Post Views: 277 The Central Bank of Nigeria (CBN), on Monday even put total capital inflows into the country at $14.2bn in the five months between Jan...
The Central Bank of Nigeria (CBN), on Monday even put total capital inflows into the country at $14.2bn in the five months between January and May 2019.
Of this amount, according to a statement by Isaac Okorafor, Director, Corporate Communications at the apex bank, Foreign Direct Investment (FDI) accounted for $2.87bn, representing 20.18% of the total inflows for the period.
The total inflow for the five-month period represented 74.46% of the $19.07bn reported for the whole of 2018; just as cumulative FDI was 36.89% of the year’s $7.78bn.
The statement was against the backdrop of a recent report by Reuters quoting the 2019 World Investment Report on Foreign Direct Investment (FDI) to African countries recently released by the United Nations Conference on Trade and Development (UNCTAD), stating that Nigeria’s FDI inflows dropped by over 40% in 2018.
While denying the report as untrue, Okorafor said available records rather show a significant increase in Nigeria’s FDI during the period under review, stressing although that the methodology used in arriving at the figures were unknown.