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Nigeria’s capital importation falls by 74% —NBS

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Capital importation into Nigeria drops by $790m, largest decline in over 2 years

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.

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