$1.46 billion of new foreign direct investment made its way to Nigeria in the third quarter of 2020, according to new data from the National Bureau of Statistics, but very little is coming from China. In fact, China (ex Hong Kong) wasn’t among the list of top 15 investors, dominated by the UK, Netherlands, and Ireland.
That’s a very different story from last year at this time, when Chinese venture capital firms plowed a quarter of a billion dollars into Nigeria’s then-booming tech sector, specifically early-stage fintech companies. Expectations ran high back then, before the COVID-19 outbreak, that Chinese VC-financing would continue into 2020 which, of course, did not happen.
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