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

Key Takeaways

  • 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 Foreign Direct Investment trajectory from 1990 to 2024 paints a vivid picture of economic highs and lows. In the 1990s and early 2000s, FDI hovered around $1–2 billion. It surged in the mid-2000s, climbing rapidly to reach $8.91 billion in 2011, the country’s strongest year in attracting foreign capital. This era coincided with oil sector liberalisation and Nigeria’s re-emergence as a key frontier market.

However, post-2011, inflows began a steady decline. By 2018, FDI had dropped below $1 billion, the lowest point in decades. Although modest recoveries were seen in later years, 2024 closed at $1.08 billion, far from the highs of the previous decade.

Source:

UNCTAD

Period:

1990 - 2024
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The South West got ₦1 back for every ₦3.60 in VAT, while the North West received ₦2.60 for every ₦1 contributed
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  • The North West contributed just ₦68.05B but received ₦176.73B, meaning it got back ₦2.60 for every ₦1 generated.
  • The South South, the second-highest contributor at ₦364.99B, got back ₦171.18B, just ₦1 for every ₦2.13 generated.
  • The three southern zones together contributed ₦1.32 trillion in VAT, nearly 90% of the national total, but received less than half of it back.
  • Zones with the lowest generation (North East and South East) received 3 to 4 times their contributions.
Lagos generated ₦819.6 billion in VAT in Q1 2025, nearly triple Rivers and more than 10 times any other state
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  • Rivers followed distantly with ₦278.23B, around 34% of Lagos’s VAT haul.
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  • 22 states generated below ₦10B, with 13 of them earning less than ₦6B in VAT.
  • Northern states like Katsina (₦5.96B), Yobe (₦5.81B), and Kebbi (₦5.13B) trail significantly in VAT contributions.
  • Abia, Cross River, Imo, and Taraba sit at the bottom, each with under ₦3B in VAT returns.
2025 sees unprecedented surge as 17,000 candidates score above 300 in JAMB; highest in 13 years
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  • From 2022 to 2025, above-300 scorers consistently remained over 5,000 each year, showing a steady rise in top scores.
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Key Takeaways:
  • Aradel Holdings led with ₦247.79 billion in PAT, marking a 361% year-on-year growth.
  • Oando and Seplat Energy followed with ₦220.12 billion and ₦214.25 billion in PAT, respectively.
  • Eterna Plc recorded a significant turnaround with 114% year-on-year growth, recovering from a loss in 2023.
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Key Takeaways:
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Key Takeaways:
  • Seplat Energy recorded the highest EPS in 2024 at ₦385.61, up from ₦92.75 in 2023.
  • Aradel Holdings posted the strongest growth, with a 361% increase in EPS from ₦12.37 to ₦57.03.
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