Nigeria is a major target location for foreign direct investment
(FDI) in Africa and attracts investors in various sectors such as
power, energy, real estate etc. In recent times, notable
capital-intensive investments have been made in Nigeria through
FDI. Nigeria witnessed an increase in FDI between 2019 and 2020.
According to the United Nations Conference on Trade and Development
(UNCTAD) 2021 World Investment Report, FDI flows to Nigeria
totalled US$ 2.4 billion in 2020, showing a slight increase of 4.3%
from the previous year (US$ 2.3 billion in 2019)1 ,
despite the global economic crisis occasioned by the Covid-19.
However, this trend has not been maintained as the total value of
foreign investment, and capital importation into Nigeria dropped on
a quarter-on-quarter basis by 28.1 percent to $1.6 billion in the
first quarter of this year2 . According to data
published by the National Bureau of Statistics (NBS), capital
importation dropped by 17.5 percent from $1.9
