Following the reports by the National Bureau of Statistics, the capital importation into Nigeria declined to 1.06 billion
dollars in the fourth quarter of Q4 2022 from 1.16 billion dollars in Q3 2022.
KPMG Nigeria says the decline in foreign Capital importation into the country will lead to further devaluation of the naira.
In its report titled precipitous decline in foreign capital in the transition period, the tax audit and advisory
service firm explains that a drop in foreign capital inflow will increase pressure on exchange rate.
KPMG list monetary type mean by global economies, low investor confidence as a result of multiple foreign exchange regime, High inflation interest rates as reason for decline in capital inflow on also poor ratings by Moodies and other credit
within firms.
The audit firm advises the country to increase foreign capital for most of 2023 to keep the exchange rate from depreciating further and boosted crude oil a non-all export.
