Study: Nigerian Cryptocurrency Foreign Investment Hit Record Low

The Nigerian National Bureau of Statistics (NBS) reported on Tuesday that foreign direct investment (FDI) in Nigeria fell by 33% last year due to a severe shortage of U.S. dollars, which hindered crypto companies from expanding into the country. In 2022, investment fell to $468 million from $698 million the previous year. Foreign direct investment has fallen about 90 percent since a peak of $4.7 billion in 2008, the data showed.