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Nigeria records $7.18bn increase in capital importation

Nigeria records $7.18bn increase in capital importationThe total value of capital importation in 2019 stood at $23.99bn, which is an increase of $7.18bn over $16.81bn recorded in 2018.

This represented a growth of 42.69 per cent, the National Bureau of Statistics disclosed this on Tuesday in its report on ‘Nigerian Capital Importation (Q4 and full year 2019)’.

By sector, it stated that shares dominated with the highest amount of capital imported in Q4 2019.

The NBS stated that the largest amount of capital importation by type was received through foreign portfolio investment, followed by other investments and foreign direct investment.

Part of the report read, “The total value of capital importation into Nigeria stood at $3.8bn in the fourth quarter of 2019. This represents a decline of 32.42 per cent when compared to the third quarter of 2019, and a 77.67 per cent increase when compared to the fourth quarter of 2018.”

It stated that the United Kingdom emerged as the country of origin with the highest amount of capital imported, while Lagos was the destination with the highest amount of capital importation.

By bank, it added, Stanbic IBTC Bank Plc emerged as the bank with the highest amount of capital imported into Nigeria in the fourth and full year 2019.

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