Nigeria Records $14.2bn Capital Inflows in Five Months, Says CBN
Nigeria recorded $14.2 billion capital inflows in the past five months, the Central Bank of Nigeria (CBN) said Monday.
In a statement from the Director, Corporate Communications, Mr. Isaac Okorafor, the apex bank said $2.87 billion was from Foreign Direct Investment (FDI).
CBN was reacting to a report by Reuters that Nigeria’s FD dropped last year.
Reuters had reported that UNCTAD report showed 40 percent decline in FDI inflows for Nigeria as at last year.
But the CBN statement said, “The attention of the Central Bank of Nigeria (CBN) has been drawn to the news item on Reuters quoting World Investment Report, 2019, recently released by UNCTAD on FDIs to African countries.”
“While the CBN is not privy to the methodology used in arriving at the figures, we wish to state that available records show a significant increase in FDI in Nigeria during the period 2018, contrary to the Reuters’ report.
“For instance, in 2018, the total capital inflows to the country stood at $19.07 billion out of which FDI accounted for $7.78 billion.
“Furthermore, total capital flows to Nigeria, from January to May 2019 stood at $14.2 billion of which FDI accounted for $2.87 billion, representing a 20.18 per cent of the total amount.
“The country continues to enjoy steady capital flows due to the prevailing stable macroeconomic environment and sustained investors’ confidence in the economy.
“Against this background, we wish to urge the public to take advantage of several publications by the CBN and the National Bureau of Statistics (NBS), which give adequate and accurate statistics on the subject matter.”
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