Foreign investment inflow into the Nigeria oil and gas industry declined sharply by 59.7 per cent to $133.51 million in 2018, compared to $331.36 million recorded in 2017, according to data obtained from the National Bureau of Statistics, NBS.
Using current exchange rate of N306.75 to a dollar, $133.51 million foreign capital inflow into the petroleum industry translated to an investment of N40.95 billion. Analysis of the NBS, National Capital Importation Report for the Fourth Quarter of 2018, showed that in the first quarter of 2018, the petroleum industry recorded the highest foreign capital inflow, with $85.62 million.
Further analysis revealed that foreign investment inflow depreciated by 70.97 per cent to $24.85 million in the second quarter of 2018, dropping further by 68.9 per cent to $7.73 million in the third quarter of 2018, while in the fourth quarter, $15.31 million foreign investment flowed into the sector, representing an improvement of 98.06 per cent compared to the third quarter figure.
In 2017, the report showed that foreign investment inflow of $101.08 million, $190.39 million, $16.07 million and $23.83 million were recorded in the first, second, third and fourth quarters respectively. The report further stated that foreign inflow into the petroleum industry accounted for 0.79 per cent of total capital inflow into the general economy, compared to 2.71 per cent in 2017.