Foreign investment into Nigeria recorded significant increase over the period between January and March 2018.

This is a rise of about six-fold compared to a year ago and it is as a result of last year’s liberalisation of the currency for foreign investors.

Figures released on Friday by the National Bureau of Statistics, NBS showed capital inflow had hit $6.3 billion, about 2.3 trillion naira in the quarter.

But this is dominated by 'briefcase' investors buying shares from the Nigeria Stock Exchange, NSE and bonds rather than foreign direct investment.

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Foreign investments have been growing especially as economic activity gains pace after Nigeria emerged from a recession last year. They rose for the fourth straight quarter since the second quarter of 2017.

Portfolio investment has been rising faster than direct investment which is still weak. The NBS said the strong growth in portfolio investment was due to money market yields.

According to the NBS, most of foreign capital inflow in the first quarter went into the banking sector, followed by the telecoms sector and services sector.

Britain was the highest foreign investor in Nigeria, the NBS revealed.

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