Nigeria suffers $17.12m investment plunge in oil sector

Nigeria has suffered a plunge of $17.12 million foreign investment in its oil industry in just three months.

Checks by New Telegraph showed that investor apathy, which trailed the petroleum industry from August to September 2018, has been listed as the cause of the plunge, highest since the first quarter of 2016.

Foreign capital inflow in the industry, documents of the Ministry of Petroleum Resources showed, dipped by 68.9 per cent to $7.73 million in the third quarter compared with $24.85 million foreign capital recorded in the second quarter of 2018.

The value of foreign capital inflow into the petroleum industry in the third quarter of 2018, the document read, was 51.9 per cent lower than the $16.07 million in the third quarter of 2017.

In 2018, the first quarter foreign capital inflow was the highest with $85.62 million, dropping by 70.98 to $24.85 million the second quarter of 2018; while it dropped further by 68.9 per cent to $7.73 million in the third quarter of 2018.

Source: New Telegraph

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