Records Show Nigeria Got $362.9million Investments In Nine Months Amid Tinubu’s $30billion FDI Claim

In his speech, he noted that in the last year, presumably since he emerged President in May, 2023, Nigeria amassed a foreign direct investment of $30 billion.

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

In his speech, he noted that in the last year, presumably since he emerged President in May, 2023, Nigeria amassed a foreign direct investment of $30 billion.
““Thanks to our country attracted foreign direct investments worth more than $30 billion in the last year.” he noted.
SaharaReporters subjected this claim to a data check.

Review shows that the claim of the President may be misleading, given official data published by the National Bureau of Statistics.

Data shows that in third quarter of 2023, which marked the beginning of his administration, Nigeria only received $59.77 million as foreign direct investment, official data of the National Bureau of Statistics show.

In the fourth quarter of the year, the foreign direct investment stood at $183.97 million, while in the first quarter of 2024, $119.18 million was earned.
In total, the sum of $362.92 million was received as foreign direct investment in the nine months period between July 2023 and March 2024.

It is unclear how the government got a foreign direct investment of $29.6 billion between April and September 2024, as that remains the only way the $30 billion claim of the President would be valid.

In fact subjecting the data to more checks show that in q2, 2023, FDI stood only at $86.03 million, in first quarter of 2023 the FDI stood at $47.06 million.
In the fourth quarter of 2022, Nigeria earned FDI of $84.23 million, in third quarter of 2022, the FDI stood at $81.72 million, in the second quarter of the year, it stood at $147.16 million, while that of the first quarter stood at $154.97 million.

It is unclear how the government arrived at the calculation to get the $30 billion foreign direct investment.