The oil refining industry experienced the highest industrial decline in 2022
Nigeria's GDP grew by 3.1% in 2022, with at least 17 of its industries recording less than 5% growth individually. The oil refining industry experienced the least growth, contributing ₦11.2 billion — 42% less than ₦19.3 billion in 2021.
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 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.
As of 2022, the top five African countries indebted to the World Bank — Nigeria, Egypt, Ethiopia, Kenya, and Tanzania — accounted for 46% of the continent's outstanding debt with the institution.
Forty-eight African countries collectively owed around $125 billion, representing 31% of the total global debt of $408 billion. These are the top ten countries from 1970 to 2022.
India has been the World Bank's largest debtor for over 50 years, with a debt of $38.3 billion as of 2022.
Five Asian nations — India, Indonesia, Bangladesh, Pakistan, and China — owe a combined $111.2 billion, or 27% of the World Bank’s total debt.
Nigeria, Africa's largest World Bank debtor, ranks 10th, with nearly #14 billion in debt.
Nigeria's debt to the World Bank grew from $182 million in 1970 to nearly $15 billion by 2023 – an 8,100% increase.
Between 2005 and 2023, it rose by 705%, highlighting Nigeria's reliance on World Bank financing for development.
As of Q1 2024, Nigeria owed $15.59 billion, 37% of its external debt.
Nigeria’s population growth has outpaced its economic performance. From 1960 to 2023, the population increased from 44.9 million to an estimated 223.8 million, putting immense pressure on resources.
The country's GDP peaked at $574.2 billion in 2014 but dropped to $362.8 billion in 2023.
