FDeI inflow to Nigeria hit $23.9bn in 2019 – NBS

Nigerian President , Muhammadu Buhari 

The value of Foreign Direct Investment (capital importation) into Nigeria stood at $3.8 billion in fourth quarter of 2019, National Bureau of Statistics (NBS) confirmed in latest capital importation data released yesterday.

The amount represents a decline of 32.42% when compared to the 3rd Quarter of 2019, and a 77.67% increase when compared to the 4th quarter of 2018.

Similarly, the total value of capital importation in 2019 stood at $23.9 billion, compared to $16.8 billion in 2018, representing a growth of 42.69% between the two periods.

On investment classes, the largest amount came through Foreign Portfolio Investment (FPI), followed by Other Investment and Foreign Direct Investment (FDI).
On sectoral basis, shares dominated with the highest amount of capital imported in Q4 2019.

The United Kingdom emerged as the country of origin with the highest amount of Capital Imported while Lagos is the destination with the highest amount of Capital Importation.

By bank, Stanbic IBTC Bank Plc. emerged as the bank with the highest amount of capital imported into Nigeria in Q4 and full year 2019.
President Muhammaudu Buhari’s administration has initiated series of legislations to encourage investment flow into Nigeria.

While attending the seventh Tokyo International Conference on African Development (TICAD7) last year, he assured foreign investors of good returns.

The President said he looked forward to welcoming prospective investors in Nigeria’s power and renewable energy, petrochemical and gas, maritime (shipping and ports), automobiles, mining, agribusiness, healthcare and pharmaceuticals, ICT and railway sectors.
Culled from newtelegraphng.com