The United Kingdom, the U.S., Belgium, Singapore, Mauritius and South Africa combinedly account for over 80 percent of foreign investment inflows into Nigeria, according to data from the country’s bureau of statistics.
Nigeria attracts inflows from over 88 countries globally. However, the report shows it relies heavily on the West for much of its FDIs with a combined three accounting for over $1 trillion so far this year.
Between the United States, UK and Belgium about $1.8 trillion was imported in the first half of 2017.
Singapore, South Africa and Mauritius also make up the other half of the top six combining to provide Nigeria with about $480 million of important capital. Analysts also suggest most of the funds coming in from Mauritius is due to the double taxation agreement they have with Nigeria and also account for some of the funds that may have flowed from South Africa.