There was a notable upswing in the demand for Nigerian assets in February among foreign investors, coupled with a substantial increase in remittances from citizens residing abroad.
These positive developments according to Bloomberg were attributed to the ongoing reforms spearheaded by President Bola Tinubu’s administration, which have begun to yield tangible results.
The data reveals that foreign portfolio investor asset acquisitions soared, surpassing the $1 billion mark in February alone.
This brings the cumulative receipts for the current year to a noteworthy $2.3 billion.
Notably, this figure outpaces the total for the entire year of 2023, which stood at $3.9 billion.
Moreover, the surge extended to overseas remittances, which witnessed a remarkable fourfold increase, reaching $1.3 billion in February compared to the previous month.
Bloomberg reports that these financial indicators underscore the positive impact of President Tinubu’s reform initiatives, signaling increased confidence from both foreign investors and citizens abroad in the Nigerian economic landscape.
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