In an unexpected turn of events, sharply contrasting with prior optimistic outlooks on US-Nigeria economic relations, Nigeria observed a dramatic 88% fall in its foreign capital intake from the United States during the last quarter of 2023, according to the National Bureau of Statistics (NBS).
This pronounced decrease saw capital inflow from the U.S. plummet from $67.04 million in the third quarter to $8.34 million in the fourth quarter, marking the lowest level of U.S. capital importation into Nigeria ever recorded.
This downturn is not merely a quarterly anomaly but also signifies a distressing 80% year-over-year decline from the $42.14 million recorded in the same quarter of the preceding year, highlighting a notable waning of American economic interest in Nigeria as the year concluded.