Foreign Capital Importation Dropped to Nine-year Low in 2016

Nigeria’s capital imports slumped to a nine-year low in 2016, as Africa’s biggest economy battled a weaker currency and its first recession in 25 years.

The National Bureau of Statistics (NBS) said yesterday that capital importation into Nigeria fell 47 per cent last year to $5.12 billion, largely because the weak currency meant fewer dollars were required for the same naira investment. It said $9.64 billion was imported in 2015, reported Reuters.

“This was the lowest value since the (data) series started in 2007, which reflects the numerous economic challenges that afflicted Nigeria in 2016,” the statistics office said.

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