Insecurity spooks investment sentiment as gunmen attack worshippers at Catholic church in southwestern Nigeria

Gunmen opened fire on worshippers and detonated explosives at a Catholic church in Ondo, a state in southwestern Nigeria on Sunday, April 5, 2022.

The state lawmakers state that dozens have been feared dead, in the wake of the attack.

The attackers targeted the St. Francis Xavier Catholic Church in Owo, Ondo state just as the worshippers gathered on Pentecost Sunday. Among the dead were many children.  

One fall out from the insecurity is importation of foreign capital. Foreign Direct Investment has been dipping, as portfolio investment known as hot money dominates the bulk of imported capital.