Claims by President Bola Ahmed That Nigeria attracted foreign direct investments (FDI) worth more than $30 billion in 2023 due to his economic policies has been debunked.
In his 64th Independence broadcast to the nation, President Tinubu said,
“The economy is undergoing the necessary reforms and retooling to serve us better and more sustainably,”
“If we do not correct the fiscal misalignments that led to the current economic downturn, our country will face an uncertain future and the peril of unimaginable consequences.
“Thanks to the reforms, our country attracted foreign direct investments worth more than $30 billion in the last year.”
FDI is the establishment of a company or business in a country by a foreign investor.
However, On February 17, 2024, Doris Uzoka-Anite, minister of industry, trade and investment, said the country obtained about $30 billion in investment commitments from various investors.
Uzoka-Anite said the commitments will be redeemed within five to eight years.
Also, the National Bureau of Statistics (NBS) usually releases capital importation reports, which include details on foreign direct investment inflows that Nigeria attracts every quarter.
The NBS capital importation report categorises capital inflows into three main types: foreign direct investment (FDI), foreign portfolio investment (FPI), and other investments.
According to data obtained from NBS, between Q2 — when Tinubu’s
administration began — and Q1 of 2024, Nigeria attracted a total of $448.95 million in foreign direct investment (FDI).
In the same period, foreign portfolio investments — which involve investments in financial assets such as stocks and bonds — amounted to $2.58 billion.
Additionally, other investments, such as loans, trade credits, and other capital inflows totaled $3.12 billion.
Further analysis by TheCable showed that in Q2 2023, Nigeria recorded $1.03 billion in foreign inflows, which includes FDI, portfolio investments, and other investments.
The figure dropped to $654.65 million in Q3 2023 but rose to $1.09 billion in Q4.
However, by Q1 2024, total capital inflow surged to $3.38 billion.
In total, Nigeria attracted $6.14 billion in foreign inflows between Q2 2023 and Q1 2024.
Based on data from the NBS, Tinubu’s claim that the country attracted more than $30 billion in foreign direct investment in 2023 is incorrect.