Nigeria’s oil and gas sector did not attract any foreign capital investments in the first quarter of 2024....For More READ THE FULL STORY▶▶
This concerning information is detailed in the National Bureau of Statistics (NBS) Nigeria’s Capital Importation report for Q1.
In contrast, other sectors experienced a 210 percent increase in capital importation, rising to $3,376.01 million from $1,132.65 million in Q1 2023.
The NBS data reveals that Nigeria, Africa’s largest oil producer, failed to attract Foreign Direct Investment (FDI) and portfolio investments in the oil and gas industry, including financial assets such as stocks, bonds, and securities. On the other hand, the banking sector received the highest capital importation during this period.
This is particularly notable given that the oil and gas sector is Nigeria’s primary source of revenue.…For More READ THE FULL STORY▶▶
