The Central Bank of Nigeria (CBN) has revealed that the country’s foreign portfolio inflows exceeded $1 billion in February 2024.
This is after billions of dollars poured into Nigeria as the reforms instituted by President Ahmed Bola Tinubu’s administration have started paying off.
“The Bank’s data indicates that overseas remittances rose to US$1.3 billion in February 2024, more than four times the US$300 million received in January,” said CBN spokeswoman, Hakama Sidi Ali.
“Foreign investors purchased more than US$1 billion of Nigerian assets last month, with total portfolio flows of at least US$2.3 billion recorded thus far in 2024 compared to US$ 3.9 billion seen in total for last year.”
Sidi Ali said compared with $3.9 billion for the whole of the year 2023, overseas remittances rose more than fourfold.
According to her, foreign investor demand for Nigerian assets and money sent home by citizens living abroad surged last month due to the reforms.
Meanwhile, Vice President Kashim Shettima recently said that President Tinubu’s reforms are meant to boost Nigeria’s economy.
“We are examining the variables and evaluating the scope and level of regional and global cooperation to pursue in order to establish Nigeria as the desired friend and partner,” Shettima said.
“The international global governance structure to which we currently adhere was established prior to the independence of the African continent and many countries in the global south.
“So, it’s indeed imperative to reform global governance to align with the realities of today’s world and to acknowledge the necessity for partnerships that ensure shared prosperity, inclusivity and sustainable development.
“Nigeria under President Bola Tinubu is committed to shaping and fortifying the global framework and governance concerning all major international issues, particularly in the fields of finance, climate change and bridging the digital divide.
“That is by adopting a comprehensive strategy towards debt alleviation, addressing food and energy insecurities, instituting post-pandemic recovery measures, and fostering financial inclusion within developing countries.”
Tinubu was said to have inherited a sputtering Nigerian economy, with gross domestic product (GDP) growth rates for 2022 at 3.1% and for the first quarter of 2023 at 2.31%.
