Nigerian Sectors With the Highest Foreign Investments

The most recent capital importation report for the first quarter of 2024 released by the National Bureau of Statistics (NBS) has shown that Nigeria’s capital importation during the period ($3,376.01 million) increased by 198.06% from US$1,132.65 received in Q1 2023.
When compared to the figures recorded in the fourth quarter of 2023 ($1,088.48 million), the figures in Q1, 2024 showed a 210.16% rise.

Capital importation is the currency flow into a country for investment, trade, or business operations and its increase during the period in review shows a restoration of investor confidence amid the current economic turmoil.

10 sectors with highest foreign investments

Some sectors however showed more strength by attracting more foreign investments than other sectors and the top ten sectors that attracted the most capital importation include:

1. Banking
The Banking sector recorded the highest inflow with $2,067.44 million. When compared to figures in Q4, 2023 ($283.3 million), this represented a massive 630% increase and represented 61.24% of total capital importation in Q1 2024.

2. Trading sector
The trading sector followed closely and recorded a $494.93 million inflow. This indicated a 646% rise from $66.34 million recorded in Q4 2023 and represented 14.66% of the total capital importation.

3. Production/Manufacturing
The sector came in third position with an inflow of $191.92 million representing 5.68% of the total capital importation. The sector, however, witnessed a 57.4% drop from $450.11 million recorded in Q4 2023

4. Telecommunications
The telecommunications sector received $191.57 million in Q1 2024 indicating a 738.7% increase from $22.84 million recorded in Q4 2023. This represented 5.67% of the total capital importation.

5. IT Services
Investments in IT services witnessed an inflow of $171.7 million in Q1 2024 representing a massive 1,790% increase from $9.08 million recorded in Q4 2023. This represented 5.09% of the total capital importation during the period.

6. Shares
The Shares sector followed closely as it attracted $98.71 million in Q1 2024. This indicated a 91.86% jump from $51.45 million recorded in Q4 2023 and represented 2.92% of the total capital importation in Q1, 2024.

7. Financing
The Financing sector witnessed a drop in investments from $135.59 million in Q4, 2023 to $75.55 million in Q1, 2024. This represented 2.24% of total importation in Q1 2024

8. Electrical
The Electrical sector attracted a $58.93 million inflow in Q1 2024. This indicated a 15.71% increase when compared with $50.94 million recorded in Q4 2023 and represented 1.75% of total capital importation.

9. Agriculture
The Agricultural sector attracted an increased investment of $15.8 million in Q1 2024, a 3,666.67% rise from the $0.42 million invested in Q4 2023, representing 0.47% of total capital importation.

10. Transport
Investments in the transport sector witnessed a moderate increase from $0.14 million recorded in Q4, 2023, to $5.05 million in Q1 2024. This represented 0.15% of the total capital importation.