Foreign Investment Inflow in Oil Sector Drops by Over N35 Billion in 2015
Instability in the international oil market has pushed investment in Nigeria’s oil sector further away, as year on year capital inflow dipped by 85.7 per cent, is reporting.
Data obtained from the National Bureau Statistics (NBS), revealed that foreign investment inflow into the oil sector dropped further by $178.42 million, about N35.684 billion in one year, from December 2014 to December 2015.
Specifically, the NBS in its Capital Importation Report for the Third and Fourth Quarters, Q3 & Q4 2015, pointed out that foreign investment inflow into the sector crashed to $29.78 million, about N5.95 billion as at the end of 2015, compared to $208.18 billion in 2014, representing a decline of 85.7 per cent.
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