Central Bank of Nigeria
Foreign Private Investment, Private Investment, Nigeria
The net flow of foreign private investment into the Nigerian economy in 1992 witnessed a substantial increase over the preceding year's level of 141,808.0 million to t48,264.2 million. The phenomenal jump was attributable to the renewed confidence in the economy by foreign investors. Gains from the current economy restructuring of the economy and the movement towards democratic government during the year were believed to be taking firm hold. Traditional investment flow components such as unremitted profits and changes in foreign share capital, which used to account for the substantial net inflows, dropped in 1992 from the previous year's levels. Trade and suppliers credit facilities from abroad experienced a dramatic upturn to a net inflow of t48,964.4 million in the reported 11criod. Analyses of the investment flows showed that the companies from the U.S. contributed about 80.3 per cent of the total net inflation through establishments in the petroleum sector. The survey revealed that the cumulative level of foreign direct investment in the country was ~ N20,512.7 million. The manufacturing and processing sector continued to account for the largest share of foreign investment. Its proportions however declined from 71.0 per cent in 1991 to 47.5 per· cent in 1992. There were hardly new investments in the agriculture, forestry and fisheries, transport and communications, building and construction, trading and business services and miscellaneous sectors in 1992, as their aggregate investments almost stagnated. Substantial drops were exhibited in the common stocks that came in through parent/affiliate companies to the established foreign firms. Only N113.0 million worth of this investment instrument was recorded as against N641.1 million in 1991.
CBN Economic and Financial Review
Central Bank of Nigeria (1994). Foreign Private Investment in Nigeria - 1992. CBN Economic and Financial Review. 32(2), 163-225.