Nigeria attracts $1.47bn foreign inflows in six months

The Central Bank of Nigeria (CBN) has revealed that Nigeria in six months of 2022 attracted $1.47 billion capital inflows.

According to CBN the Nigerian banking industry attracted $1.47 billion as capital inflows in the first half of 2022, an increase of 109.8% compared to $698.2 million received in the second half of last year.

The amount attracted in the first six months of 2022 was also 46.5% higher than the $1 billion inflows recorded in the corresponding period of 2021.

CBN noted that the banking sector recorded the highest foreign inflow in the period under review compared to other sectors in the Nigerian economy, accounting for 47.1% of the inflows into the country.

The manufacturing and financing sectors followed with $457.7 million and $396.7 million respectively.

Breakdown of CBN data shows that most of the inflows into the country came in as foreign portfolio investments (FPI) at $1.71 billion in H1 2022, accounting for 55.2% of the total inflows recorded in the review period.

Read also: Nigeria beats South Africa, Egypt in foreign investment inflows

About 33.4% of the total fund was invested in money market instruments at $1.04 billion, which could include mutual funds, TBills and commercial papers amongst others.

Others, which included loans, currency deposits, trade credits, and other claims accounted for 35.1% of the total inflows, at $1.09 billion. This is however lower than the $1.59 billion recorded in H2 2021.

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