Nigeria’s central bank deploys electronic platform for efficient processing of capital investment inflows

Nigeria’s central bank has deployed an electronic certificate of capital importation (eCCI) platform, which it said would enhance transparency and efficient processing of foreign investment inflows into the country.

In a circular signed by W.D. Gotring, its director of trade and exchange development, which it issued to all authorized dealers, including money deposit banks, the CBN said the processing of certificate of capital importation into Nigeria shall only be done electronically on the eCCI platform.

The new platform, which becomes operational effective September 11, 2017, accordingly replaces the hard copy CCI normally issued in respect of capital inflows either in form of cash or machinery/equipment.

The National Bureau of Statistics (NBS) data released for Q2-2017 indicate that capital inflows into the domestic economy recorded a notable improvement during the review period, expanding by 97.3 percent quarter-on-quarter and 71.9% year-on-year to $1.79 billion, from $908.27 million and $1.04 billion respectively.

In terms of contribution, portfolio investment stood at $770.51 million, representing a growth of 145.69 percent quarter-on-quarter and 128.43 percent year-on-year, thus accounting for the most inflows into the country in the three months to June, followed by other investments in the form of loans, which account for $747.47 million, about 95.02 percent quarter-on-quarter and 43.59 percent year-on-year.

Foreign Direct Investment grew to $274.37 million, representing a growth of 29.80 percent quarter-on-quarter and 48.88 percent year-on-year.