UNCTAD estimates Nigeria’s FDI inflow rose from $1.614bn in 2024 to $4.005bn in 2025

UNCTAD has estimated that Nigeria’s inward FDI rose from $1.614 billion in 2024 to $4.005 billion in 2025, an increase of 148.2%.

According to the report “Nigeria therefore received approximately 5.8% of Africa’s FDI, but only about 0.25% of global inflows. Nigeria was one of the continent’s strongest positive outliers.

“The rebound was supported mainly by inflows concentrated in oil, gas, refining, mining, and related energy infrastructure, including major asset ownership transfers, such as Renaissance Africa Energy acquiring Shell’s onshore business and Huaxin Cement acquiring Lafarge Africa.

“The figures carry a mixed message. Nigeria has regained some international investment momentum, but the composition of the rebound remains concentrated in energy and large transactions. It does not yet demonstrate a broad, sustained expansion of greenfield manufacturing, export-oriented production, technology transfer or domestic supplier participation”.

The central policy challenge is therefore not simply to increase FDI, but to change its quality, sectoral composition and domestic economic linkages.

The global recovery was led mainly by developed economies and high-income markets. Europe recorded the strongest regional increase, with inflows rising by 39% from $204 billion to $285 billion.

Africa attracted only about 4.3% of global FDI, despite its large population, extensive natural resource base and substantial infrastructure and industrial financing needs.

The 26% African decline should not automatically be interpreted as a collapse in investor interest: 2024 had been inflated by the exceptional Ras El-Hekma transaction in Egypt, and Africa’s 2025 inflow was still its
third-highest annual total since 1990 and approximately one-third above its 2010–2024 average.

North America received $344 billion, down 2%, while other developed economies remained broadly unchanged at $94 billion. Developing Asia retained its position as the largest developing region destination, receiving $644 billion, while Latin America and the Caribbean recorded a stronger 14% increase to $188 billion.

UNCTAD’s country data put Nigeria’s 2025 performance in a stronger position than the continental headline suggests. Its inflow of $4.005 billion was higher than those of Ethiopia, Morocco, Kenya, Côte d’Ivoire and Ghana, although it remained below Egypt, Guinea and Mozambique among the leading African.