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Nigeria's oil sector: foreign investment falls in 2023

29/07/2024
Source : ORISHAS-FINANCE
Categories: Raw materials Sectors

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The country's foreign capital investment in the industry fell from $720 million in 2016 to $3.64 million in the whole of 2023, despite government efforts to attract more foreign investors to the oil sector and gas tanker.

A report from the National Bureau of Statistics indicates that Nigeria did not register any foreign capital investment in the first quarter of 2024. According to the document, of the $3.38 billion in capital imports into Nigeria in the first three months of 2024, the oil industry received nothing. Capital importation is the inflow of foreign capital into a country, usually in the form of investments, loans, or other forms of financial resources.

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