FDI to Manufacturing sector hits US$400.09m in Q3, 2020 from US$153.77m – MAN

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Manufacturers CEOs Confidence Index (MCCI) computed from a survey of over 400 manufacturing companies in Nigeria for the 4th quarter of 2020 disclosed that the Manufacturing sector’s Foreign Direct Investment increased to US$400.09 Million in the 3rd quarter of 2020 from US$153.77 million recorded in the corresponding quarter of 2019; thus, indicating US$ 246.32 million increase over the period. It also increased by US$289.31 million when compared with US$110.78 million recorded in the preceding quarter.

According to Manufacturers Association of Nigeria (MAN)’s executive summary and bi-annual review of the economy for the period between July – December 2020 also stated that Foreign Direct investment increased to US$414.79 Million in the 3rd quarter of 2020 from US$ 206.58 Million recorded in corresponding quarter of 2019; thus indicating US$ 208.21 Million increase over the period.  The report further stated that it also increased by US$ 266.2 Million when compared with US$ 148.59 Million recorded in the preceding quarter.

 

Conversely, Foreign Portfolio Investment (FPI) fell to US$407.25Million in the 3rd quarter of 2020 from US$ 3.027 billion recorded in corresponding quarter of 2019; thus, indicating US$2.619 billion decrease over the period. However, it increased by US$21.93 million when compared with US$385.32 million recorded in the 2nd quarter of 2020.

In the same vein; Manufacturing sector real output grew by -1.51% in the 4th quarter of 2020 from 1.24% recorded in the corresponding quarter of 2019 and   -1.52% recorded in the preceding quarter; thus, indicating -2.75 and 0.01% increase over the periods respectively.

 

 


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