The Central Bank of Nigeria has said that the Foreign Direct Investment into the country was $2.87 billion between January and May 2019.
The apex bank said the $2.87 billion was 20.18 per cent of the whole capital inflow of $14.2 billion, which the country had within the same period.
The Director, Corporate Communications, CBN, Mr. Isaac Okorafor, said that the FDI rate showed that direct investments into the country had not reduced, contrary to what some people believed.
The apex bank also condemned the news in some media, which quoted the World Investment Report that said that the country’s FDI decreased by 40 per cent, saying that the central bank does not know how the figures of the report came into being.
Okorafor said, “It is necessary to state that available records show FDI never decreased. 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.”
He 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.
“Furthermore, total capital inflows 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,” he added.
The apex bank director also assured the investment community that the CBN remained committed to its main function as a banker and financial adviser to the Federal
Government.
Earlier, a total of N30 billion was disbursed by the CBN to local palm oil producers, following its renewed commitment to end importation of foreign fabrics. The disclosure was made recently by the Governor of the apex bank, Godwin Emefiele, at a meeting with stakeholders in the palm oil production value chain, from state governments and the private
sectors.
