Foreign Direct Investment into Nigeria Surges

According to the National Bureau of Statistics (NBS) the total capital importation into Nigeria in 2016 was $5.12 Billion. Capital importation surged 139 percent to $12.23 Billion by 2017 year end. In the real sector, inflows into the Agric sector rose by 771 percent from $22.47 million in 2016 to $195.65 million in 2017. Fishing industry witnessed 1557 percent increase in capital importation from $6 million in 2016 to $99.43 million in 2017. The tanning industry which was almost dead started showing signs of revival as investors injected $520,000 into the sector. The Olam integrated feed mill project in Kaduna though supported with funds generated internally, part of the $150 million investment cost was sourced abroad contributing to the FDI figures in 2017. When fully operational, the mill will process 180,000 tons of corn, 75,000 tons of soybean, 360,000 tons of animal feeds annually and produce 1.6m day old chicks weekly. In addition, the project has the capacity to employ about 600 workers directly and 400,000 workers indirectly.