The Central Bank of Nigeria (CBN) has debunked reports by Reuters that the country suffered a decrease of over 40 percent in Foreign Direct Investments (FDI) in 2018, saying that the investment inflows actually spiked during the period.
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.”
According to the CBN, Nigeria “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.”
Also, total capital flows to Nigeria between January and May 2019 stood at $14.2 billion of which FDI accounted for $2.87 billion, representing 20.18 percent of the total amount.
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.