• About Us
  • Contact Us
  • Privacy & Policy
Thursday, June 5, 2025
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
Advertisement
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
No Result
View All Result

Nigeria: Discover the Leading Sectors for Foreign Investment in Second Quarter 2024

Vincent Amadi by Vincent Amadi
October 10, 2024
in Economy, News
Reading Time: 4 mins read
A A
0
Nigeria: Discover the Leading Sectors for Foreign Investment in Second Quarter 2024
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram

In the first half of 2024, Nigeria witnessed a remarkable surge in its total capital importation, which amounted to $5.98 billion. This figure was divided into two quarters; $3.37 billion was recorded in the first quarter of the year, while the second quarter saw $2.60 billion in capital inflow.

The total capital importation of $5.98 billion for the first half of 2024 marks a substantial 176% increase when compared to the capital importation levels during the same period in 2023.

To put this into perspective, in the first quarter of 2023, the capital importation was lower, standing at only $1.13 billion, with a slight decline in the second quarter to $1.03 billion.

Together, these amounts resulted in a total of $2.16 billion for the first half of 2023, highlighting the stark contrast to the figures for 2024.

The remarkable rise in capital importation for the first six months of 2024 can largely be attributed to the 750 basis points increase in interest rates, a strategy implemented to combat rising inflation.

This adjustment created an attractive environment for Foreign Portfolio Investments (FPIs), drawing substantial interest into the Nigerian money market.

However, it is worth noting that the capital importation directed towards the real economy, particularly through Foreign Direct Investments (FDIs), faced challenges, plummeting to a record low of only $29 million in the second quarter of 2024.

Below are the ten sectors that attracted the highest capital importation between January and June 2024:

10. Transport: The transport sector managed to attract $19.05 million in total capital importation during the first half of 2024. Notably, capital inflow in this sector rose from $5.05 million in the first quarter to $14 million in the second quarter.

09. Agriculture: Despite its contribution of approximately 23% to Nigeria’s overall economy, the agricultural sector attracted only $21.72 million in foreign capital during the first half of 2024. The second quarter saw a decrease in capital importation, dropping to $5.91 million from $15.80 million in the first quarter.

08. Electrical: The power sector experienced total capital imports of $85.44 million in the first half of 2024. However, this sector saw a decline in capital importation, decreasing from $58.93 million in Q1 to $26.51 million in Q2.

07. Financing: This sector also experienced a reduction in capital importation in the second quarter compared to the first quarter. The overall capital importation for the financing sector in the first half of the year amounted to $115.99 million.

06. I.T Services: The IT services sector faced a nearly 100% decline in capital importation during the second quarter, dropping from $171.70 million in Q1 to a total of $172.44 million for the first half of the year.

05. Shares: Capital importation into shares in Nigeria reached $176.72 million in the first half of 2024. In the first quarter, the sector attracted $98.71 million, but this figure fell to $78.01 million in the second quarter.

04. Telecommunications: The telecommunications sector also saw a decrease in capital importation, declining from $191.57 million in Q1 to $113.42 million in Q2. The total capital importation for this sector from January to June was $304.99 million.

03. Production and Manufacturing: Despite facing economic challenges, the production and manufacturing sector recorded $816.62 million in capital importation during the first six months of 2024.

Unlike other sectors that experienced declines, this sector saw a remarkable 225% increase, with capital importation rising from $191.92 million in Q1 to $624.71 million in Q2.

02. Trading: Contributing hugely to the overall capital inflow, the trading sector accounted for 17.7% of the total capital importation in the first half of the year, reaching an impressive $1.06 billion.

01. Banking: Consistently a leader in attracting foreign capital, the banking sector saw capital importation reach $3.19 billion in the first half of 2024. This amount represents approximately 53.36% of the total capital importation during this period, underscoring the sector’s vital role in Nigeria’s financial landscape.

In summary, the first half of 2024 has been marked by an increase in capital inflows into Nigeria, driven largely by portfolio investments while direct investments into the real economy face challenges.

The impressive growth across various sectors indicates a dynamic economic landscape, albeit with areas needing attention, particularly in securing Foreign Direct Investment to support sustainable development.

Vincent Amadi

Vincent Amadi

Related Posts

FG will revive cocoa industry – Shettima
Economy

FG will revive cocoa industry – Shettima

2 days ago
Nigerian companys take priority over foreign businesses with “Nigeria First Policy” 
Economy

Tinubu seeks $25 billion Nigeria-Morocco gas pipeline investment

2 days ago
Development bank disbursed N1 trillion to MSMEs – MD
Economy

Development bank disbursed N1 trillion to MSMEs – MD

4 days ago
EFCC arrests ex-government contractor over alleged N30 billion fraud
National

Ex-PDP chairman’s son jailed 14 years for N2.2 billion subsidy scam

1 week ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

NATIONS NEWS

FBI Arrests  Nigerian “Tech Queen” for Fraud in the USA
National

FBI Arrests Nigerian “Tech Queen” for Fraud in the USA

5 hours ago
After 2 years of Tinubu’s govt, No gains, but more suffering, hardship – NLC claims.
National

After 2 years of Tinubu’s govt, No gains, but more suffering, hardship – NLC claims.

5 hours ago
Security forces reassure Yobe residents insurgent-free sallah celebration
National

Security forces reassure Yobe residents insurgent-free sallah celebration

10 hours ago
Breaking News: Chief of Army Staff relocates to Benue to tackle insecurity
National

Breaking News: Chief of Army Staff relocates to Benue to tackle insecurity

1 day ago
Tinubu Has Outperformed All Presidents Before Him- Felix Morka
National

Tinubu Has Outperformed All Presidents Before Him- Felix Morka

1 day ago
Amaechi To Wike: You Worked Under Me; I Don’t Respond To Children.
National

Amaechi To Wike: You Worked Under Me; I Don’t Respond To Children.

1 day ago

POLITICS

Group Fires Back At Wike Over Betrayal Allegations Against Makinde, Mbah.

Wike debunks existence of “Cabal” in Tinubu’s government

5 hours ago
More defections: Rep dumps PDP for APC, urges support for Gov Otu, Tinubu

More defections: Rep dumps PDP for APC, urges support for Gov Otu, Tinubu

6 days ago
PDP Crisis: BoT urges forgiveness, dialogue and unity

PDP Crisis: BoT urges forgiveness, dialogue and unity

1 week ago
Tinubu receiving performance based endorsement – Top APC Chieftain

Tinubu receiving performance based endorsement – Top APC Chieftain

1 week ago
​​Coalition Saga: Atiku Ignores Adeleke In Osun, Draws Battle Line With PDP Govs. 

​​Coalition Saga: Atiku Ignores Adeleke In Osun, Draws Battle Line With PDP Govs. 

1 week ago
Gov Adeleke’s defection rumours to APC gain traction as David visits Tinubu

Gov Adeleke’s defection rumours to APC gain traction as David visits Tinubu

1 week ago

YOUR ECONOMY

FG will revive cocoa industry – Shettima
Economy

FG will revive cocoa industry – Shettima

2 days ago
Nigerian companys take priority over foreign businesses with “Nigeria First Policy” 
Economy

Tinubu seeks $25 billion Nigeria-Morocco gas pipeline investment

2 days ago
Development bank disbursed N1 trillion to MSMEs – MD
Economy

Development bank disbursed N1 trillion to MSMEs – MD

4 days ago
Becoming AfDB president greatest honour of my life – Adesina
Economy

Becoming AfDB president greatest honour of my life – Adesina

1 week ago
Dangote Refinery Drops Pump Prices Again with a Price Range between 875 and ₦905 Nationwide
Economy

Dangote Refinery Drops Pump Prices Again with a Price Range between 875 and ₦905 Nationwide

2 weeks ago
Fidelity Bankruptcy Scare: Banking sector is stable, says CBN
Economy

Fidelity Bankruptcy Scare: Banking sector is stable, says CBN

2 weeks ago

E & P

Cole Palmer to wear Chelsea’s number 10 next season
Sports

Cole Palmer to wear Chelsea’s number 10 next season

by Steven Atogi
10 hours ago
0

England midfielder, Cole Palmer, since joining Chelsea from Manchester City have been wearing the number 20 jersey for the blues....

Man United submits £45m bid for Bryan Mbeumo

Man United submits £45m bid for Bryan Mbeumo

10 hours ago
Breaking News: Hansi Flick interested in signing Ademola Lookman to Barcelona 

Breaking News: Hansi Flick interested in signing Ademola Lookman to Barcelona 

1 day ago
Choosing Nigeria Over England, Best Career Decision I made – Lookman

Choosing Nigeria Over England, Best Career Decision I made – Lookman

1 day ago
Three names to watch in the Premier league transfer window

Three names to watch in the Premier league transfer window

2 days ago
Bruno Fernandes rejects Al Hilal proposal

Bruno Fernandes rejects Al Hilal proposal

2 days ago

YOUR THOUGHT & HISTORY

ON THE PUBLIC NUISANCE CALLED SOWORE
Opinion

ON THE PUBLIC NUISANCE CALLED SOWORE

by Kiikpoye Karibo
3 months ago
Data Visualizations
Columns

Five Key Considerations for Creating Effective Data Visualizations

by Blessing Chinyere Daniel
5 months ago
The Transformative Power of AI in Revolutionizing Industries and Empowering Growth
Columns

The Transformative Power of AI in Revolutionizing Industries and Empowering Growth

by Blessing Chinyere Daniel
6 months ago
Navigating the Turbulent Terrain of Entrepreneurship: The Power of Tenacity, Growth Mind-set, and Grit
Columns

Navigating the Turbulent Terrain of Entrepreneurship: The Power of Tenacity, Growth Mind-set, and Grit

by Uloma Harrison-Ikenwanze
6 months ago
The Power of Data in Today’s World
Columns

The Power of Data in Today’s World

by Blessing Chinyere Daniel
6 months ago

Who we are

Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history

Welcome to Umpire News, your go-to online newspaper dedicated to broadening perspectives and expanding the horizons of our numerous readers. Read more

Browse by Category

  • Columns
  • Economy
  • Editorial
  • Entertainment
  • International
  • National
  • News
  • Opinion
  • Politics
  • Sports

Recent News

FBI Arrests  Nigerian “Tech Queen” for Fraud in the USA

FBI Arrests Nigerian “Tech Queen” for Fraud in the USA

June 5, 2025
After 2 years of Tinubu’s govt, No gains, but more suffering, hardship – NLC claims.

After 2 years of Tinubu’s govt, No gains, but more suffering, hardship – NLC claims.

June 5, 2025
  • About Us
  • Contact Us
  • Privacy & Policy

© 2024 Copyright Umpirenews. All rights reserved

No Result
View All Result
  • Home
  • National
  • Economy
  • Politics
  • Sports
  • Entertainment
  • Editorial
  • Opinion
  • Columns

© 2024 Copyright Umpirenews. All rights reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
🤑Join & Get Our Easter Gifts 🤑

Enter your NAME & Email NOW!!

Be among the 1st 100 lucky WINNERS to win our Amazing GIFTs this Easter Period as you READ our Daily hot NEWs & make meaningful comments and follow us on our social media handles.

Name
Enter your email address