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)