Foreign private investment in Nigeria, 1999.

Abstract

The net flow of foreign investment into the Nigerian economy fell sharply to N1,779.1 million in 1999 from N24,0788.9 million in 1998. The breakdown of the net flow positions revealed that different components dropped in the review period. The survey showed that the cumulative level of foreign direct investment in the country was N155,761. 7 million, mainly through the shares of mining and quarrying as well as manufacturing and processing sub-sector. The debt profile of foreign investors in 1999 showed a rise in the long-term liabilities by 0.25 per cent, while out payments under current liabilities also increased during the review period. The review further showed that, the cumulative reserves for depreciating of fixed assets rose from N88,699.4 million in 1998 to N96,402.9 million in 1999. The share of cumulative paid-up capital in foreign-owned companies increased slightly during the review period, while foreign share capital decreased from 30.5 per cent in 1998 to 30.4.