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Compared to the previous quarter, the FDI inflow to the country experienced a decline, dropping from $84 million in Q4 2022 to $48 million in Q1 2023. This represents a 43% decrease on a quarter-on-quarter basis.
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Capital importation is foreign investments into a nation’s economy and is necessary for economic growth as it enables rapid investment. They are made up of three categories — Portfolio Investment, Foreign Direct Investment (FDI), and Other Investments.
Nigeria’s trade balance in 2020 closed with the highest deficit in the fourth quarter (Q4). During the year, the country imported goods worth N19.89 trillion and its export closed at N12.52 trillion, thereby incurring a trade deficit of N7.37 trillion for the period.
According to the World Bank’s 2020 Annual Ease of Doing Business Report, Nigeria ranks 179 out of 190 countries in the ease of trading across borders. Furthermore, the report reveals that it is easier to trade across borders in 39 sub-Saharan African countries compared to Nigeria.
