Tuesday, September 22, 2020

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BREAKING: Capital Importation Into Nigeria Declines By 7.7%

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Faith Agua
The Abuja Times Newspaper

Fresh statistics released by the National Bureau Of Statistics (NBS) on Monday revealed that the bulk of capital importation into Nigeria declined by 7.7%.

The report shows that the total value of capital importation into Nigeria stood at $5,367.56 million in 2019 third quarter (July to September).

This represents a decrease of -7.78% compared to the 2019 second quarter and 87.99% increase compared to the third quarter of 2018.

The report added that the largest amount of capital importation by type was received through portfolio investment, which accounted for 55.88% ($2,999.50million) of total capital importation.

This is followed by Other Investment, which accounted for 40.39% ($2.167.98million) of total capital, and then Foreign Direct Investment FDI, which accounted for 3.73% ($200.08m) of total capital imported in Q3 2019.

By sector, Capital importation by banking dominated 2019 third quarter reaching $1,756.83 million of the total capital importation in Q3 2019.

Also, the report shows that the United Kingdom emerged as the top source of capital investment in Nigeria in Q3 2019 with $2,011.14million.

“This accounted for 37.47% of the total capital inflow in Q3 2019.”

By Destination of Investment, Lagos State emerged as the top destination of capital investment in Nigeria in 2019 third quarter with $4,976.40 million.

This according to the report accounted for 92.71% of the total capital inflow in  2019 third quarter.

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