Inflow of Foreign Capital into Nigeria Spikes -NBS
The total value of capital importation into Nigeria in the third quarter of 2021 hit $1.731.37 million from $875.62 million in the preceding quarter of 2021 showing an increase of 97.73%, the National Bureau of Statistics said in the latest report.
Statistics Bureau said when compared to the corresponding quarter of 2020, capital importation as well increased by 18.47% from $1,461.49 million.
The largest amount of capital importation by type was received through portfolio investment, which accounted for 70.30% ($1,217.21 million) of total capital importation, according to the report.
This was followed by Other Investment which accounted for 23.47% ($406.35 million) and Foreign Direct Investment (FDI) amounted to 6.23% ($107.81 million) of total capital imported in Q3 2021.
By Sectors, capital importation into financing had the highest inflow of $469.17 million amounting to 27.10% of total capital imported in the third quarter of 2021.
This was closely followed by capital imported into the Banking Sector valued at $460.39 million (26.59%) and the Production sector $323.83 million (18.70%).
Capital Importation by country of origin revealed that the United Kingdom ranked top as a source of capital imported into Nigeria in the third quarter of 2021 with a value of $709.8 million accounting for 40.99% of total capital imported into the period under review.
This was followed by capital imports from South Africa and the United States of America valued at $389.54 million (22.50%) and $257.12 million (14.85%) respectively.
By Destination of Investment, Lagos State remains the top destination of capital investment in Nigeria in Q3 2021 with $1,481.58 million accounting for 85.57% of total capital investment in Nigeria in the period under review.
This was followed by investment into Abuja (FCT) valued at $249.19 million (14.39%).
By Bank, Stanbic IBTC Bank Plc ranked highest in Q3 2021 with $537.92 million (31.07%) of total capital investment in Nigeria. This was followed by Standard Chartered Bank (18.83%) and Citibank Nigeria Limited (14.34%). # Inflow of Foreign Capital into Nigeria Spikes -NBS
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