Capital importation drops  by $14.31bn in 2020 — NBS

The total value of capital importation in 2020 stood at $9.68 billion compared to $23.99 billion dollars recorded in 2019.

The National Bureau of Statistics (NBS) said this in its “Nigerian Capital Importation, Quarter Four (Q4), 2020” report on its website on Friday in Abuja.

The figure reduced by $14.31 billion, represented a decline of -59.65 per cent.

It also said that the total value of capital importation into Nigeria in fourth quarter stood at $1.06 billion, representing a decrease of -26.81 per cent compared to third quarter which had $1.46 billion.

The bureau, however, said that the figure showed a decrease of -71.87 per cent when compared to fourth quarter 2019 which had $3.802 billion.

The NBS added that the largest amount of capital importation by type in fourth quarter was received through other investment, which accounted for $783.26 million. The amount represented 73.22 per cent of total capital importation.

This was closely followed by Foreign Direct Investment (FDI), which accounted for $251.27 million and also represented 23.49 per cent.

Also, portfolio investment which accounted for $35.15 million, represented 3.29 per cent.

By sector, it said shares dominated in the period under review reaching $287.04 million.

The NBS also said that the United Kingdom emerged as the top source of capital investment in Nigeria in fourth quarter 2020 with $236.88 million, accounting for $22.14million of inflow. This was followed closely by Singapore with $181.11 million and United Arab Emirates (UAE) with $131.34 million.

For full year, the United Kingdom topped the chart with capital importation of $4.16 billion, while UAE imported $899.44 million.

Netherlands has $890 million capital imported, while South Africa has $871 million capital imported.

By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in Q4 with $829.64 million and for the full year with $8.304 billion.

By Bank, Citibank Nigeria Ltd., emerged at the top of capital investment in Nigeria in fourth quarter 2020 with $216.17 million and $1.507 billion by full year 2020.