Nigeria's economy takes a dip as FDI drops to $908m – Report

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– The Nigerian economy has taken a dip in its investment inflow since the past 10 years

– National Bureau of Statistics said Nigeria is currently attracting a total investment inflow of $908.27 million

– The report was released by the statistician general of the federation and the chief executive of the NBS Yemi Kale

The Nigerian economy has taken a dip in its investment inflow since the past 10 years, the National Bureau of Statistics said in its report.

ZENITHBLOG.com gathered that the report was release by the statistician general of the federation and the chief executive of the NBS Yemi Kale.

The NBS said Nigeria is currently attracting a total investment inflow of $908.27 million (N285.87 billion) in the first quarter of the year.

National Bureau of Statistics said Nigeria is currently attracting a total investment inflow of $908.27 million

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The investment inflow, Punch reports, is a decline of $640.61 million or 41.36% when compared to the $1.55 billion investment figure in 2016.

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Kale, however, in a series of tweets also said the loans followed by a portfolio of investment is the highest source of capital inflow in the first quarter of 2017.

He also said servicing, telecommunication and shares attracted the highest inflow while the United Kingdom, the US, Singapore and Mauritius at $302.47 million, $73.5 million and $71.4 million respectively topped the list of countries were capital was imported in the first quarter of the year.

See Kale’s tweets below:

ZENITHBLOG.com had earlier reported that the NBS had said the Nigerian economy has contracted despite a slight shift from its economic recession.

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The NBS made the revelation when it released the gross domestic product (GDP) report for the first quarter of 2017, which showed that the economy contracted by 0.52 percent year-on-year.

Watch this ZENITHBLOG.com video of marketers lamenting about the economic situation in Nigeria below:

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