Nigeria Sees Huge Jump in Foreign Investment in 2024-CBN

Olayemi Cardoso, the Governor of Nigeria’s Central Bank, said that investors are now confident in Nigeria Speaking at the 15th BusinessDay’s CEO Forum in Lagos, he noted major improvements in investment inflows.

According to Cardoso, “We believe that stakeholders are becoming more comfortable with the market. We see portfolio investors come in, leave, and then come back.”

This positive trend is supported by recent data from the National Bureau of Statistics, which shows that foreign investments in Nigeria surged to $3.38 billion in the first quarter of 2024, a dramatic increase from $1.09 billion in the previous quarter and a year-on-year rise of 198.1 per cent from $1.13 billion in the first quarter of 2023.

The Central Bank has also implemented several reforms aimed at stabilising the market, contributing to a more tranquil investment environment.

This proactive approach has not only restored confidence in Nigeria’s financial policies but has also proven beneficial in attracting and retaining foreign capital.