Capital importation: $5.8 billion flows into Nigeria’s economy in Q1
Nigeria’s economy benefited from foreign investment flow amounted to $5.8 billion in the first quarter (Q1) of 2020 amidst global disruptions.
This data was made available by the National Bureau of Statistics (NBS) in a report released on Tuesday 26 May, 2020.
The Bureau stated total value of capital importation into the country stood at USD$5.8 billion in Q1 of 2020.
This represents an increase of 53.97 percent compared to Q4: 2019 and -31.19 decrease compared to Q1 of 2019.
NBS noted that the largest amount of this funds by type was received through portfolio investment.
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This accounted for 73.61 percent or USD$4.3 billion of the total inflow into the economy in the period.
This was followed by other investments which accounted for 22.73 percent or USD$1.3 billion OF total capital.
Then, Foreign Direct Investments (FDIs) accounted for 3.66 percent or US$214.25 million of total sum imported in Q1 2020.
By sector, capital importation by banking dominated Q1 2020, reaching USD$2.9 billion OF the total capital inflow in Q1.
NBS report stated that the United Kingdom emerged as the top source of foreign investments in Q1, 2020, with USD$2.9 billion.
This accounted for 49.68 percent of the total capital inflow in Q1 2020.
Lagos state emerged as the top destination for investment in the country in the period with USD$5.1 billion.
By allocation to destinations, this also accounted for 87.72 percent of the total inflow in Q1 2020.
“By bank, Standard Chartered Bank of Nigeria emerged at the top of investments conduits in the country.
The bank facilitated USD$1.6 billion, thus accounted for 28.3 percent of the total inflow, NBS report shows.
Capital importation: $5.8 billion flows into Nigeria’s economy in Q1 by Ogochi Ndubuisi
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