Nigerian Capital Inflows More Than Doubled In Q3 To $4.2 Billion


The whole fee of capital imported into Nigeria extra than doubled in the third quarter to $4.15 billion, after the financial system emerged from a recession, the National Bureau of Statistics (NBS) stated on Monday.

Nigeria’s economy grew in the second quarter, climbing out of its first recession in 25 years, as oil revenues rose. Last 12 months the central bank imposed foreign money controls to prevent a fall down in the Naira, which affected overseas capital inflows.

The NBS stated capital imports had been over $4 billion in the 1/3 quarter, the first such quarterly upward jab considering the fact that 2015, just earlier than the economic system tipped into a recession. The upward thrust used to be pushed by means of portfolio and other investments, it said in a report.
Britain and the United States were among the top 10 sources of imported capital, the information workplace said.

NOTE: Capital imports fell to $5.12 billion remaining 12 months after reaching $9.64 billion in 2015.