Global recession squeezes Nigeria’s FDI inflows to $90m – CBN

Nigeria recorded Foreign Direct Investment totalling $90m in October according to figures obtained from the Central Bank of Nigeria on Wednesday.

The CBN disclosed in its monthly economic report that in the review period, capital inflow declined by 71.4 per cent due to tight global financial conditions, as countries, particularly, the developed economies struggled with the second wave of the COVID-19 pandemic.

Part of the report stated, “Capital importation data showed that inflow declined to $0.19bn in the review period, below $0.67bn in September 2020.

“A disaggregation of inflow in the review period showed that foreign direct investment at $0.09bn accounted for 45.8 per cent of total inflow, foreign portfolio investment at $0.01bn accounted for 5.6 per cent of total inflow, while other investments, largely in form of loans, were $0.09bn or 48.6 per cent of the total inflow."