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.

Source:

National Bureau of Statistics

Period:

H1 2024
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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.
Agriculture’s share of Nigeria’s capital imports peaked at 5.46% in 2021 before falling to 0.72% in 2025
  • Agriculture’s share of Nigeria’s capital imports peaked at 5.46% in 2021
  • After 2025, agriculture's share started falling sharply, reaching 0.72% in 2025.
  • Between 2017 and 2021, the sector experienced consistent growth in both value and share.
  • Capital import value peaked at at $489.9 million in 2019.
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.
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