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Nigeria’s FDI Drops by $19B in Decade – Finance Minister
Minister of Finance and Coordinating Minister of the Economy, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disclosed a concerning development in Nigeria’s economic sphere. FDI inflow into the nation witnessed a significant decline, plummeting from $22.7 billion in 2014 to a mere $3.7 billion in 2023, reflecting a staggering $19 billion decrease over the past decade. from $22.7 billion in 2014 to $3.7 billion in 2023.
This alarming decline in FDI was the focus of Edun’s address to leading business executives at the Lagos Business School Breakfast Club, where he outlined the challenges facing the economy and the government’s strategies for addressing them.
The Lagos Business School Breakfast Club provides an avenue for C-suite executives to gain access to high-quality intelligence about the operating business environment, without expending much of their most scarce resource- time.
Scheduled for the first Wednesday of every month, the one-hour meeting opens with a presentation of the economic outlook for the month, followed by a presentation by a special guest drawn from either the business community or the government.
The primary objectives of the Breakfast Club include showing the nature of available opportunities or affording a better understanding of current issues.
Participation extends beyond the business community. The Breakfast Club draws attendance from members of the diplomatic community, development partners and government officials. The monthly sessions, therefore, provide opportunities to share experiences and strengthen networks.
According to Edun, the kernel of the Federal Government’s economic reforms aims to boost forex supply through increased Foreign Direct Investments and Foreign Portfolio Investments.
In his presentation, Edun noted that Foreign Direct Investments in Nigeria in 2014 stood at $22.7bn. It reduced to $14.4bn the following year and to $10.4 in 2016.
