CBN Refutes Reuters’ Report, Says Nigeria Records $7.78b FDI in 2018

• CBN Refutes Reuters’ Report, Says Nigeria Records $7.78b FDI in 2018

The Central Bank of Nigeria on Monday refuted a report published by Reuters that Nigeria’s Foreign Direct Investment (FDI) plunged by 43 percent in 2018 to $2 billion.

This, Reuters tied to the dispute between the Nigerian government and South African telecom giant, MTN, saying the fine over repatriated profits put off investors.

CBN has now refuted the report.

According to the apex bank, available records show an increase in Foreign Direct Investment in Nigeria in 2018.

The bank said, “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 $19.07bn out of which FDI accounted for $7.78bn.

“Furthermore, total capital flows to Nigeria, from January to May 2019 stood at $14.2bn of which FDI accounted for $2.87bn, representing a 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.

“Against this background, we wish to urge the public to take advantage of several publications by the CBN and the National Bureau of Statistics, which give adequate and accurate statistics on the subject matter.”