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According to the National Bureau of Statistics, the United Kingdom has consistently emerged as Nigeria’s top investment partner, contributing a substantial $3.43 billion between January to September 2024.

• Business Insider Africa presents the top 10 countries fueling Nigeria's economy through foreign investments (Jan-Sep)

• The list is courtesy of the National Bureau of Statistics.

• The United Kingdom has consistently emerged as Nigeria’s top investment partner, contributing a substantial $3.43 billion between January to September 2024.

Capital importation is like fuel for Africa’s economy, bringing in the cash needed to drive growth and development across the continent.

For many African nations, attracting foreign investments is not just a strategy for growth, it is a necessity to address infrastructure deficits, stimulate job creation, and diversify economies that often rely heavily on natural resources.

However, achieving this has proven to be a daunting task, especially in regions grappling with political instability, policy uncertainty, and global economic shocks.

In Nigeria, the story is both hopeful and challenging. As Africa's most populous nation and its fourth-largest economy, Nigeria has immense potential to attract capital, and the government has made this a cornerstone of its economic agenda.

The administration has been working on reforms to improve infrastructure, and bring some calm to an otherwise turbulent economy. But challenges like inflation and a volatile currency remain hurdles in the race to attract big money.

According to the National Bureau of Statistics, the United Kingdom has consistently emerged as Nigeria’s top investment partner, contributing a substantial $3.43 billion between January to September 2024.

South Africa ranks second, contributing $1.02 billion. This significant figure highlights the growing intra-African investment ties, with South African businesses playing a key role in Nigeria's retail, telecommunications, and banking industries.

The Netherlands, with investments totalling $781.82 million, ranks third.

Source: https://africa.businessinsider.com/local/markets/top-10-countries-fueling-nigerias-economy-through-foreign-investments-jan-sep/hd06fy1

South Africa via MTN and DSTV

AmazingGenius:
Source: https://africa.businessinsider.com/local/markets/top-10-countries-fueling-nigerias-economy-through-foreign-investments-jan-sep/hd06fy1

The guy above is from my village

Wow South Africa coming second....

Ehen?
.
Which country does Nigeria fuels its economy?

Lowmiles:
K

You are from my village

Belgium

Funny data

Unfortunately our president hardly visits those countries

Where is France 🇫🇷

AmazingGenius:
Source: https://africa.businessinsider.com/local/markets/top-10-countries-fueling-nigerias-economy-through-foreign-investments-jan-sep/hd06fy1

las lass na who dey deliver us dey do US

SpatialKing:
Where is France 🇫🇷

They're about to join the list, hence the visit

Cool

I think you are getting the information wrong.
Those countries are the sources, but not necessarily the owners of the ise investments. Nigerians are the main owners of investment bring their investments home.

U

.na statistics we go chop

CyrusVI:
They're about to join the list, hence the visit

Story

No Russia on the list. Haters of the West how far?

Unfortunately Nigerians are too ignorant to stop playing the victim card...
They think everyone wants to eat from them

Lowmiles:
South Africa via MTN and DSTV

UK via Japa

UK via their chokehold on our oil sector leaving oil spillage and gas flaring for us to deal with.

Ggggg

well UK is expected to be top.. the colony effect and also the proximity of how close uk to Nigeria.

Non

mrjoeblinks:
Ehen?
.
Which country does Nigeria fuels its economy?

AmazingGenius:
Source: https://africa.businessinsider.com/local/markets/top-10-countries-fueling-nigerias-economy-through-foreign-investments-jan-sep/hd06fy1

Nice. Mauritius maybe Nigerians repatriating funds

Wetin Mauritius and Cayman Island they invest for Nigeria abeg? 😫🤲

mrjoeblinks:
Ehen?
.
Which country does Nigeria fuels its economy?

co-asking

The good news is that these investment sums will end in the pocket of a few.

What an irony!

That Cayman Islands one is pure money laundering
Investment kor

Mauritius? Whao!
.. that seemingly tiny African country?
I wonder what nature of investments they have in the Nigerian economy.