As envisaged, first quarter (Q1) capital importation data came last week with most of the figures in red. From the beginning of the year, it was obvious this was going to be a challenging year for Nigeria and other emerging markets that rely on foreign investment funds to grow their economies. Last year, only 13 states assumed values in the country’s capital importation data while the figure was eight in the previous year. Falling capital importation is a cause and effect of shrinking external reserves. For the first time since Q3 2019, Nigeria recorded a trade balance in excess of N1 trillion last quarter.

Source: The Guardian June 06, 2022 03:14 UTC