FDI Inflows into Nigeria Fall 42% While Remittances Rise

Foreign direct investment inflows into Nigeria declined by 42.3 percent last year to $1.08 billion amid the exit of several multinationals from the country, according to new government data released on Wednesday.

The Central Bank of Nigeria (CBN) said portfolio investment jumped 106.5 percent to $13.35 billion, while resident foreign currency holdings grew by $5.41 billion.

Personal remittance inflows rose by 8.9 percent to $20.93 billion, while International Money Transfer Operator inflows surged by 43.5 percent to $4.73 billion, “reflecting stronger engagement from the Nigerian diaspora”, the CBN said.