18 June 2019

Nigeria Attracts $10.65bn Foreign Direct Investment - CBN

The Central Bank of Nigeria, CBN, yesterday said the country has attracted Foreign Direct Investment, FDI of $10.65 billion from January 2018 to last month.

Director, Corporate Communication Department, CBN, Mr. Isaac Okoroafor, disclosed this in a statement dismissing a media report that the country suffered 40 percent decline in FDI in 2018.

He disclosed that from January 2018 to May 2019, Nigeria attracted total foreign investment into Nigeria stood at $33.27 billion, with FDI accounting for 33 percent or $10.65 billion.

Okoroafor said: "The attention of the Central Bank of Nigeria, CBN, has been drawn to the news item on Reuters quoting World Investment Report, 2019, recently released by United Nations Conference on Trade and Development (UNCTAD) on Foreign Direct Investment (FDI) to African countries. The report alleges a decrease of over 40 percent 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 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 percent 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."

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