African buyers contribute 22.76% of Nigeria’s overseas capital in Q3 2024

The Nationwide Bureau of Statistics (NBS) has revealed that African buyers (excluding these from Nigeria) contributed 22.76% of the overall overseas capital imported into Nigeria within the third quarter of 2024.

This amounted to $285.11 million, displaying a big position performed by African nations within the capital importation panorama.

Nevertheless, an evaluation of the capital importation report of the NBS highlighted a decline in Africa’s total contribution when in comparison with each the second quarter of 2024 and the identical interval final yr.

What the info says 

The NBS knowledge signifies that the overall capital contribution from Africa in Q3 2024 amounted to $285.11 million. This determine highlights a 43.73% decline when in comparison with Q2 2024, which recorded $506.68 million. On a year-on-year foundation, Africa’s contribution additionally fell by 16.77% from $342.55 million in Q3 2023.

Among the many key African contributors in Q3 2024 had been Mauritius, the Republic of South Africa, Ghana, and Morocco.

• Mauritius remained a big supply of overseas capital with an influx of $97.63 million, although this mirrored a pointy decline of 61.05% from the $250.70 million recorded in Q2 2024. 12 months-on-year, the drop was even steeper, with Mauritius contributing $226.18 million in Q3 2023, marking a 56.85% decline.
• The Republic of South Africa contributed $185.03 million in Q3 2024. This determine represented a considerable year-on-year development of 59.02% in comparison with $116.37 million in Q3 2023. Nevertheless, on a quarter-on-quarter foundation, South Africa’s contribution fell by 27.73% from the $255.98 million recorded in Q2 2024.
• Ghana made a notable look in Nigeria’s overseas capital report for the primary time in latest quarters, with a contribution of $2.35 million in Q3 2024. This influx, albeit comparatively small, indicators a renewed curiosity from Ghanaian buyers. Morocco additionally emerged as a minor contributor, recording $0.10 million in capital inflows through the interval.

In distinction to the declining tendencies from different African nations, overseas capital influx from Nigerian buyers confirmed important development. The nation contributed $10.84 million to its overseas capital inflows in Q3 2024, reflecting a exceptional enhance of 261.33% year-on-year from $3.00 million in Q3 2023. On a quarter-on-quarter foundation, the overseas capital influx from Nigerian buyers surged by 198.63% from $3.63 million recorded in Q2 2024.

Contributions from different continents 

Whereas Africa accounted for 22.76% of Nigeria’s whole capital influx, the report highlighted important contributions from different continents, notably Europe, North America, and Asia. Europe remained the most important contributor to Nigeria’s overseas capital, pushed by inflows from the UK and the Netherlands.

• The UK maintained its dominance with $502.60 million in Q3 2024, although this marked a big decline from $1.12 billion recorded in Q2 2024.
• The Netherlands additionally featured prominently, contributing $121.92 million in Q3 2024. Nevertheless, this was a pointy drop from $577.82 million in Q2 2024, reflecting cautious funding tendencies.
• From North America, the USA confirmed constant development, recording $163.86 million in Q3 2024, up from $81.58 million in Q2 2024. This displays elevated investor confidence from the USA regardless of international financial uncertainties.
• Whereas African inflows declined, contributions from Asian nations had been extra notable in Q3 2024, notably from Saudi Arabia, China, and Singapore. Saudi Arabia emerged as a robust contributor with $28.01 million, although this marked a 48.65% decline from $54.55 million in Q2 2024.

China’s inflows stood at $9.58 million in Q3 2024, barely down from $10.63 million in Q2 2024, reflecting a 9.88% decline quarter-on-quarter. Singapore, which contributed $5.63 million, additionally noticed a notable drop from its Q2 2024 influx of $13.49 million, translating to a 58.26% decline.

What you must know 

The NBS report highlights a decline in total overseas capital influx into Nigeria in Q3 2024, which totaled $1.25 billion, representing a 51.89% drop from the $2.60 billion recorded in Q2 2024. This drop highlights a pointy contraction in overseas investments regardless of an total annual enhance of 91.35% from Q3 2023.

• Whereas Africa’s contribution stays important, the diminished inflows from Mauritius and South Africa have impacted the continent’s share.
• However, the regular efficiency from Europe and North America underlines their continued position as dominant contributors to Nigeria’s overseas capital inflows.

The sharp enhance in contributions from Nigerian buyers additionally displays renewed investor confidence inside Nigeria, signaling a possible shift within the nation’s capital dynamics.