Nigeria FDI Slumps by a Third, Months Before Tinubu Takes Office
- FDI has dropped 90% since a 2008 high of $4.7 billion
- Investors are deterred by Nigeria’s dollar restrictions
Bola Tinubu
Photographer: Kola Sulaimon/AFP/Getty Images
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Foreign direct investment into Nigeria plunged by a third last year as a severe dollar shortage deterred companies from expanding in Africa’s biggest economy.
Investment fell to $468 million in 2022 from $698 million a year earlier, the National Bureau of Statistics said on Tuesday. FDI has collapsed about 90% from a high of $4.7 billion in 2008, the data shows.