Nigeria’s capital importation dips by 74% - Report

Chinazor Megbolu |

The nation’s capital importation has dipped by 74 per cent says a report by the National Bureau of Statistics (NBS).

The NBS stated the 74 per cent shows the inflow of foreign investment into the Nigerian economy, which stood at $1.461 billion in the third quarter, showing a 74.03 per cent lower than the figure for the corresponding period of 2019.

The NBS report on Monday hinted that the figure showed 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 report said.

The report further indicated that capital importation by production topped the sector distribution in Q3, accounting for $400.09 million of the total capital importation in the period, highlighting

Lagos State as the leading destination for capital investment in Nigeria with $1.209 billion. The NBS explained Lagos State was responsible for 82.71 per cent total capital importation in Q3, while capital importation by banks indicated 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.