• Contact Us
  • About Us
Thursday, June 26, 2025
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
ADVERTISEMENT
Home Economy

Nigeria capital imports plunged to nine-year low in 2016

metro by metro
February 1, 2017
in Economy
0
Nigerian Ports Authority
0
SHARES
0
VIEWS

Nigeria’s capital imports slumped to a nine-year low in 2016 as Africa’s biggest economy battled a weaker currency and its first recession in 25 years.

Read Also

Shares Slip, Oil Prices Rise As Investors Weigh Iran Risks

Investors Brace For Oil Price Spike, Rush To Havens After US Bombs Iran Nuclear Sites

Trump Says May Change Mind About Firing Fed Chair, Powell

The National Bureau of Statistics (NBS) said on Wednesday that capital importation into Nigeria fell 47 percent last year to $5.12 billion, largely because the weak currency meant fewer dollars were required for the same naira investment.

It said $9.64 billion was imported in 2015.

“This was the lowest value since the (data) series started in 2007, which reflects the numerous economic challenges that afflicted Nigeria in 2016,” the statistics office said.

Equity investments from portfolio investors and direct investment rose sharply from 2012 to 2014, at a time when Nigeria was one of the fastest growing economies in the world and a top destination for investment.

But a sharp drop in the price of crude oil, Nigeria’s main export, from mid-2014, slashed government finances, weakened its economy triggering a recession and battered its currency, frustrating business and leading investors to flee its markets.

The NBS said portfolio investments fell the most in 2016, deterred by the recession and the currency, down by 69.8 percent from 2015, as investors weighed market conditions relative to expected returns.

Nigeria’s stock market fell 6.2 percent last year while the naira lost a third of its official value against the dollar. In 2017, stocks have continued to fall, down 3.1 percent so far, while the naira is almost 40 percent weaker on the black market.

The NBS said Nigeria imported the bulk of its capital from Britain, the U.S. and Netherland, with the telecoms, banking and oil sectors the main beneficiaries.

 

Previous Post

CBN sells $660 mln forwards to clear backlog of dollar demand – traders

Next Post

Specter of Global Trade War Rises  China Trade War Would Offset U.S. Fiscal Boost

Related Posts

Shares Slip, Oil Prices Rise As Investors Weigh Iran Risks
Economy

Shares Slip, Oil Prices Rise As Investors Weigh Iran Risks

June 23, 2025
Investors Brace For Oil Price Spike, Rush To Havens After US Bombs Iran Nuclear Sites
Economy

Investors Brace For Oil Price Spike, Rush To Havens After US Bombs Iran Nuclear Sites

June 22, 2025
Trump Accuses Fed, Powell Of Creating Inflation On Heels Of Rate Decision
Economy

Trump Says May Change Mind About Firing Fed Chair, Powell

June 21, 2025
CBN
Economy

CBN’s Forbearance Policy, CRR, LRR May Threaten Banks’ Lending, Proposed $1tn Economy

June 18, 2025
Next Post

Specter of Global Trade War Rises  China Trade War Would Offset U.S. Fiscal Boost

Iran’s Khamenei Threatens To Strike US Bases Again If Attacked

Iran’s Khamenei Threatens To Strike US Bases Again If Attacked

June 26, 2025
Sierra Leone Aims To Be West Africa’s Newest Oil, Gas Exploration Frontier

Sierra Leone Aims To Be West Africa’s Newest Oil, Gas Exploration Frontier

June 26, 2025
Lyft Taps Drivers For Strategic Input To Help Navigate Robotaxi Rollout

Lyft Taps Drivers For Strategic Input To Help Navigate Robotaxi Rollout

June 26, 2025
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Go to mobile version