Capital importation in Q2 drops by -31.41% – NBS

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NBS

The National Bureau of Statistics (NBS), says the total value of capital importation into Nigeria in the second quarter of 2019 was $5.82 billion, representing a decrease of -31.41 per cent compared to the first quarter.

The NBS said this in its “Nigerian Capital Importation, Quarter Two, 2019” report obtained from its website o.

The bureau, however, said that the figure showed a +5.56 per cent increase compared to the second quarter of 2018.

It said that the largest amount of capital importation by type was received through portfolio investment, which accounted for 73.76 per cent or $4.292 billion of total capital importation.

“This was followed by other investments, which accounted for 22.41 per cent ($1.304 billion) of total capital imported and Foreign Direct Investment (FDI), which accounted for 3.83 per cent ($222.89 million) of total capital imported in quarter two, 2019.

“By sector, capital importation by banking dominated in quarter two, reaching $1.892 billion of the total capital importation in quarter two, 2019.”

The NBS said that the United Kingdom emerged as the top source of capital investment in Nigeria in the second quarter with $3.13 billion, accounting for 53.85 per cent of the total capital inflow.

The second on the list of top 10 was the US, with capital investment of $1.15 billion. This was followed by United Arab Emirates (UAE), with capital investment of $343.59 million and South Africa with capital investment of $314.16 million in the quarter under review.

It also said that by Destination of Investment, Lagos State emerged as the top destination of capital investment in Nigeria in the period under review with $4.13 billion, accounting for 71.09 per cent of the total capital inflow.

The bureau added that by bank, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in the second quarter with $1.76 billion, accounting for 30.34 per cent of the total capital inflow in that quarter.

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