Foreign investment into Nigeria falls by half in Q2 2021 — NBS

The total value of capital importation into Nigeria declined to $875.6 million in the second quarter of 2021 from $1.9 billion in the first quarter of 2021, the National Bureau of Statistics has said.

The figure represents a decrease of 54.06 per cent compared to the first quarter, and 32.38 per cent decrease compared to the second quarter of 2020.

The bureau disclosed this in its “Nigerian capital importation Q1 and Q2 2021”, released on Wednesday.

The NBS said the largest amount of capital importation was received through portfolio investment, which accounted for 62.97 per cent ($551.37 million) of total capital importation.

This was followed by followed by Other Investments, which accounted for 28.13 per cent ($246.27 millon) of total capital imported, and Foreign Direct Investment (FDI), which accounted for 8.90 per cent ($77.97m) of total capital imported in Q2 2021.

The report said by sector, capital importation in banking dominated in Q2 2021 reaching $296.51 million of the total capital importation in Q2 2021.

“The United Kingdom emerged as the top source of capital investment in Nigeria in Q2 2021 with $310.26m. This accounted for 35.43 per cent of the total capital inflow in Q2 2021,” the report said.

It said by destination of investment, Lagos emerged as the top destination of capital investment in Nigeria in Q2 2021 with $780.06 million. This accounted for 89.09 per cent of the total capital inflow in Q2 2021.

By Bank, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in Q2 2021 with $310.21 million. This accounted for 35.43 per cent of the total capital inflow in Q2 2021.

The report said the data was supplied administratively by the Central Bank of Nigeria and verified and validated by the National Bureau of Statistics, Nigeria.