..Says FDI Into Nigeria On The Rise
Yemisi Izuora
The Central Bank of Nigeria (CBN) has declared that Nigeria is recording significant increase in Foreign Direct Investment, FDI, supported by other capital inflows.
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.
According to the Bank, 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.
It said the country continues to enjoy steady capital flows due to the prevailing stable macroeconomic environment and sustained investors’ confidence in the economy.
The Bank therefore urged the public to take advantage of several publications it has published and the National Bureau of Statistics (NBS), which gives adequate and accurate statistics on the subject matter.
The CBN also questioned the authenticity of the news item on Reuters quoting World Investment Report, 2019, recently released by UNCTAD on Foreign Direct Investment (FDI) to African countries. The report alleges a decrease of over 40 per cent in FDI inflows to Nigeria in 2018.
The CBN stated that while it is not privy to the methodology used in arriving at the figures, it stated that available records show a significant increase in FDI in Nigeria during the period 2018, contrary to the Reuters’ report.