FOREIGN INVESTORS’ INTEREST IN NIGERIA HAS DECREASED BY 27.5 PERCENT

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As of March 4, 2021, Nigeria has received about $8.4 billion in investment announcements, with foreign investors pledging $5.46 billion. Domestic investors pledged the remaining $2.08 billion, according to information acquired from the Nigerian Investment Promotion Commission.
The amount committed by foreign investors in Q1 2021 is $27.5% less than the $7.54 billion in foreign investment announcements recorded by the NIPC in the previous quarter.
The Q1 foreign investment profile, on the other hand, was 36.5 percent greater than the $4.02 billion reported in the same time in 2020, but 56.6 percent lower than the S12.6 billion reported in the same period in 2019.
“The rates of electricity and other infrastructure are getting increasingly costly, and because electricity is inefficient, many firms are compelled to utilize alternative sources, such as power production facilities that require fuel, and the price of fuel has been rising,” .
Another issue is that the naira has been falling prior to the CBN’s devaluation.

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