18 June 2019

Nigeria: Foreign Direct Investment Has Not Dropped - Central Bank

Lagos — Contrary to reports that Foreign Direct Investments (FDIs) into Nigeria in 2018 dropped by 40 per cent, the Central Bank of Nigeria (CBN) has said that the country continues to enjoy steady capital inflows.

In a statement the apex bank issued yesterday through its director, Corporate Communication, Isaac Okoroafor, it said that while it was not privy to the methodology used in arriving at the figures, "we wish to state that available records show significant increase in FDIs in Nigeria during the period contrary to the Reuters' report."

Reuters had quoted a World Investment Report of 2019, recently released by United Nations Conference on Trade and Development (UNCTAD) on FDIs to African countries. The report alleged a decrease of over 40 per cent in FDI inflows to Nigeria last year.

But, data released by the National Bureau of Statistics (NBS) showed that in 2018, the total capital inflows to the country stood at $19.07 billion of which FDIs accounted for $7.78 billion. Also, the total capital flows to Nigeria, from January to May 2019 stood at $14.2 billion, of which FDIs accounted for $2.87 billion, representing a 20.18 per cent of the total amount.

Furthermore, Nigerian startups had raised a total of N26.640billion or $73.6 million, up 800 per cent from the N3.240billion or $9.2 million between April and June of 2018. A total of $4.24 million was raised by 13 startups, mostly from foreign investors, while grants made up almost 70 per cent of the deals.

The CBN noted that the country 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 NBS, which give adequate and accurate statistics on the subject matter," Okoroafor said.

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