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Nigeria Inflows Rose 77% in Third Quarter, Central Bank Says

Foreign capital inflows into Nigeria, Africa’s top oil producer, rose 77 percent from the previous three months to $6.07 billion in the third quarter of 2012, the Central Bank of Nigeria said.

Portfolio flows accounted for 76 percent of total inflows during the period, with foreign direct investment accounting for the remainder, the Abuja-based bank said in a Jan. 3 report on its website.

“The continued dominance of portfolio investment in aggregate foreign capital inflows suggests the need to put in place measures against capital reversal,” the bank said.

The current-account surplus rose to $5.03 billion, or 7.6 percent of gross domestic product, from $5 billion in the second quarter, according to the report. Exports rose 4.2 percent from the previous three months to $24.4 billion, and imports fell 22 percent to $12 billion.

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