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Research Document: NESG Q1’2020 Capital Importation Alert


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Posted Wed, Jun 3, 2020 10:49 AM

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According to the National Bureau of Statistics (NBS), foreign investment inflows for Q1’2020 fell sharply by 31.2% to $5.9 billion from $8.5 billion in the corresponding quarter of 2019 (Q1’2019). The year-on-year decline in investment inflows is the first since the last recession in 2016. This could be attributed to weaker domestic economic fundamentals - slower economic growth (stood at 1.9% in Q1’2020), rising inflation (averaged 12.2% in Q1’2020), declining global oil prices (down 66.9% to close the quarter at $22.8/barrel), as well as, dwindling external reserves in Q1’2020 (stood at $33.5 billion) - relative to the respective performances in Q1’2019. The slowdown in total foreign investment inflows was also escalated by the rapid spread of COVID-19 across the world.

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All text, graphics, audio files, code, downloadable material, and other works on this web site are the copyrighted works of the Nigerian Economic Summit Group (NESG).