Foreign Direct Investment

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After peaking at $3.88B in 2019, Ghana’s FDI fell to $1.31B in 2023, a 66% drop in four years

FDI inflows surged from just $0.01 billion in 1990 to a record $3.88 billion in 2019, marking a 388x increase over 30 years.
Between 2006 and 2019, Ghana consistently attracted over $1 billion annually, with nine of those years surpassing $3 billion.
The highest FDI year on record was 2019, likely reflecting peak investor confidence before the pandemic.
Since 2021, FDI has remained below $2 billion, with 2023 recording $1.31 billion and 2024 only slightly higher at $1.67 billion.
Ghana’s FDI trend reflects a pattern of post-2000 acceleration, plateauing around 2012–2015, then declining sharply post-2020.

After its peak ($8.9b) in 2011, Nigeria's FDI declined almost every year to its lowest ($780m) in 2018, a 91% decline

FDI inflows peaked in 2011 at $8.91 billion, the highest in the 35-year period.
Between 2005 and 2012, Nigeria saw a sustained boom in FDI, with seven consecutive years above $4 billion.
In 2018, Nigeria recorded its lowest FDI inflow in decades at just $0.78 billion.
By 2024, FDI stood at $1.08 billion, down 88% from its 2011 peak, reflecting declining investor interest or changing investment climates.

Nigeria's FDI made up only 2.5% of the country's capital imports in H1 2024

In H1 2024, Nigeria's FDI accounted for just 2.5% of the country's $5.98 billion total capital imports, down from 14% in H2 2023 and 6.2% in H1 2023. This highlights a shift towards other capital inflows like portfolio investments. Portfolio investments rose significantly to $3.48 billion, rebounding from $397 million in H2 2023 and $756 million in H1 2023.

Nigeria's FDI hasn't reached $200 million in any quarter Since 2022

Nigeria's FDI has dropped significantly. From an average of $417m per quarter (2013-2015) to less than $100m (Q1 2022 - Q2 2024), it hit its lowest ($29.8m) in Q2 2024. The trend shows declines since 2013, with key fluctuations and a shift in investment priorities.

2013-2015: FDI was mostly above $200 million per quarter, peaking at $769 million in Q4 2014.
2016-2021: FDI mostly stayed under $400 million, with a $531 million spike in Q3 2018.
2022-2024: FDI hit new lows, bottoming out at $48 million in Q1 2023 and falling even further to $29.8 million in Q2 2024 — the lowest in 46 quarters.

Surge in Nigeria’s capital importation: Portfolio investments lead the way with 570% increase in Q1 2024

Nigeria's foreign portfolio investment surged by 570% in Q1 2024, hitting $2.1 billion and making up 61% of total capital imports. This boost ends a 15-quarter slump, surpassing Q4 2019‘s levels. Overall capital imports for Q1 2024 reached $3.4 billion, with $119.2 million from foreign direct investments and $1.2 billion from other investments.

Nigeria’s announced Foreign Direct Investment figures and actual inflow in Nigeria from 2017 to 2020

Between 2017 and 2020, Nigeria’s announced Foreign Direct Investment figures were highest in 2018. However, there have been significant differences between investment announcements and FDI inflow over the years. Here are the FDI announcements and FDI inflow from 2017 to 2020.

Inflows of foreign direct investment into Africa decreased by 44% from 2021 to 2022

Global inflows of foreign direct investment fell by 12% in 2022, and Africa saw a 44% decline from $80 billion in 2021 to $45 billion. According to UNCTAD data, only two of Africa's five major regions — North and East Africa — saw a rise in FDI in 2022.