Nigerian capital market lost N313bn foreign investment in 2011

Foreign investors withdrew funds totaling N312.65 billion from the Nigerian capital market in 2011, says the Nigerian Stock Exchange, NSE.
According to the Chief Executive Officer of the NSE, Mr. Oscar Onyema, in his review of capital market developments in 2011 and outlook for 2012, the withdrawal can be blamed on the Eurozone and financial crisis and uncertainty in the global economy.
Onyema said the capital market recorded N478.62 billion inflow of foreign portfolio investment in 2011 and outflow of N312.65 billion, representing net inflows of N165.97 billion.
He disclosed that in 2011, the capital market was driven by the activities of foreign investors, who accounted for 70 per cent of the total market activities.