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Foreign Direct Investment into Nigeria has not dropped — CBN

By News Express on 18/06/2019

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•CBN Director, Corporate Communications, Isaac Okorafor
•CBN Director, Corporate Communications, Isaac Okorafor

The Central Bank of Nigeria (CBN), on Monday, dismissed a Reuters report 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.

“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,” the apex bank said in a statement signed by the Director, Corporate Communications, Isaac Okorafor.

Giving an example, the statement said: “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.”

CBN noted that Nigeria “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,” the statement said.

 

 

Source News Express

Posted 18/06/2019 04:09:01 AM

 

 

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