Nigeria's National Bureau of Statistics (NBS) reported on Tuesday that foreign direct investment (FDI) in Nigeria fell 33% in 2022 due to a severe shortage of US dollars, which has hindered crypto companies from expanding into the country. Nigeria is Africa's largest economy. Investment fell to $468 million in 2022 from $698 million the previous year. Data shows that foreign direct investment has fallen by about 90% since its peak of $4.7 billion in 2008.

Obinna Uzoije, a local data analyst and crypto enthusiast, said in an interview that Nigeria's low foreign investment rate can be attributed to the fact that the use of cryptocurrencies has not yet become mainstream in the country. Uzoije explained that the lack of use of cryptocurrencies in daily economic activities and the prohibition of financial institutions from providing services to cryptocurrency exchanges are the reasons for the low investment rate. (Cointelegraph)