Nigeria attracts $30bn foreign investment

By Editor 

The Central Bank of Nigeria has injected 210 million dollars into the Inter-Bank Foreign Exchange Market in continuation of its efforts to sustain liquidity in the market.

The bank said it had offered 100 million dollars to authorised dealers in the wholesale segment of the market while Small and Medium Scale Enterprises Segment received 55 million dollars. Meanwhile,

The bank captured no fewer than 31 million customer accounts in its Bank Verification Number Project aimed at ensuring unique identifier in the Nigerian banking industry.

It also linked a total of 43,959,282 (forty three million, nine hundred and fifty nine thousand, two hunded and eighty two) bank accounts in the BVN project launched in 2014.

The Association of Bureaux De Change Operators of Nigeria (ABCON) says it has attracted over 30 billion dollars to the economy from foreign investors.

ABCON President, Alhaji Aminu Gwadabe, said the feat was achieved through to the provision of accurate market data and information about the foreign exchange market.

The president said the goal of the association, as a strategic partner with the CBN, was to make the Naira strong, reliable, and the only acceptable currency for trading in West Africa.

The Head of European Union Delegation to Nigeria and ECOWAS, Amb. Ketil Karlsen, says the trade volume between Nigeria and EU reached 25.3 billion euros in 2017.

Karlsen said the figure was an increase of 27 per cent over that of 2016 which was 19.9 billion euros, and about 50 per cent of the 2017 trade value was in favour of Nigeria.

African Development Bank in partnership with UNIDO has plegded to support Senegal, Ethiopia, Morrocco, Algeria and Nigeria with industrial policies to help boost economic development and increase foreign direct investment.

The bank said the policies would support capital markets, boost market liquidity and encourage industrial clusters of small businesses.

Kenya has ratified the African Continental Free Trade Area Agreement and is making arrangements to submit the signed document to the Africa Union Commission.

The country expressed optimism that the continental trade pact would create accelerated growth and integration through the free movement of goods and services.