Foreign Direct Investment into Nigeria has not Dropped -CBN

By Etuka Sunday

The Central Bank of Nigeria (CBN) has said that contrary to report by Reuters of drop in the country’s Foreign Direct Investment (FDI), Nigeria continue to enjoy steady capital inflow.
CBN said, its attention was drawn to 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% in FDI inflows to Nigeria in 2018.
It said, “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% 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,” it said.
A statement by the Director, Corporate Communications, CBN, Isaac Okorafor said, 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.