Nigeria Attracts $358.23m via Foreign Direct Investments in Q4’21

By Adedapo Adesanya

The total value of capital importation into Nigeria in the fourth quarter of 2021 stood at $2.2 billion, 26.35 per cent higher than the $1.7 billion attracted in the third quarter of the year.

The National Bureau of Statistics (NBS) disclosed that the largest amount of capital importation by type was received through other investments, which accounted for 54.2 per cent or $1.18 billion.

This was followed by Portfolio Investment with 29.4 per cent amounting to $642.87 million and Foreign Direct Investments (FDIs) amounted to 16.4 per cent or $358.23 million of total capital imported in the period under review.

The report said tanning had the highest inflow of $645.59 million amounting to 29.5 per cent of total capital imported and was followed by capital imported into the production sector valued at $360.06 million (16.5 per cent) and the electrical sector with $325.55 million (14.9 per cent).

Capital importation by country of origin had Mauritius as the highest with a value of $611.45 million, accounting for 27.9 per cent, followed by the United States of America and the Republic of South Africa valued at $321.03 million (14.7 per cent) and 285.83 million (13.07 per cent) respectively.

By banks, Ecobank Plc ranked the highest in the period with $708.58 million (32.4 per cent), followed by Stanbic IBTC Bank with $453.82 million (20.7 per cent) and Union Bank of Nigeria Plc with $284.60 (13.0 per cent).