Latest figures of FDI flows to Nigeria show a decline of 27 per cent from $4.7 billion in 2014 to $3.4 billion in 20152, representing its lowest value since 2005. This decline is largely attributed to the oil price slump, which has generally increased uncertainty in the economy, with adverse effects on investors confidence. The fall in FDI flows was witnessed in most resource based economies in Africa, as FDI flows to the continent fell by 31 percent in 2015. The forex controls in place in Nigeria has also exacerbated the uncertainty in economy, and created obstacles for both domestic and foreign investors. Thus a review of the forex restrictions could send positive signals to investors.

OPEC weekly basket price reduced from $61.14 to $60.73 per barrel (December 1 8, 2017). Similarly, Global oil benchmark crude sold for as low as $61.22 per barrel during the week, down week-on-week by 1.8 percent. Nigerias Bonny light declined slightly by approximately 1 percent to $63.534. The fall in crude prices came after a sharp rise in U.S. inventories of refined fuel, which suggested that actual demand may be weakening5 (the EIA data shows an increase of 8.5 million barrels of stored fuel). Given that crude oil revenue remains critical to Nigerias budget performance, investments aimed at improving growth and competitiveness of other key sectors is essential to minimize distortions on budgetary expenditure.

Purchasing Managers Index: The level of business activities declined sharply in the first half of 2016 on the account of weak economic performance. Particularly, the issues surrounding exchange rates