Foreign private investment in Nigeria - 1996

Abstract

The survey revealed that the cumulative level of foreign investment in the country was #122,600.9 million. As in the previous year, the mining and quarrying sector accounted for the largest share of foreign investment. However, its proportion declined from 47.5 per cent in 1995 to 46.3 per cent in 1996. There was no new investment in the agriculture, forestry and fisheries sector in 1996 as its aggregate investment remained stagnant. The review further showed that net inffows in both current and long-term liabilities fell drastically from their levels in the previous year. The development was attributed largely to the activities of companies of Western Europe origin (excluding the UK) in the mining and quarrying sector, which recorded no inflow through olher liabilities component of investment flow in 1996, as against substantial net inflow of N30, 067. 3 million registered in the previous year.