CBN Reports $2.3 Billion Influx In Nigeria’s Foreign Portfolio Investments In Two Months

CBN Reports $2.3 Billion Influx In Nigeria’s Foreign Portfolio Investments In Two Months

The Central Bank of Nigeria has revealed that foreign portfolio investments into Nigeria soared to $2.3 billion within the first two months of 2024, a significant increase compared to the $3.9 billion recorded in 2023…..READ ALSO CBN Slashes FX Duty Rates To Boost Importer Confidence

This disclosure was made by the Acting Director of Corporate Communications at the CBN, Hakama Sidi Ali, during a briefing on Thursday.

Ali highlighted that foreign investors injected over $1 billion into Nigerian assets in February alone, contributing to the notable surge in interest from foreign investors.

The surge in foreign investor activity, according to Ali, has propelled total portfolio flows to reach $2.3 billion in 2024.

Furthermore, the CBN reported a remarkable 443% increase in diaspora remittances, amounting to $1.3 billion in February.

Ali stated, “Foreign investors purchased more than US$1 billion of Nigerian assets last month, with total portfolio flows of at least US$2.3 billion recorded thus far in 2024 compared to US$3.9 billion seen in total for last year.”

This development comes on the heels of a 66.77% surge in foreign investment portfolios in the fourth quarter of 2023, totaling $1,060.73 million compared to the preceding quarter.

However, concerns have been raised by economic think tank groups, such as the Centre for the Promotion of Private Enterprise, regarding the potential negative impact of the recently introduced expatriate employment levy on foreign direct investment (FDI) in Nigeria.