Abuja, Oct 11, 2024 – The Tinubu Media Support Group (TMG) has described the 360% growth in Foreign Portfolio Investment (FPI) achieved by Nigeria in the first half of 2024 as worth celebrating.
The group, in the statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, said the quantum leap in FPIs from $756.1 million in the first half of 2023 to $3.48 billion recorded in the same period in 2024 is a testament to the efficacy of the Tinubu business-friendly policies.
TMSG said: “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 last year.
“We note that the NBS report indicated that foreign investments doubled to $6bn in H1 2024 with a large chunk coming from portfolio investors who invested $3.48bn in the Nigerian economy compared to the $756.1m the country attracted in the same period last year.
“This impressive number is clearly as a result of the economic policies introduced by the President Bola Tinubu administration especially efforts by the Central Bank of Nigeria to boost investor confidence.
“A further look at NBS data showed that on the whole, foreign capital inflow rose to $5.98bn between January and June this year, up from $2.16bn during the same period in 2023.
“According to the report, foreign portfolio investments in Nigeria stood at $3.48bn in the first six months of 2024, representing a 360% year-on-year growth from the $756.1mn recorded in the corresponding half of 2023.
“The bulk of foreign portfolio participation ($2.68bn) 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.
“For us, there is no better way to show that Nigeria is still a desirable investment destination on President Tinubu’s watch inspite of attempts by opposition figures to paint the administration policies as bad for the country.
“It is our considered opinion that no foreign investor would put funds in an economy where they will not get the necessary returns on investment.
“So inspite of the pains of the reforms which President Tinubu had always said would be temporary, we are seeing how investors have continually showed interest in the country. This is exactly what the President meant when he said Nigeria was prioritizing a business-friendly financial system.”
The group added that the there are facts on ground to show 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 $550m Ubeta Field Development Gas Project in conjunction with the Nigerian National Petroleum Company Limited (NNPCL) just as Coca-Cola is reviving its 2021 $1bn investment pledge.
“And can any patriotic Nigerian afford to forget ExxonMobil’s announcement of a $10m deep-water investment in the country on the sidelines of the recent UN General Assembly.
“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, it explained. (GBN)
