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Nigeria’s FDI rises to over $223m in 5 months

Nigeria attracted a sum of $223.3 million as foreign direct investments (FDI) in the first five months of 2022 (January—May), representing a 3.7% increase compared to $215.3 million recorded in the corresponding period of the previous year.

In contrast to the comparable period of 2020, FDI declined by 7.5% compared to $241.5 million received in the reference period. This is according to data compiled from the Central Bank of Nigeria (CBN).

According to Nairametrics.com, Nigeria’s foreign direct investment has dwindled significantly recently, hitting a record low of $698.8 million in 2021, most of which was equity.

However, most developing economies desire more direct investment considering the benefits it has on the host countries.

Writing by Muzha Kucha