The National Bureau of Statistics (NBS) on Tuesday disclosed that the total value of capital importation into Nigeria stood at $5.854 billion in the first quarter of 2020.
The NBS in its latest ‘Capital Importation’ report explained that the amount represents an increase of 53.97 percent compared to Q4 2019 and -31.19 percent decrease compared to the first quarter of 2019.
The reported added that the largest amount of capital importation by type was received through Portfolio investment, which accounted for 73.61 percent ($4.309 billion) of total capital importation, followed by Other Investment, which accounted for 22.73 percent ($1.330 billion) of total capital, and then Foreign Direct Investment (FDI), which accounted for 3.66 percent ($214.25m) of total capital imported in Q1 2020.
A breakdown by sectors showed that Capital importation by banking dominated Q1 2020 reaching $2.990 billion of the total capital importation in Q1 2020.
“The United Kingdom emerged as the top source of capital investment in Nigeria in Q1 2020 with $2.908 billion. This accounted for 49.68 percent of the total capital inflow in Q1 2020.
“By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in Q1 2019 with $5.135 billion. This accounted for 87.72 percent of the total capital inflow in Q1 2020.
“By Bank, Standard Chartered Bank Nigeria Limited emerged at the top of capital investment in Nigeria in Q1 2020 with $1.656 billion. This accounted for 28.30 percent of the total capital inflow in Q1 2020”, the added.
