Foreign Direct Investments inflow into the country has continued to worsen due to volatile economic indices.
According to the United Nations Conference on Trade and Development, World Investment Report indicated that the economy attracted total foreign direct investments inflow of $2.6 billion last year down from the $3.3 billion attracted the previous year.
The United Nations Conference on Trade and Development 2020 World Investment Report noted that foreign direct investments inflow flows to Nigeria totalled $3.3 billion in 2019, a 48.5 per cent decrease compared to $ 6.4 billion in 2018.
In 2019 alone, Nigeria accounted for a quarter or about $122 million of the total raised by African tech start-ups, beaten only by Kenya with $149 million, according to Disrupt Africa figures. By other estimates from WeeTracker and Partech African, Nigerian start-ups raised between $663 million and $747 million in 2019, making it the largest venture capital market on the continent.
The UNCTAD World Investment Report 2018 maintained that Nigeria’s economy remained depressed as FDI fell 21 per cent to $3.5 billion.
One sector that benefited was agriculture that has attracted its highest level of investments since 2014 on continued government support to the industry.
Data from the National Bureau of Statistics (NBS) capital importation report show that foreign direct investment (FDI) in the agric sector hits $490million (N176.4 billion) in 2019, up 69percent from $290million in 2018.