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Fri, Mar

CBN Refute Claims Of Decline In FDI,Say Nigeria Attracts $10.65bn

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Following claims by online media platforms that Nigeria experienced a decrease of over 40 per cent in Foreign Direct Investment (FDI) in 2018, the apex bank through it Director, Corporate Communication Department of the Central Bank of Nigeria (CBN), Mr Isaac Okoroafor, has refuted the claims.

 

Okoroafor stressed that the country has attracted Foreign Direct Investment (FDI) of $10.65 billion between January 2018 and May 2019.

He noted that Nigeria attracted a foreign investment which stood at $33.27 billion, with FDI accounting for 33 per cent 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 per cent 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 a 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 20.18 per cent 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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