Information Present Nigeria Bought $362.9million Investments In 9 Months Amid Tinubu’s $30billion FDI Declare

In his speech, he famous that within the final yr, presumably since he emerged President in Could, 2023, Nigeria amassed a overseas direct funding of $30 billion.

Earlier at the moment, in a televised broadcast, Nigeria’s President, Bola Ahmed Tinubu harped on impacts of the reforms of his authorities.

In his speech, he famous that within the final yr, presumably since he emerged President in Could, 2023, Nigeria amassed a overseas direct funding of $30 billion.
““Because of our nation attracted overseas direct investments price greater than $30 billion within the final yr.” he famous.
SaharaReporters subjected this declare to an information test.

Assessment reveals that the declare of the President could also be deceptive, given official information revealed by the Nationwide Bureau of Statistics.

Information reveals that in third quarter of 2023, which marked the start of his administration, Nigeria solely obtained $59.77 million as overseas direct funding, official information of the Nationwide Bureau of Statistics present.

Within the fourth quarter of the yr, the overseas direct funding stood at $183.97 million, whereas within the first quarter of 2024, $119.18 million was earned.
In complete, the sum of $362.92 million was obtained as overseas direct funding within the 9 months interval between July 2023 and March 2024.

It’s unclear how the federal government acquired a overseas direct funding of $29.6 billion between April and September 2024, as that is still the one manner the $30 billion declare of the President could be legitimate.

In reality subjecting the info to extra checks present that in q2, 2023, FDI stood solely at $86.03 million, in first quarter of 2023 the FDI stood at $47.06 million.
Within the fourth quarter of 2022, Nigeria earned FDI of $84.23 million, in third quarter of 2022, the FDI stood at $81.72 million, within the second quarter of the yr, it stood at $147.16 million, whereas that of the primary quarter stood at $154.97 million.

It’s unclear how the federal government arrived on the calculation to get the $30 billion overseas direct funding.