Swiss investment baking giants, HSBC and UBS have exited their Nigerian operations as foreign direct investment continues to slump in Africa’s largest economy.
The Swiss National Bank, SNB (the country’s central bank equivalent) said that 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).
Neither UBS nor HSBC have commented on the development.
However, there are alternative narratives that suggest that the two investment banking giant left Nigeria because of the drought in illicit money flows out of Nigeria.
The Nigerian government had in recent times accused HSBC of assisting politically-exposed individuals in laundering and moving funds out of Nigeria.