Africa Business News

The National Bureau of Statistics says Nigeria relied on foreign borrowing to boost its capital importation in the first six months of 2023. The National Bureau of Statistics on Nigeria Capital Importation says in 2023, total capital importation dropped by 30.42 per cent year-on-year in the first half of 2023 to $2.16bn from $3.11bn, from the corresponding period of 2022. Foreign investments in the forms of loans grew by 17.43 per cent to $1.21bn in the first half of 2023 from $1.03bn as of the corresponding period of 2022. The NBS says in Q2 2023, other investments accounted for 81.28 per cent of total capital importation in Q2 2023, followed by Portfolio Investment with 10.37 per cent and Foreign Direct Investment with 8.35 per cent.