Business Headline News Nigeria

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, 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