FDI in manufacturing sector declines by 33% to $153.7m
Foreign Investment Inflow (FDI) in the manufacturing sector declined by 33 per cent to $153.77 million in the third quarter of 2019, the latest economic report for 2019 by the Manufacturers Association of Nigeria (MAN) revealed.
The latest MAN’s report showed that the FDI in the sector during the period under review depreciated by a whopping $76.6 million, while compared with the $230.34 million that was declared in the correspondent period of 2018.
The report further indicated also that the FDI decreased by US$26.84 million or 14.9 per cent when compared with the US$180.61 million of the preceding quarter.
While Foreign Private Investment (FPI) increased to US$2.999 billion in the third quarter of 2019 from US$1.723 billion recorded in the corresponding quarter of 2018; thus indicating US$1.276 billion or 74.1 per cent increase over the period.
It, however, fell by US$1.293 billion or 30.1 per cent when compared with US$4.292 billion recorded in the preceding quarter.
It added that FDI in the third quarter of 2019 also fell to US$0.200 billion in the third quarter of 2018 from US$0.530 billion recorded in the corresponding quarter of 2018; thereby indicating US$0.330 billion or 62.3 per cent decrease over the period.
It also decreased by US$0.022 billion or 9.9 per cent when compared with US$0.222 billion recorded in the preceding quarter. The decrease in FDI inflow was attributed to lack of confidence in the country’s economy.
