By Obinna Chima
The Central Bank of Nigeria Governor, Mr. Godwin Emefiele, on Monday said the improved investor confidence in the Nigerian market resulted to foreign portfolio inflows of over $55 billion between 2017 and 2019.
He also revealed that since the establishment of the Investors’ and Exporters’ (I&E) window, the country has recorded over $50 billion in autonomous inflows through the window alone.
He said this while delivering a speech titled: “Nigeria’s Macroeconomic Outlook- What the Canadian Investor Needs to Know,” at the second Nigeria-Canada Investment Summit, in Abuja.
Emefiele said the development reflects improving investor confidence and business sentiment.
“The overall Balance of Payments account has remained positive since the fourth quarter of 2016, driven largely by positive balance of trade. From a negative of outcome of US$6.45 billion in 2014 trade balance rose steadily US$13.15 billion in 2017 and US$22.34 billion in 2018. This reflected both improved export revenue and contained import bill.
“While Nigeria has not been immune to the effects of the slowdown in global growth, net outflows have been moderate due to our policies that ensured the stability of the I&E FX rate.
“It was likewise reinforced by attractive yields compared with other key emerging market economies. Investors are also sure that they can exit their positions if they want, which has been crucial in persuading investors to come into the Nigerian financial market,” he added.