(Ecofin Agency) - During the first three months of this year, the Nigerian economy recorded a strong entry of capitals estimated at more than $6 billion. This was stated by Udoma Udo Udoma the Minister of Budget and National Planning during a presentation on “Delivering Economic Resilience and Growth” at the Financial Times Nigeria Summit in Lagos last May 31.

According to the official, this capital inflow which is 600% higher than the $1 billion hit the same period in 2017, reflects investors’ increasing confidence in the Nigerian economy.

Furthermore, Mr. Udoma indicated that this over-performance is owing to government’s efforts to curb negative impact of oil-cost-collapse which struck the economy particularly in 2016.

Nigeria’s 2018 economic outlook, especially in the mid-term, is very positive. Export revenues grew from N8.53 trillion (about $23.5 billion) in 2016 to N13.6 trillion (about $37.5 billion) in 2017, thus an increase by 59%.

The minister stressed that the most remarkable growth was the increase in non-oil exports, showing that efforts to diversify the economy for it to be less dependent on oil revenues are paying off. Therefore, agricultural export grew by nearly 300%, while export of solid minerals surged by over 250% and that of manufactured items by more than 25%.

Moreover, foreign reserves which dropped to $26.51 billion in June 2016, gradually recovered standing at $47.79 billion in mid-May this year. Meanwhile, inflation rate constantly dropped in the last 15 months, from 18.72% in January 2017 to 12.48% in April 2018.