Capital importation into Nigeria drops by 32.38% in Q2, 2021 — NBS

The National Bureau of Statistics (NBS) has disclosed that total value of capital importation into Nigeria declined to $875.62million in the second quarter (Q2) of 2021 from $1,905.89million in the first quarter of 2021.

According to the report, the decline is 54.06per cent compared to first quarter (Q1 2021) and -32.38per cent decrease compared to the second quarter of 2020.

The Nigerian Capital importation report by NBS on Wednesday also disclosed that the “largest amount of capital importation by type was received through Portfolio investment, which accounted for 62.97per cent ($551.37million) of total capital importation, followed by Other Investment, which accounted for 28.13per cent ($246.27million) of total capital imported and Foreign Direct Investment (FDI), which accounted for 8.90per cent ($77.97million) of total capital imported in Q2 2021.”

The report by NBS stated that capital importation by Banking dominated in Q2 2021 reaching $296.51million of the total capital importation in Q2 2021.

The bureau stated that, “The United Kingdom emerged as the top source of capital investment in Nigeria in Q2 2021 with $310.26m. This accounted for 35.43 per cent of the total capital inflow in Q2 2021.

“By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in Q2 2021 with $780.06million. This accounted for 89.09 per cent of the total capital inflow in Q2 2021.

“By Bank, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in Q2 2021 with $310.21million. This accounted for 35.43 per cent of the total capital inflow in Q2 2021,” the report by NBS on Capital importation added.