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Foreign investment inflow into Nigeria’s oil sector dips to $118m

Foreign investment inflow into the Nigeria petroleum industry between January and September 2018, declined sharply by 61.6 per cent to $118.2 million, compared to $307.54 million recorded in the same period in 2017.

Data obtained from the National Bureau of Statistics Third Quarter 2018 Nigerian Capital Importation report, revealed that foreign capital inflow into the oil and gas industry in the nine-month period of 2018 accounted for 0.8 per cent of total foreign investments into the Nigerian economy in the period under review.

This, the report noted was in comparison to the fact that the investment inflow into the petroleum industry accounted for 4.5 per cent of total capital importation in the country in the first nine months of 2017.

Commenting on the development, Chairman of the Petroleum Technology Association of Nigeria, PETAN, Mr. Bank-Anthony Okoroafor, blamed the declining foreign investment inflow on a number of factors, especially on the uncertainty in the oil and gas fiscals because of the fact that the Petroleum Industry Bill, PIB, was not yet in place.

Source: Vanguard