Central Bank of Nigeria
Foreign Private Investment, Private Investment, Nigeria
The net flow of foreign private investment into the Nigerian economy increased substantitally by more than twelve-folds from "M1, 907. 2 million in 1994 to N48, 677. 0 million in 1995, reflecting the stable macro-economic conditions during the period. All the components of foreign investment flows contributed to the increase with the contribution of unremitted profit accounting for the highest. Analyses of the investment flows showed that companies of Western Europe accounted for 78. 7 per cent of the total net inflow mainly through firms in the mining and quarrying sector. The survey revealed that the cumulative level of foreign direct investment in the country was NJ.19,391.6 million. The mining and quarrying and manufacturing and processing sectors attracted substantial investments. While the proportion of total cumulative foreign direct investment in the mining and quarrying sector rose to 47.5 per cent from 37. 7 per cent, that of manufacturing and processing increased from 19. 9 per cent to 23. 3 per cent. The debt profile of foreign private investors in 1995 showed that increased out payments were made on current liabilities, while more long-term debts were also acquired in the same period. The review further showed that the cumulative paid-up capital in foreign-owned companies increased substantially during the review period. However, foreign share capital reduced to 38. 0 per cent of the total share capita from 54. 6 per cent in 1994. Similarly, the share of non-resident shareholders of the total foreign share capital dropped to 5. 0 per cent from 7. 7 per cent in 1994.
CBN Economic and Financial Review
Central Bank of Nigeria (1997). Foreign Private Investment in Nigeria - 1995. CBN Economic and Financial Review. 35(3), 353-405.