Nigeria recorded an impressive 822% growth in FDI inflows between 1999 and 2009, before gradually dropping back to $1.1B in 2024

  • FDI inflows in Nigeria peaked at $8.8 billion in 2011, marking the highest point in the Fourth Republic.
  • From 2011 to 2024, FDI inflows dropped, settling at $1.1 billion in 2024.
  • The early Fourth Republic (1999–2011) showed growth in FDI inflows.
  • FDI outflows rose from $0.2 billion in 1999 to $1.5 billion in 2009, reflecting gradual international expansion by Nigerian investors.
  • From 2015 onward, both inflows and outflows showed significant volatility, with no clear recovery trend.

Foreign Direct Investment (FDI) in Nigeria’s Fourth Republic tells a clear story of early promise followed by a prolonged decline. Between 1999 and 2011, the country experienced a strong upward trend in FDI inflows, peaking at $8.8 billion in 2011. This period reflected growing investor confidence, driven by economic reforms, liberalisation policies, and a favourable global commodities market. However, after the 2011 peak, FDI inflows began to fall steadily, dropping to just $1.1 billion in 2024, a level similar to the early days of the Fourth Republic.

Source:

World Bank

Period:

1999 - 2024
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Nigeria’s FDI inflows rose to 4th in Africa after a 148% increase, while Egypt remained the continent’s top destination
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