Nigeria Attracted 1.2 Trillion Naira Investment In Q3
Nigeria’s economy is officially out of the woods and it seems poised to remain out of it.
This is evidenced by growth of foreign investment between July and September.
According to National Bureau of Statistics, NBS report on Monday, foreign investments more than doubled in the third quarter of this year to $4.15 billion, about 1.2 trillion naira using the official exchange rate of 305 naira/dollar.
The over $4 billion recorded in the third quarter is the first of such quarterly growth since 2015 and the recession.
The rise, according to the report, was driven by portfolio and other investments.
“Shares recorded the largest amount of capital imported in Q3 2017, closely followed by servicing and production sectors,” NBS said.
Britain and the United States were among the top 10 sources of the foreign investment.
Recall that foreign investment fell to $5.12 billion last year after reaching $9.64 billion in 2015.
Nigeria’s economy grew in the second quarter, climbing out of its first recession in 25 years, as oil revenues rose.
Last year, the central bank imposed currency controls to prevent a naira collapse, which affected foreign capital inflows.
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