Capital inflows into Nigeria fell 28% to $1.6 billion in Q1 -stats bureau

PUBLISHED: Fri, 03 Jun 2022 12:42:56 GMT
MacDonald Dzirutwe
Reuters
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The United States two-dollar bill ($2) is a current denomination of United States currency. A portrait of Thomas Jefferson, the third President of the United States (1801–09), is featured on the obverse of the note. The reverse features an engraving of the painting Declaration of Independence by John Trumbull. photographed by Peter Dazeley Nov 2020 in his studio in London UK

LAGOS, June 2 (Reuters) – Capital inflows into Nigeria fell 28% to $1.57 billion in the first quarter of this year compared with the previous quarter, the National Bureau of Statistics (NBS) said on Thursday.

Portfolio investment and foreign direct investment accounted for 70% of the inflows, and the United Kingdom was the biggest source of capital going into Nigeria, the NBS said.

Nearly two-thirds of the inflows went to Lagos, the country’s commercial capital.

Africa’s biggest economy and largest oil producer struggles with dollar shortages, putting pressure on the exchange rate.

Record high oil prices have not eased foreign exchange shortages, as the country contends with theft of crude in the Niger Delta and has to import gasoline because none of its major refineries are operating.

(Reporting by MacDonald Dzirutwe; editing by Jonathan Oatis)

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