2023 foreign investment in Nigeria's oil sector dropped to $3.64m from $720m in 2016, with no foreign investment in Q1 2024.
Nigeria's oil sector struggles to attract investors due to issues like regulatory environment, transparency, safety, vandalism, and theft. Foreign investment in the sector dropped from $720m in 2016 to $3.64m in 2023, with no foreign investment in Q1 2024. The country's dependence on oil for two-thirds of its revenue makes the investor flight problem severe.
July 29, 2024
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