Foreign investments inflows into Nigeria climbed to $14billion in half year 2019, signalling upswing in investors’ confidence, according to the Minister of Finance, Budget and National Planning, Zainab Ahmed.
In a statement from Nigerian Investment Promotion Commission (NIPC) intelligence, the minister said, in spite of this feat, Nigeria needed a lot of resources to actualise the Economic Recovery and Growth Plan (ERGP)and other development plans, which were at risk of being underfunded. She disclosed this while speaking on a panel tagged “Strengthening Domestic Revenue Mobilization” at the ongoing 2019 World Bank/IMF meetings in Washington DC, USA.
“As a sign of increased investors’ confidence in our economy, there were remarkable inflows of foreign capital in the second quarter of 2019. The total value of capital imported into Nigeria increased from $12 billion in the first half year of 2018 to $14 billion for the same period in 2019, “she said.
On revenue performance, she said Nigeria has recorded year-on-year improvement on both revenue outturns and Revenue to Gross Domestic Products (GDP) ratio