Nigeria records 97.73% increase in capital importation

The value of capital imported into Nigeria in the third quarter of 2021 stood at $1.73 billion from $875.62 million in the preceding quarter of 2021, the National Bureau of Statistics (NBS) has said.

According to a report published by the NBS, the data showed an increase of 97.73 per cent but when compared to the corresponding quarter of 2020, capital importation as well increased by 18.47 per cent from $1.46 billion.

The largest amount of capital importation by type according to the Bureau was received via portfolio investment, which accounted for 70.30 per cent ($1.22 billion) of total capital importation.

This was followed by other investments, which accounted for 23.47 per cent ($406.35 million) and Foreign Direct Investment (FDI) amounted to 6.23 per cent ($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 percent 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 per cent) and the production sector $323.83 million (18.70 percent).

Capital Importation by country of origin revealed that the United Kingdom ranked top as source of capital imported into Nigeria in the third quarter of 2021 with a value of $709.8million accounting for 40.99 per cent of total capital imported in the period under review.

This was followed by capital imported from South Africa and the United States of America valued at $389.54 million (22.50per cent) and $257.12 million (14.85 percent) respectively.

By destination of investment, Lagos state remains the top destination of capital investment in Nigeria in Q3 2021 with $1.48 billion accounting for 85.57 per cent 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 per cent).

By Bank, Stanbic IBTC Bank Plc ranked highest in Q3 2021 with $537.92 million (31.07percent) of total capital investment in Nigeria. This was followed by Standard Chartered Bank (18.83 percent) and Citibank Nigeria Limited (14.34 percent).