Nigeria’s FDI Fell By $19bn In 10 Years – Wale Edun

Foreign Direct Investments into Nigeria fell by $19bn in 10 years, from $22.7bn in 2014 to $3.7bn in 2023.

This was recently contained in a presentation made by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and Nigerians have been reacting.

According to him, the kernel of the Federal Government’s economic reforms aims to boost forex supply through increased Foreign Direct Investments and Foreign Portfolio Investments.

Edun added that when he talks about investment and attracting investment into the economy, he is not only talking about domestic investors, but about foreign direct investments, private investment and so on.

His words, “Because of lack of faith in the currency, have decided to try to hold and save in dollars.

All the funds in the diaspora, we are targeting them. There are all these funds that you have brought into your (local foreign currency) accounts, we are targeting them.

The government does not have the funding and the funding is not available internationally. They are not interested and they have inflation to fight in the Western world so they have to keep interest high, tighten the money supply, and cannot provide any kind of development financing at the level we need.

When we talk about investment and attracting investment into the economy, we are not only talking about domestic investors but about foreign direct investments, private investment, and much more than what the multilateral organisations may have to offer. The big prize is to make our economy, institutions, and corporate governance such that it attracts, from around the world, those interested and have surplus savings to invest in for profitable ventures.”

WOW.