The Central Bank of Nigeria (CBN) yesterday estimated the country’s 2018 total capital inflows at $19.07 billion, maintaining that is spite of economic challenges Nigeria continued to enjoy foreign investors’ patronage. Besides, the apex bank stated that of the total capital inflow, Foreign Direct Investment (FDI) accounted for $7.78 billion, which is also an indication of confidence in the economy as business destination. This followed clarifications as CBN reacts to a news item on Reuters, which quoted a recent World Investment Report 2019, released by the United Nations Conference on Trade and Development (UNCTAD) on FDI to African countries, which alleges a decrease of over 40 per cent in FDI inflows to Nigeria in 2018. A statement issued by Director of Corporate Communications of CBN, Isaac Okorafor, while the bank was not privy to the methodology used in arriving at the figures, it stated that available records show significant increase in FDI into Nigeria in 2018, contrary to the Reuters’ report.

Source: The Guardian June 18, 2019 03:45 UTC