Nigeria experienced a remarkable increase in portfolio investments, drawing in a substantial sum of $222.3 million into its equity market during the first quarter of 2023. This surge reflects a staggering 4,472% rise compared to the previous quarter, the fourth quarter of 2022.
These figures are based on the Capital Importation report released by the National Bureau of Statistics for the first quarter of the year. It is noteworthy that Nigeria had only attracted $56 million in foreign portfolio investments in equity during the previous quarter, as investors remained hesitant due to the country’s foreign exchange policies.
However, the successful conduct of the 2023 elections appears to have positively influenced investors’ sentiment, leading them to reconsider and re-engage with Nigeria’s equities market. The improved political stability resulting from the elections likely instilled confidence in investors, prompting their renewed interest in the country.
