Nigeria’s oil and gas secord records zero foreign capital investment in Q1 — NBS

Nigeria’s oil and gas sector recorded zero foreign capital investments in the first quarter of 2024 amid the crisis.

This is according to the latest capital importation report for Q1 2024 released by the National Bureau of Statistics (NBS). 

This is despite the fact that the oil and gas sector is Nigeria’s main source of revenue.

Further analysis showed that in the period under review, the Africa Largest Oil Producer failed to attract Foreign Direct Investment, and portfolio investment in the oil and gas industry such as investments in financial assets like stocks, bonds, and securities.

Meanwhile, Nigeria’s total capital importation saw an increase of 210.16% in the first quarter of 2024, rising from $1.08 billion in Q4 2023 to $3.37 billion. 

When compared to the corresponding quarter of 2023, the increase was 198.06% from $1.13 billion, showcasing the growing confidence of foreign investors in Nigeria’s economy. 

The banking sector led the pack with $2.07 billion in Q1 2024, an enormous increase from $283.3 million in Q4 2023, marking a 629.88% surge.

Trading saw a significant investment increase to $494.93 million in Q1 2024, from $66.34 million in Q4 2023, representing a 645.92% rise. This is also a substantial 440.75% increase from Q1 2023’s $91.53 million, highlighting the sector’s growth and attractiveness to foreign investors. 

However, there was a decrease in investment for Information Technology (IT). It saw an impressive investment of $171.7 million in Q1 2024, skyrocketing from $9.08 million in Q4 2023, a 1,789.75% increase. However, this is a 20.52% decrease from Q1 2023’s $216.06 million, indicating some variability in foreign investor interest in this sector.