Nigeria Inflows Rose 77% in Third Quarter, Central Bank Says
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.
To contact the reporter on this story: Maram Mazen in Abuja at firstname.lastname@example.org
To contact the editor responsible for this story: Nasreen Seria at email@example.com