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Nigeria Attracts $908.3m Foreign Investments in Q1

By Modupe Gbadeyanka

Recent data released by the National Bureau of Statistics (NBS) has revealed that the total value of foreign investments into Nigeria in the first quarter of 2017 was estimated at $908.27 million.

This was the second lowest value recorded since 2007, the stats agency disclosed.

Though the total value of the capital imported into Nigeria in the period under review was an increase of 27.75 percent relative to the same quarter of 2016, it was nevertheless 41.36 percent smaller than the value of capital imported in the previous quarter.

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According to the NBS, there was a high-profile sale of (bonds denoted in a non-local currency) during the quarter, but this has not yet appeared in the data; there is a lag between subscription and actual payment, and therefore it is possible that this will show up next quarter.

It noted that capital importation was particularly low in January, at $187.90 million; this was only the fourth month since 2007 in which capital importation was less than $200 million.

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It explained that the main driver of the quarterly decline was a fall in other Investment, although Foreign Direct Investment (FDI) also contributed.

The NBS stressed that portfolio investment was the only category to record an increase relative to the previous quarter.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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