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FDI: Your report is false, BMO tackles UNCTAD

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FDI: Your report is false, BMO tackles UNCTAD

The Buhari Media Organisation, BMO, has described as false, a report by the United Nations Conference on Trade and Development(UNCTAD)  that Nigeria’s Foreign Direct Investments(FDI) plunged by 43 per cent.

According to BMO, the report was not just false but also distributed with malicious intent.

The pro-President Muhammadu Buhari group also commended the Central Bank of Nigeria, CBN, for responding swiftly to the data on Foreign Direct Investments to Nigeria.

In a statement signed by its Chairman, Niyi Akinsiju, and its Secretary, Cassidy Madueke, the BMO said: “We know that the Bretton Woods Institutions and their local allies are determined to tarnish the image of the Buhari administration with the barrage of narratives based on negative indices established on false data with suspect methodology.

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“The Central Bank is the only recognised institution that acts as the banker and financial adviser to the Federal Government, so it was right to question the methodology used by UNCTAD in its report published by Reuters.

“According to the Central Bank of Nigeria, the total amount of capital inflow for 2018 stood at $19.07bn out of which the Foreign Direct Investments accounted for $7.78bn, so it is laughable that the UNCTAD report said Nigeria’s Foreign Direct Investments fell to $2bn.

“Between January and May 2019, the CBN report shows that the capital inflow stood at $14.2bn while the Foreign Direct Investments leg amounts to $2.87bn, which is even higher than the UNCTAD alleged figures for the entire 2018.”

According to the group, it expected UNCTAD, Reuters and the local media to apologise to Nigerians for the misrepresentation of facts since the CBN had clarified the status of Nigeria’s FDIs in 2018 and between January to May 2019.

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