In the first quarter of 2023, Nigeria witnessed a significant surge of portfolio investments pouring into its stock market, reaching a substantial amount of $222.3 million.
This noteworthy figure reflects a staggering 4,472% surge compared to the previous quarter, which was the fourth quarter of 2022.
The recently published Capital Importation report by the National Bureau of Statistics revealed these statistics, providing valuable insights into the country’s financial landscape during the early months of this year.
What makes this development intriguing is Nigeria’s prior struggle to attract foreign portfolio investments in the equity sector. Investors had been hesitant to engage with the country due to its foreign exchange policies, resulting in a meager sum of $56 million being received.
However, it seems that recent policy changes have played a crucial role in enticing investors to return to the flourishing equities market.
