Business
Nigeria’s capital importation falls by 74% —NBS
Nigeria’s capital importation, which represents the inflow of foreign capital or investment into the economy, stood at $1.461 billion in the third quarter, 74.03 per cent lower than the figure for the corresponding period of 2019, the National Bureau of Statistics (NBS) said on Monday.
The figure however indicated a 12.86 per cent increase over what was reported in Q2 2020.
“The largest amount of capital importation by type was received through other investment, which accounted for 43.75 per cent ($639.44 million) of total capital importation, followed by Foreign Direct Investment, which accounted for 28.38 per cent ($414.79 million) of total capital imported and portfolio investment which accounted for 27.87 per cent ($407.25 million) of total capital imported in Q3 2020,” the NBS said.
Read also: Foreign capital inflow into Nigeria falls by 78% in second quarter –NBS
Capital importation by production topped the sector distribution in Q3, accounting for $400.09 million of the total capital importation in the period.
Lagos was the leading destination for capital investment in the country with $1.209 billion. The state was responsible for 82.71 per cent total capital importation in Q3.
Capital importation by bank showed that Standard Chartered Bank Nigeria Limited topped capital investment in Nigeria within the period, accounting for $438.98 million equivalent to 30.04 per cent of the total capital inflow.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...