Foreign Investors have been Loading Up on Nigerian Bonds

Total capital inflows in Nigeria tripled to $3.37bn in January-March compared to $1.13bn in the first quarter of 2023, according to the National Bureau of Statistics. Buoyed by President Bola Tinubu’s economic reform and a surge in yields, foreign investors have been loading up on Nigerian bonds and money market instruments in the first quarter of 2024, with total capital inflows tripling to $3.37bn compared to $1.13bn over the same period in 2023, according to Nigeria’s National Bureau of Statistics. Foreign portfolio investments (FPI), including equities, accounted for 61.48% of the total capital inflows. The money market saw the most growth in foreign investment, followed by bonds, and then equities.

THE AFRICA REPORT