FDI drops by 59% in 11 years – W’Bank

The Foreign Direct Investment in Nigeria has plunged by 58.98 per cent in 11 years, data from the World Bank have revealed.

According to the Washington-based lender’s annual report tagged, ‘International Debt Report’, the country’s FDI depreciated from $5.966bn in 2010 to $2.447bn in 2021.

The FDI refers to an investment in the form of controlling ownership in a business in one country by an entity based in another country.

It was reported that Foreign Direct Investment in Nigeria dropped by $325.82m in two years, according to data from the National Bureau of Statistics.

In its updated International Debt statistics for 2022 released on Friday, the World Bank stated that FDI in the country dipped to $851 million in 2019, the lowest within the period under review.

Despite the coronavirus pandemic that disrupted businesses across the world, FDI rose to $ 930 million in 2020.

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