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Nigeria’s aggregate foreign inflow hits at $4.94b

16 May 2014, 20:06

Lagos - The Central Bank of Nigeria (CBN) has said the nation’s aggregate foreign capital inflow stood at 4.94 billion dollars as at the fourth quarter of 2013.

The bank said this in its External Sector Development report for the fourth quarter of 2013 released on Friday.

It said that the figure represented an increase of 24.3 percent from the $3.97 billion recorded in the third quarter of 2013.

The development was attributable to an increase in direct and portfolio investment inflows.

According to the report, direct investment increased from $0.86 billion in the third quarter of 2013 to $1.00 billion in the fourth quarter of 2013.

It added that the increase in the figure represented a growth of 16.1 percent.

The bank said that portfolio investment inflows grew from $3.11 billion in the third quarter of 2013 to $3.94 billion in the fourth quarter of 2013.

The apex bank said that portfolio investment inflow remained dominant and accounted for 79.7 per cent of total foreign inflows.

It also said that direct investment inflows accounted for 20.3 percent of the total foreign inflow.

The bank explained that the higher inflow of foreign capital in the fourth quarter of 2013 was a welcome development which should be sustained through macro-economic stability.

It said that the positive growth had resulted into an enhanced investment environment which includes good corporate governance.

-  NAN

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