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 in the first half of 2023 to $3.48 billion recorded between January and June 2024.
This, he said, was a testament to the efficacy of the President Bola Tinubu-led administration’s businessfriendly 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 $6 billion in H1’24. “This is a large chunk coming from portfolio investors who invested $3.48 billion 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 during the same period in 2023.
“According to the report, foreign portfolio investments in Nigeria stood at $3.48 billion in the first six months of 2024. “This represents a 360 per cent year-on-year growth from the $756.1 million 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.
