Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has stated that Foreign Direct Investments (FDI) into Nigeria reduced by $19 billion in 10 years (from $22.7bn in 2014 to $3.7bn in 2023).
He made this known in a recent presentation to business executives at the Lagos Business School Breakfast Club.
Speaking on the key issues confronting the economy and what the government was doing about it, he said the federal government’s economic reforms are focused on boosting forex supply through increased FDI and Foreign Portfolio Investments.
According to him, FDI in 2014 was $22.7 billion but dropped to $14.4 billion in 2015 and $10.4 in 2016. He said it reduced further to $9.8 billion in 2017 and recorded a slight increase to $11.9 billion in 2018 but reduced again to $9.2 billion in 2019.
In 2020, the FDI recorded a marginal increase to $10.2 billion and by 2021, dropped significantly to $6.9 billion and fell further to $4.6 billion in 2022 and $3.7 billion in 2023.
Edun also disclosed plans by the government to issue domestic bonds denominated in foreign currency in the second quarter of this year.
