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.

Source:

Nigerian Investment Promotion Commission

Period:

2017 - 2020
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Kenya and Nigeria accounted for nearly half ($2.45bn) of Africa’s top 10 outward FDI in 2025
  • Kenya led Africa’s outward FDI in 2025, recording $1.26bn.
  • Nigeria followed closely with $1.19bn, after a 191% increase.
  • Together, Kenya and Nigeria accounted for $2.45bn of the top 10 total.
  • Morocco and Egypt completed the top four, with $812.8m and $695.9m.
  • Angola recorded the fastest growth among the top 10, rising 278%.
  • Africa’s total outflow was lower because negative outflows offset gains elsewhere.
Nigeria’s FDI inflow crossed $4bn for the first time since 2014
  • Nigeria’s FDI inflows rose to $4.01 billion in 2025, the highest level since 2014.
  • The 2025 figure represents a 148% increase from the revised $1.61 billion recorded in 2024.
  • Despite the rebound, Nigeria remains far below its 2011 peak of $8.91 billion.
  • Nigeria’s strongest FDI period was 2005 to 2014, when inflows stayed above $4 billion every year.
Nigeria’s FDI inflows rose to 4th in Africa after a 148% increase, while Egypt remained the continent’s top destination
Egypt remained Africa’s top FDI destination with $15.45bn. Nigeria ranked 4th after FDI inflows rose 148% to $4.01bn. Guinea had the biggest top-10 jump, rising 454% to $7.76bn. Africa’s top 10 accounted for 73% of total FDI inflows.
Europe, Asia, and the Americas have attracted a combined 94% of global foreign investment since 1990, leaving Africa and Oceania with just 6%
  • Europe ($12.58 trillion), Asia ($11.88 trillion), and the Americas ($11.49 trillion) are nearly tied after 35 years, each capturing roughly a third of global FDI
  • Asia grew from just $25 billion annually in 1990 to consistently attracting $600-700 billion per year, showing the most stable growth pattern
  • Major crises (2001, 2008-09, 2020, and 2022) caused dramatic swings, with Europe even recording negative flows in 2022
  • Africa and Oceania combined received just 6% of total FDI, remaining far behind despite Africa's recent acceleration to $97 billion in 2024
North Africa was the primary destination for FDI in 2024, attracting 52% of Africa's total FDI inflow
  • Africa attracted $97 billion in total FDI inflows in 2024.
  • North Africa dominated with $51 billion (52%), remaining the continent’s top foreign investment hub.
  • West Africa ranked second with $15 billion (15.3%).
  • East Africa secured $13 billion (13.3%).
  • Central Africa remained the least favoured, with only $8 billion (8.2%) in FDI inflows.
Nigeria’s share of Africa’s FDI collapsed from ~38% in 1994 to barely 1.1% in 2024
  • Nigeria’s FDI share plunged from 35% in 1990 to 1.1% in 2024.
  • Africa’s FDI surged over the same period, leaving Nigeria behind.
  • Q1 2025 inflow was only $126.3 million, showing persistent weakness.
  • Decline mirrors structural hurdles — unstable policies, forex issues, and weak infrastructure.
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