The Nigerian National Resources Charter (NNRC) has revealed that the oil and gas sector in the country surffered huge setback in its bid to attract Foreign Direct Investment (FDI) in the third quarter of 2018.
In a series of tweets on Wednesday, the NNRC said FDI to the sector dropped by $17.12 million in the third quarter of 2018, plunging from $24.85 million in the second quarter of 2018 to $7.73 million in the third quarter of the year. This represented a 68.9 percent decline.
The NNRC tweeted: “Nigeria suffered $17.12m FDI dip in the (oil) industry in three months.”
“Foreign capital inflow in the industry dipped by 68.9 per cent to $7.73m in the third quarter compared with $24.85m foreign capital recorded in the second quarter of 2018.”
The NNRC also stated that the foreign capital inflow into the oil sector in the third quarter of last year was over 50 per cent less than what was recorded in 2017.
It however revealed that the first quarter of 2018 recorded the highest foreign capital inflow in the sector in the period under review, as over $80m worth of investments came into the sector.
“The value of foreign capital inflow into the industry in the third quarter of 2018 was 51.9 per cent lower than the $16.07m in the third quarter of 2017.
“In 2018, the first quarter foreign capital inflow was the highest with $85.62m, dropping by 70.98 (per cent) to $24.85m in the second quarter of 2018; while it dropped further by 68.9 per cent to $7.73m in the third quarter of 2018.”