Total capital flows to Nigeria between January and May stands at $14.2 billion. Of this, Foreign Direct Investment (FDI) accounts for $2.87 billion.
This represents a 20.18 per cent of the total amount. The Central Bank of Nigeria (CBN) gave this figure and denied Reuters claims that Nigeria suffered a decrease of over 40 per cent in FDI inflows last year.
A statement by the CBN explained that “in 2018, the total capital inflows to the country stood at $19.07 billion out of which FDI accounted for $7.78 billion.”
Nigeria, the CBN said “continues to enjoy steady capital flows due to the prevailing stable macroeconomic environment and sustained investors’ confidence in the economy.”
The statement said “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.”
Reuters had quoted the World Investment Report, 2019, recently released by UNCTAD on Foreign Direct Investment (FDI) to African countries, alleging that there was a decrease of over 40 per cent in FDI inflows to Nigeria last year.