was $78m, even lower than 2020 Q2,” Salami said.
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The report highlighted the hurdles facing the country’s investment climate to include macroeconomic instability, policy inconsistency, inadequate infrastructure, insecurity, and a tough business climate.
Analysis of the report showed that total investments inflow dropped from $1.99bn to $0.88bn in Q1 and Q2 of this year.
The FDI also began a steep drop from the third quarter of last year after it rose $414.8m; it dropped to $251.3m in Q4 2020, further to $154.8m in Q1 2021, and was at an all-time low of $78m in Q2 2021.
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