In a significant boost to Nigeria’s economy, foreign investor interest in the country’s assets and remittances from Nigerians living abroad have seen a remarkable increase last month, signaling the early success of reforms introduced by President Bola Tinubu’s administration. According to a Bloomberg report, there has been a notable uptick in economic activities, with foreign portfolio investments and remittances showing substantial growth.
Hakama Sidi Ali, a spokesperson for the Central Bank of Nigeria, provided figures in an emailed statement that highlight the growing confidence among foreign investors and the Nigerian diaspora. Foreign portfolio investor asset purchases crossed the $1 billion mark in February alone, with total receipts for the year reaching at least $2.3 billion. This marks a significant rise from the $3.9 billion recorded throughout the entirety of 2023.
Moreover, remittances from Nigerians living overseas have experienced a dramatic increase, rising more than fourfold to $1.3 billion in February, up from the previous month. This surge in remittances and foreign investment is a clear indicator of the positive impact of the recent reforms implemented by President Tinubu’s government.
These developments are seen as a welcome sign of economic revival, reflecting growing investor confidence in Nigeria’s market potential and the effectiveness of policy measures aimed at improving the investment climate. As the Tinubu administration continues to roll out its reform agenda, there is optimism that these trends will contribute to sustained economic growth and stability in Nigeria.