Global banks HSBC, UBS close Nigeria offices, foreign investment falls
05 Nov 2018

HSBC (HSBA.L) and UBS (UBSG.S) have closed their offices in Nigeria, the country’s central bank said in a report on Friday as it revealed foreign investment had fallen sharply from a year ago.

The bank said foreign direct investment in Nigeria fell to 379.84 billion naira ($1.2 billion) in the first half of the year from 532.63 billion naira ($1.7 billion) a year earlier.

It did not given reasons for the bank closures.

HSBC was not available to comment and UBS declined to comment.

The central bank said the outlook for the Nigerian economy in the second half was “optimistic” given higher oil prices and production but rising foreign debt and uncertainty surrounding the 2019 presidential election was a drawback.

– By Chijioke Ohuocha, Reuters, 2 November 2018.

Link to Reuters.

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