Tinubu Media Support Group (TMSG) has described as positive development worth celebrating, the 360 per cent growth in Nigeria’s foreign portfolio investments
By Emmanuel Mogbede
Tinubu Media Support Group (TMSG) has described as positive development worth celebrating, the 360 per cent growth in Nigeria’s foreign portfolio investments (FPIs) in the first quarter of 2024.
The TMSG Chairman, Mr Emeka Nwankpa, stated this in a statement on Friday in Abuja.
Nwankpa noted the quantum leap in FPIs from 756.1 million US dollars in the first half of 2023 to 3.48 billion US dollars recorded between January and June 2024.
This, he said, was a testament to the efficacy of the President Bola Tinubu-led administration’s business-friendly policies.
“The latest report by the National Bureau of Statistics (NBS) on foreign capital inflows shows a massive increase in what came into the country in the first half of 2024 compared to that of the corresponding period in 2023.
“We note that the NBS report indicated that foreign investments doubled to $6bn in H1 2024.
“This is a large chunk coming from portfolio investors who invested 3.48 billion US dollars in the Nigerian economy compared to the $756.1 million the country attracted in the same period in 2023,” he said.
Nwankpa attributed the development to the economic policies introduced by the Tinubu-led administration, especially efforts by Central Bank of Nigeria (CBN) to boost investors’ confidence.
He added that a further look at NBS data showed that on the whole, foreign capital inflow rose to 5.98 billion US dollars between January and June 2024, up from 2.16 billion US dollars during the same period in 2023.
“According to the report, foreign portfolio investments in Nigeria stood at 3.48 billion US dollar in the first six months of 2024.
“This represents a 360 per cent year-on-year growth from the 756.1 million US dollars recorded in the corresponding half of 2023.
“The bulk of foreign portfolio participation (2.68 billion US dollars) was in money market instruments and our understanding is that the United Kingdom and Netherlands were the biggest sources of capital inflow into the banking sector,” he said.
According to him, this is a better way to show that Nigeria is still a desirable investment destination, on Tinubu’s watch, in spite of attempts by some opposition figures to paint the administration’s policies bad.
The TMSG chairman noted that no foreign investor would put funds in an economy where they would not get the necessary returns on investments.
He added that in spite of the pains of the reforms and policies of Tinubu’s government, investors had continually showed interest in the country.
Nwankpa said this was exactly what the president meant when he said Nigeria was prioritising a business-friendly financial system.
He expressed the optimism that the next NBS report would tell a better story of foreign investments in 2024.
“It is gratifying to note that the report is coming at a time some multinationals are ramping up additional investments in the country.
“We invite Nigerians to note that French conglomerate, TotalEnergies, has kicked off its 550 million US dollars Ubeta Field Development Gas Project.
“This in conjunction with the Nigerian National Petroleum Company Limited (NNPCL), just as Coca-Cola is reviving its 2021 1billion US dollars investment pledge.
“We are certain that by the time the NBS releases its final report for the year, the figure for foreign capital inflows for the year would be one of the highest in recent years,” he said. (NAN)
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