Nigeria's oil and gas sector recorded zero foreign capital investments in the first quarter of 2024 amid the crisis. This is according to the National Bureau of Statistics Nigeria’s Capital Importation data for Q1. Meanwhile, other sectors saw the country's capital import rose by 210 percent to 3,376.01 million from $1,132.65 million recorded in Q1 2023. This coming despite the oil and gas sector being Nigeria's main source of revenue.
Further analysis showed that in the period under review, the Africa Largest Oil Producer failed to attract Foreign Direct Investment, and portfolio investment in the oil and gas industry such as investments in financial assets like stocks, bonds, and securities. Meanwhile, the banking sector received the highest capital importation to Nigeria in the period. This coming despite the oil and gas sector being Nigeria's main source of revenue.