• Thu. Apr 18th, 2024

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Top 10 industries in Nigeria that made Highest International Investments in 2023!

The recent compilations and reports have revealed top 10 industries that garnered the highest amount of international investment in Nigeria in 2023. They are as follow:

  1. The Production/Manufacturing sector has shown remarkable strength, leading the way with a substantial influx of $1,590.79 million. This performance marked a significant increase from the $948.43 million seen in the previous year.
  2. Banking Sector
    Despite a significant decrease from the previous year’s $2,089.60 million, the Banking sector, which serves as the foundation of Nigeria’s financial system, still managed to attract $832.64 million.
  3. Financing Sector
    With a substantial investment of $445.94 million, the Financing sector continued to play a vital role in supporting economic growth, despite experiencing a decrease from $791.16 million in 2022.
  4. Shares
    The Stocks industry saw an inflow of $294.08 million, down from $469.42 million in 2022, suggesting that investors are adopting a careful stance, possibly awaiting more conducive market conditions before engaging to equity investments in Nigerian companies.
  5. Trading Sector
    The inflow in the Trading sector was $237.52 million, a slight decrease from $265.35 million. This indicates that trade activities continue to be vital, with significant investments attracted by the movement of goods and services.
  6. I T Services
    Significantly, the I T Services sector experienced a substantial surge to $226.38 million from a modest $5.81 million, highlighting the growing prospects of Nigeria’s technology industry as a promising frontier for investment and innovation.
  7. Telecomms Sector
    Despite a decrease to $134.75 million from $456.83 million, the telecommunications industry continues to play a major role in attracting capital to the country, highlighting the continued demand for expanded telecommunications infrastructure and digital connectivity.
  8. Electrical Sector
    The substantial rise in capital inflow to $72.89 million, compared to $22.96 million, illustrates the Electrical sector’s progress in enhancing Nigeria’s power infrastructure and meeting the increasing need for electrical components and services.
  9. Marketing Sector
    The Marketing industry, receiving $22.13 million, has experienced a rise from $4.41 million, indicating the increasing significance of market research and advertising in the Nigerian economy.
  10. Agriculture Sector
    Receiving a funding amount of $19.91 million, the Agriculture sector experienced a decline from $95.80 million. This industry plays a vital role in ensuring Nigeria’s food security and generating employment opportunities. The investment statistics emphasize the necessity of placing greater attention on this sector to fully tap into its capabilities.

News Editor

Our News Editor, Muyiwa is an information management expert and Development Blogger with more than a decade experience in investigative reporting and journalism. He is passionate about human angle stories to all social issues in Nigeria and Africa.