FDI Figures: Buhari Supporters Demand Apology From Reuters, UNCTAD, Hail CBN

The Buhari Media Organisation(BMO) has commended the Central Bank of Nigeria (CBN) for its swift response to what it described as the false data on Foreign Direct Investment (FDI) to Nigeria. The group thus demanded an apology from Reuters and UNCTAD for the supposed misinformation. 

In a statement signed by the group’s Chairman Niyi Akinsiju and its Secretary Cassidy Madueke, thegroup said: “The UNCTAD report that Nigeria’s Foreign Direct Investment plunged by 43% is not only false but distributed with malicious intent.

“We know that the Bretton Woods Institutions and their local allies are determined to tarnish the image of the Buhari administration with the barrage of narratives based on negative indices established on false data with suspect methodology.
“The Central Bank is the only recognized institution that acts as banker and financial adviser to the Federal Government, so it was right to question the methodology used by UNCTAD in its report published by Reuters.

“According to the Central Bank of Nigeria, the total amount of capital inflow for 2018 stood at $19.07 billion out of which the foreign direct investment accounted for $7.78 billion, so it is laughable that the UNCTAD report says Nigeria’s Foreign Direct Investment fell to $2 billion.

“Between January and May 2019, the CBN report shows that the capital inflow stood at $14.2 billion while the Foreign Direct Investment leg amounts to $2.87 billion, which is even higher than the UNCTAD alleged figures for the entire 2018.”

“We expect Reuters, UNCTAD and local media to apologise to Nigerians for misrepresenting facts now that the CBN has clarified the status of Nigeria’s FDI in 2018 and between January to May 2019.”

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